Plum Life Insurance Reviews – Saving and putting money away regularly every month is something many Brits struggle with, as evidenced by the fact that almost 50% of the UK has less than £1,500 in savings. In recent years, weak wage growth and rising prices have weighed on living standards, making saving difficult.
There are many ways to save and invest, but what is the best way and how do you get started?
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Plum* is a savings and investment “bot” for your phone that analyzes your spending and automatically saves you money. Plum is determined to make saving money easy and simple by allowing us to spend “not on what we need, but on what we want.” Plum started out as a chatbot for Facebook Messenger, but later evolved into standalone iOS and Android apps.
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Plum was founded by Victor and Alex, Cypriots living and working in the UK, who decided to call each other to the rescue. This in turn led Alex to come up with an algorithm that tracked his spending and set aside as much as he could save each month. This process allowed him to personalize the savings process without changing his spending habits.
Plum works by connecting to your bank account (it supports all major UK banks) and analyzes your spending and transactions to determine the best amount to deposit each week. You can decide how much money you want to keep from Plum and stop saving at any time. To register with Plum, you must be a UK resident, over 18 years of age and have a current UK bank account.
With Plum, it’s not just an opportunity to build a savings pot, you can also invest your savings with a low monthly fee.
Plum* helps you save by using algorithms and artificial intelligence to analyze your spending to automatically allocate money. According to the Plum website, you can decide how much money you want to deposit into Plum (Plum’s default deposit setting is “Normal”) as shown in the image below:
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You can change the mode within the app or from the Brain section of the app. Plum will analyze your usage and transfer the savings amount to your Plum account every week. If you want to withdraw funds from your Plum account, you can do so through the app. For instant access, a withdrawal request from your main account should be in your account within 30 minutes. If you request your interest before 3:00 p.m., you will receive it the same day. Withdrawals made after 3:00 PM may not be processed until the next business day. All Plum accounts allow you to take advantage of the intelligent automatic algorithm, which allows you to deposit money without remembering. However, if you want to set a savings goal or take part in the 52-week, rainy-day challenge, you’ll need a Plum Pro, Ultra, or Premium account.
Funds are held in “funds” and you can choose from a “master fund” that allows you to withdraw money immediately, or a “simple interest fund” that requires 1 day’s notice to receive your deposit. The underlying fund pays no interest and is not protected by the Financial Services Compensation Scheme (FSCS) as the funds are held by Plum as e-money. Plum Easy Access Pockets are offered by Investec Bank plc and pay 1.95% AER interest (depending on the Plum plan you use). The Plum Easy Access Interest Fund is protected by the FSCS.
Below we provide a useful table explaining which bags are available along with the main features.
You can invest in stocks and shares from just £1 in an ISA or general investment account with Plum. Enter the amount you want to invest and Plum will do it automatically. With a Plum investment account, you can deposit and withdraw as little or as often as you want (it takes 5-7 business days to receive the information). Remember that your capital is at risk when you invest.
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Plum offers 12 investment funds with varying levels of risk as shown below. These are offered by several third-party investment houses, including the popular Vanguard Lifestrategy fund range. The table below shows the investment types along with their current 5-year returns. A green number means the fund has outperformed its peer group average. Where it’s red, it means it’s failed. “No” means that the fund has not existed for five years. The latest performance data and annual summaries for each fund can be found in the Key Investor Information Document on the Plum website. If you have a Plum Premium account – which costs £9.99 a month – you can spend an extra £9 for Premium account holders only. More information about these funds is available on the Plum website.
Please note: You can hold as many stocks and shares as you like from multiple providers, but you can only pay the annual tax fee per share and share an ISA with one provider, so check before you turn to PlumISA.
Plum has just launched a Self-Invested Pension (SIPP) to help you prepare for retirement. The Plum SIPP is offered by Gaudi Regulated Services Ltd and regulated by the Financial Services Compensation Scheme (FSCS). You can choose to consolidate your existing pension into a Plum SIPP or start a new Plum. Although Plum allows you to save for retirement, it doesn’t currently allow for what’s called a pension drawdown, so if you want to withdraw your money, you’ll need to transfer your Plum SIPP to another provider.
You can pay regular premiums from plum car savings and increase or decrease them to suit your budget. You can also make a one-off contribution to Plum Pension from your linked bank account or Plum balance.
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It’s important to remember that every type of investment carries certain risks, which means that you can get back less than your investment.
If you invest in technology and growth funds using Plum, your money will be held in an investment account with Saveable LTD, regulated by the FCA, and your money will be protected by the FSCS. If you invest in other funds using Plum, you get FSCS protection.
Ultra and Premium Plum subscribers can order a free Plum card that can be loaded from the main wallet or bank account. Plum Ulta and Premium customers can travel abroad with their Plum card for free wherever Visa is accepted, and customers only pay the daily Visa rate. Plum cards can take up to 10 working days to arrive and are sent via Royal Mail.
If you’re looking for other prepaid cards or ways to spend abroad without any fees, read our ‘Best app-only banks in the UK’ article.
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Plum prices vary depending on the account you choose. The most basic version of Plum is free and allows you to take advantage of AI deposits. However, if you want more budget features or want to invest, you’ll need to upgrade to Plum Pro, Ultra or Premium for £2.99, £4.99 or £9.99 per month.
If you decide to invest in Plum, you will need to pay a minimum of £2.99 for a Plum Pro account. It also charges an average annual fee of 0.48% from fund management and issuers. This includes an issuer fee of 0.15% and a fund management fee of 0.06% to 0.90%.
Plum SIPP fees are 0.45% per annum, which is split between an administration fee of 0.35% and a custodian service fee of 0.10%. Payments are made at the end of the month and deducted from your Plum SIPP balance. Additionally, depending on the fund you choose to invest in, there is a fund management fee of between 0.21% and 0.30%.
Plum is authorized and regulated by the Financial Conduct Authority to operate payment services as a registered account information service provider under the Payment Services Regulations 2017.
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If you choose to store your money in your main wallet, which you can access directly, it will be stored as electronic money. Plum claims that your money is protected by e-money protection laws because it uses an e-money provider with a specific account in the UK. It’s important to note that funds deposited to your Instant Access Basic Account or Plum Card are not protected.