PLUM EASY ACCESS
SAVINGS ACCOUNT

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

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.

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

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. To download a sheet with basic information about the protection of your eligible deposits read more here.

Placing funds via the Plum App will impact how quickly FSCS can return your deposit to you if Lloyds should fail. You can read more on the FSCS repayment timelines here.

Plum is regulated by the Financial Conduct Authority (FCA) and you can read more about how your money is protected here.

Rates are tiered based on your Plum Subscription. Interest or the Annual Equivalent Rate (AER) is calculated daily and paid into your account monthly:

• Basic Plum accounts receive an interest rate of 3.05% AER
• Plus Plum accounts receive an interest rate of 3.10% AER
• Boost Plum accounts receive an interest rate of 3.25% AER
• Max Plum account receive an interest rate of 3.65% AER

No, you can receive the rate from your first £1.

Yes, the interest rate is variable and may be increased or reduced at any time. You will be notified of all changes.

If the interest rate on your account increases, the change will take effect on the first day of the next calendar month (or in some cases, immediately). 

If the interest rate on your account decreases, we will notify you at least 14 calendar days before the decrease takes effect.

If you deposited £1,000 and didn't withdraw for 12 months, the balance would be £1,030.50 on a Plum Basic account. Assuming that:

• The account is opened with £1,000.
• No further deposits or withdrawals are made.
• The interest stays the same for the full 12 months.

On Plum Plus (£3.99 per month), you'd earn 3.10% AER (variable), giving you a balance of £1,031.00 after a year.

On Plum Boost (£7.99 per month), you'd earn 3.25% AER (variable), giving you a balance of £1,032.50 after a year.

On Plum Max (£14.99 per month), you'd earn 3.65% AER (variable), giving you a balance of £1,036.50 after a year.

Subscription fees are not included in this example and will reduce overall returns.

To deposit money into your Plum Easy Access Account please follow the steps below:

1. Open the app and go to the Pockets section
2. Tap on Plum Easy Access
3. Review and the documents and accept the terms and conditions
4. Tap on the Deposit button
5. Choose the amount you want to deposit and tap on Continue

You can withdraw money from Plum Easy Access at any time.

To do this:

1. Tap the Pocket menu button
2. Tap on Plum Easy Access
3. Tab on Withdraw

Lloyds will return the funds to Plum, at which point they will be available in your Primary Pocket balance to return to your designated bank account.

There are no limits or additional fees to withdraw from Plum.

Withdrawal requests can be made through Plum App at any time after opening the account, and in any amount, however your balance cannot drop below the £ 0.01 minimum to keep the account open.

To close your Plum Easy Access Account, ensure the balance is £0.00 and there are no pending transactions. You can then close it 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.

You can read the terms and conditions of a Plum Easy Access Account here.

The information provided in this summary box is a summary of the key features of this Account. 

*AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once a year. 

*Interest will be paid gross. Gross interest does not take into account any tax payable.

Depending on your individual circumstances, you might have to pay tax on any interest you earn. If you have any specific tax questions you should seek professional tax advice.

Alternatively, further guidance can be found on the HMRC website. Please note that your tax treatment may be subject to change in the future.