If you follow me on Instagram then I’m sure you would have seen me talk about the Plum savings app. I can’t even tell you how rubbish I am with saving money, I’ve tried to save so many times and never ended up with more than £20 saved. I downloaded the Plum app in September after seeing it recommended by another blogger and since then I have saved a total of over £800! I get so many messages each time I share on my stories I thought it probably made sense to put all the questions & answer in one place!
Click to download the Plum app. (Referral link)
HOW DOES THE PLUM APP WORK?
The app links to your bank account and monitors your incomings and outgoings (it’s pretty clever) and there are then two ways to save.
- Automatic Saving: The app monitors what goes in and out of your account and then works an affordable amount to put away and save. It’s pretty small amounts, I never even notice it coming out of my bank.
- Round Up: Every Monday Plum will review your transactions from the previous week and round it up to the nearest pound, putting away the spare change. So if you bought something for £9.99 it will take the 1p to put away. Anything that’s exact (i.e £10), the app will put away £1. I pay by card for everything so with Round Up I am usually putting away around £20 a week with this option.
IT’S ASKING ME FOR MY BANK ACCOUNT DETAILS, WHY?
Your account details are required in order for the app to monitor and save for you. The app is given read-only access and cannot make any changes whatsoever to your account nor can your login details be accessed! Exactly the same as your standard direct debit.
IS IT SAFE?
Yes, yes and yes! I looked into this extensively before I even downloaded the app. The account that the money is stored in is a Barclays Instant Access Savings account, so not only are you protected by the bank, you’re also protected by your own bank! PLUS, you are covered by the app’s insurance should anything ever happen.
DO I HAVE TO PAY FOR THE APP?
Nope. It’s completely free 🙂 There are no hidden charges. It’s your savings and only you have access to the money.
CAN I WITHDRAW THE MONEY WHENEVER I LIKE?
Yes. There’s a withdraw button in the app and you can withdraw as much or as little as you like and takes around 10/15 minutes to become available in your bank.
I HAVE SOME SPARE MONEY, CAN I PUT IT IN THE APP TO SAVE?
As well as a withdraw option, there’s also a deposit button too so you can add some extra cash on an ad-hoc basis.
CAN I CHOOSE HOW MUCH I SAVE?
Of course! The app has a ‘mood’ setting with 7 different levels of saving. You can change this at any point depending on your circumstances. I have only ever had mine on Normal and with that and the Round Ups turned on I have saved over £800 without even realising!
I hope that I’ve managed to answer any questions you might of had regarding Plum. I know that this app has really helped me, especially over Christmas last year, it felt like free money. I’ve always been terrible with money and this app has been amazing with helping me out in having a back up financially. If you have any further queries feel free to drop me a message or checkout the FAQ on the Plum website.