With Plum’s Money Maximiser you can make your money go further and get a real-time view of your daily spend.
Plum saves your money into an 3.82% AER Easy Access Interest Account for as long as possible, then regularly calculates any upcoming bills and expenses to transfer what’s needed back to your linked bank account each week 💸
Easy Access Interest Pockets are provided by Investec Bank Plc.
If you’re sick of complicated spreadsheets or you just want to keep a better track of where your money goes, Plum’s automation ensures you have money when you need it.
As with everything Plum does, you stay in control of your money. You can override our default suggestions at any time to set the frequency and amount you’d like transferred.
Live data updates and readjusts as you spend, so you can see how much you have available until payday.
Maximiser takes into account your salary, balance, and any bills and subscriptions (including the date they get paid on) to calculate the available money you have to spend next payday.
The available spending money (which we like to call fun money!) is divided up into weekly allowances, and a daily spend limit is suggested, which is recalculated if you overspend.
All of the future allowances are transferred to a dedicated Maximiser interest pocket, apart from the first allowance which stays in your bank account as your spending money for that week. So most of your spending money sits in an interest pocket & is earning interest whilst it’s waiting to be spent.
On Thursday afternoon every week, Plum initiates the transfer of next week’s allowance. The money is transferred from the Maximiser interest pocket directly to the customer’s bank. Due to faster transfer times on working days, the week runs from Friday to Thursday in Maximiser.
As you send the active allowance during the week, we show you tracking information such as total daily spend, how much is left to spend, and a graph with associated transactions.
You can pause Maximiser at any time, from the settings button in the tab, at which point Plum initiates a transfer of all the allowance money left in the interest pocket back to their bank.
Plum Money Maximiser is ideal if:
We recommend using Maximiser as your budgeting tool. That said, if you have a spending card linked to Plum that you don’t pay many expenses on, then the product will still be really useful to help you stay on track on a daily basis.
If you have any savings rules turned on, these will continue to save for you each week. These savings are taken into your account when calculating your weekly allowances.
Of course! If you click on the “settings” button from the overview tab, you can select “pause” and then “confirm withdrawal”.
We are also working on the ability to withdraw directly from the Maximiser pocket, without pausing the whole feature, this will be live in the next few weeks!
Of course! If you click on the “settings” button from the overview tab, you can select “pause” and then “confirm withdrawal”. This will not only initiate a transfer.
If you have any other questions you can visit the full FAQ.
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