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Plum Interest

Earn up to 5.12% VAR on your money, delivered daily.

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Capital at risk. Forecasts are not a reliable indicator of future performance. Returns aren’t guaranteed and may be subject to change. *Variable annual rates are correct as at 21/06/2024. Premium plan rate. 4.97% rate for Basic, Pro and Ultra customers. Plum Interest is not a Plum Interest Pocket but a money market fund. Learn more about how your money is protected here.

Don’t let your money go idle

Is your money sitting in a current account, or being eaten away by inflation in a low interest account? It might be time to switch to Plum Interest. Plum Interest is a money market fund that invests your money in a government-guaranteed assets, giving you returns that are delivered every day.

How it works

Open Plum Interest

Your money is held in an interest-earning fund holding government-backed assets, making it low risk with stable returns.

Get returns daily

With daily returns, your progress is updated regularly instead of just once a month or even once a year.

Flexible access

You can continue using your money as normal with 1-business day withdrawals, giving you control over your money.

Add money automatically

You can balance all your financial goals by automatically splitting the money you add to your Plum account between Plum Interest and your other investments or easy access savings.

The Splitter could save you time and keep your strategy on track when you’re busy. However, you should periodically review whether your decisions are still suitable, given your current circumstances. Capital at risk.

Plum Interest Splitter

It’s time to get growing

Rising interest rates are great for savers, but that’s only if banks choose to pass it on to your account. Instead of waiting around, you could be earning a rate much closer to that of the Bank of England with Plum Interest. Keep in mind that past performance is not a reliable indicator of future results.

Fund tracks the Bank of England rate

Plum Interest

Plum Interest is held in the BlackRock ICS Sterling Government Liquidity Fund. This graph is showing the past performance of the last 5 years, excluding Plum fees. Keep in mind that past performance is not a reliable indicator of future results. Plum is not a bank. Plum Interest is an investment product, and therefore, your capital is at risk. You can always visit the Fund's page for more information.

Losing interest in your bank?

The Bank of England (BoE) base rate is supposed to influence the amount paid to customers on their savings. The current rate is 5.25%, but some of the largest high-street banks are only passing on a fraction of this. Investing in a money market fund could be a good alternative to earn returns closer to the base rate.

Plum Interest Bank Comparison

Plum is not a bank, and Plum Interest is not a savings account but a money market fund. Base rate correct as of May 2024. For more information on the base rate, click here. See how Plum Interest fares versus Hight Street Banks' Easy Access rates here. Plum Interest is an investment product, which is currently available only in the UK. Capital at risk. The value of investments can go down as well as up. T&C’s apply. Learn more about how your money is protected here.

Plum Interest

Is it safe?

Your money in Plum Interest is held in a fund containing short-term UK government-backed loans and bonds, considered low risk and providing stable returns in comparison with other investment products.

Plum is FSCS protected and if anything happens to your Plum account, you may be able to claim FSCS protection up to £85k.

The 4.97%* annual variable return we provide is a net rate. That means the rate we show you already includes the annual fee of 0.25%, based on the daily balance that you hold in your Plum Interest pocket, and you know exactly what you're getting. Learn more here.

Common Questions

Plum Interest allows you to invest in bonds issued by the government. It also makes short-term loans to robust companies, who can show a strong track record, in exchange for government bonds.

That means those assets are backed by the government, and you can earn a share of any interest earned, with less risk than other types of investments.

If you contribute money by adding it to your Plum Interest Pocket, you’ll be charged a yearly fee, based on the daily balance that you hold in the fund.

For Premium subscribers this annual fee is just 0.10%, because we waive our usual 0.15% service charge, but for all other customers this total annual fee is 0.25%.

The remaining 0.10%, which all customers pay (including Premium subscribers), is the fund management fee for BlackRock. The fund value is automatically updated to reflect BlackRock’s fee, so you won’t see it as a separate charge.

Where applicable, Plum’s service charge fee is collected from your Primary Pocket on the first day of each calendar month.

Learn more about fees for investing with Plum.

The fund manager for Plum Interest is BlackRock, an investment company with global presence.

Plum is regulated by the Financial Conduct Authority (FCA) and any money invested with Plum Interest may be protected by the Financial Services Compensation Scheme (FSCS).

Your money is safeguarded by a regulated custodian. So if anything should happen to Plum (or our fund provider), your assets will be passed back to you and can’t be touched by anyone else.

If the custodian fails or in the unlikely event that Plum defaults, the value of your assets held with Plum is also protected by the FSCS up to a max of £85,000, if the scheme applies to you.

This is a projection of the rate at which your money could grow over the next year. To keep things simple, we quote the net yield (after fees are applied).

The projection is based on the 1-day yield, which means it takes the previous day’s return and scales this to reflect what the fund could earn over a full calendar year. The actual rate offered in each market is similar to the base rate set by the central bank (the Bank of England in the UK), which can fluctuate over time.

On the scale of investment risk, this fund can be considered amongst the lowest available. That’s because it invests in high quality assets, like government bonds, and only loans money on a short-term basis to reputable companies and governments.

There is a risk that the forecast of projected yield might not be fulfilled over a longer period e.g. if the central bank lowers its base rate over time. But this fund is designed to transact at a constant price, so you shouldn’t get back less than the initial principal you invested, in the short term.

You can withdraw money from Plum Interest (i.e. the 'MMF Investment Account') at any time. To do this, tap the ‘Save’ menu button, then the ‘Plum Interest’ tab and finally ‘Withdraw’.

We’ll show an estimated settlement date in the app when you request a withdrawal, but please note this is just an estimate. Withdrawals are typically processed within 1 working day, with sell orders settled Mon–Fri at around 09:30 a.m. (UK time).

Once your withdrawal has been processed the money will be credited to your Primary Pocket balance. There are no limits or additional fees to withdraw from Plum Interest. And we plan to introduce instant withdrawals soon!

If you have any other questions you can visit the full FAQ.

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