Question 1

What is the Plum Easy Access Account?

Accepted Answer

The Plum Easy Access Account is a savings account that allows you to earn an interest rate on your cash while maintaining the freedom to withdraw your money whenever you need it.

Question 2

Who can open a Plum Easy Access Account?

Accepted Answer

To be eligible to open a Plum Easy Access Account, you must be a UK resident and aged 18 or over. This product is currently available to users in the UK across all Plum Subscription tiers (Basic, Plus, Boost, and Max). To remain open, the account must retain a minimum balance of £0.01. You can open, manage and close the Plum Easy Access account directly through the Plum App.

Question 3

Where is my money held when I open a Plum Easy Access Account?

Accepted Answer

When you open a Plum Easy Access Account, your money is held with Lloyds Bank PLC and is protected by the Financial Services Compensation Scheme (FSCS) up to £120,000, subject to eligibility.

Question 4

Is my money safe with Plum?

Accepted Answer

Yes. This product is FSCS protected up to £120,000. This total includes all deposits you may have with Lloyds, not just the balance through Plum. If anything happens to Plum, your deposit is still safely held with up to the £120,000 limit. Placing funds via the Plum App will impact how quickly FSCS can return your deposit to you if Lloyds should fail. Plum is regulated by the Financial Conduct Authority (FCA).

Question 5

What are the interest rates on a Plum Easy Access Account?

Accepted Answer

New customers who open an Easy Access account within their first 14 days earn a boosted rate of 4.52% AER variable on the first £20,000 for 6 months. After 6 months, the rate reverts to the standard rate for your subscription tier. Standard rates are tiered based on your Plum Subscription and paid monthly: Basic accounts receive 3.05% AER, Plus accounts receive 3.10% AER, Boost accounts receive 3.25% AER, and Max accounts receive 3.65% AER.

Question 6

What is the Plum promotional rate?

Accepted Answer

The promotional rate is 4.52% AER variable, available on the first £20,000 deposited, for the first 6 months for new customers. It's made up of two components: our standard Plum Easy Access variable rate (based on your subscription plan), and a fixed boost rate that remains unchanged for the six-month promotional period.

Question 7

Who is eligible for the Plum Easy Access promotional rate?

Accepted Answer

The promotional rate is available to new Plum customers only. To be eligible, new customers must open an Easy Access account within their first 14 days of registering.

Question 8

Are there any deposit limits on the Plum Easy Access Account?

Accepted Answer

You can receive the promotional rate from your first £1. The boosted 4.52% AER variable rate applies to the first £20,000 deposited. Any balance above £20,000 earns the standard variable rate for your subscription tier.

Question 9

What happens after the 6-month promotional period?

Accepted Answer

After the 6 month promotional period, your rate will automatically switch to one of our standard rates, in line with whichever subscription you're on (Basic: 3.05% AER, Plus: 3.10% AER, Boost: 3.25% AER, Max: 3.65% AER).

Question 10

Can the Plum Easy Access interest rate change?

Accepted Answer

Yes, the interest rate is variable and may be increased or reduced at any time. If the interest rate increases, the change will take effect on the first day of the next calendar month (or immediately). If the rate decreases, we will notify you at least 14 calendar days before the decrease takes effect.

Question 11

If I deposit £1,000 into a Plum Easy Access Account, how much would I earn in a year?

Accepted Answer

New customers opening the account within 14 days of joining earn 4.52% AER for the first 6 months, then their standard rate. Total balances after a year: Basic (£1,038.19), Plus (£1,038.45), Boost (£1,039.22), Max (£1,041.26). For existing customers sitting on standard rates for the full 12 months, a £1,000 deposit returns: Basic (£1,030.50), Plus (£1,031.00), Boost (£1,032.50), Max (£1,036.50). Subscription fees are not included and will reduce overall returns.

Question 12

How do I deposit into a Plum Easy Access Account?

Accepted Answer

To deposit money into your Plum Easy Access Account, open the app, go to the Pockets section, tap on Plum Easy Access, review and accept the terms, tap the Deposit button, choose your amount, and tap Continue.

Question 13

How do I withdraw money from a Plum Easy Access Account?

Accepted Answer

You can withdraw money at any time by tapping the Pocket menu button, selecting Plum Easy Access, and tapping Withdraw. Lloyds will return the funds instantly to your Primary Pocket balance. There are no limits or additional fees, but your balance cannot drop below £0.01 to keep the account open.

Question 14

How do I close a Plum Easy Access Account?

Accepted Answer

Ensure your balance is £0.00 and there are no pending transactions, then close the account via the app settings. Any interest earned during the final month will be paid into your Primary Pocket at the start of the next month.

PLUM EASY ACCESS
SAVINGS ACCOUNT

Save smart, stay flexible

RATE BREAKDOWN

Here’s how your rate is calculated depending on your subscription tier and whether you’re a new or existing customer.

New customer rate - first 6 months, on balances up to £20,000

Open your Easy Access account within 14 days of joining Plum and earn 4.52% AER on up to £20,000 for your first 6 months — whatever tier you're on.

Basic

On balances over £20k during your boost, and your full balance after. Existing Basic customers earn this from day one.

Plus

On balances over £20k during your boost, and your full balance after. Existing Plus customers earn this from day one.

Boost

On balances over £20k during your boost, and your full balance after. Existing Boost customers earn this from day one.

Max

On balances over £20k during your boost, and your full balance after. Existing Max customers earn this from day one.

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PLUM EASY ACCESSSAVINGS ACCOUNT