Today I thought I’d post about an app I discovered and started using a few months ago named Plum -https://friends.withplum.com/r/nUQepL.
Plum is a free savings app that accesses your bank account and automatically saves money for you, monitors your spending (something I definitely needed), and conveniently provides all updates via Facebook messenger in a chat type format.
At first, I must admit I was a tiny bit skeptical about putting my card details in to an app for it to access my account, but after reading some reviews and more about it on their website I realised it was secure* and had been helpful to a lot of people so I decided to give it a go.
*To elaborate on the security Plum employs bank-grade security (256-bit encryption) and work with all major UK banks
Firstly, I love the chat format it often sends witty messages, gifs and emojis along with all the important stuff, and you have commands to ask it certain questions such as . It’s also very intuitive it learns about your income, expenses and your spending patterns by analyzing your transactions every day and using this data calculates how much you should save.
The setup process is also very quick and easy, all you have to do is link your bank account and when you’ve worked out how much you want to save with Plums assistance it will transfer an amount big or small into your Plum savings, ready for you to access anytime, you just need to say ‘withdraw’.
I haven’t personally done this yet but you can also use a chat command to invest part (or all) of your Plum savings at RateSetter and in doing this you will earn interest on a monthly basis. Furthermore, Investment Cash outs are quick and easy, you can access your money at RateSetter anytime (subject to market liquidity), with no exit fees and then Plum transfer the money back to your Plum savings within 4-5 days.
It has been so helpful for me, I only had very small amounts going out in to my Plum savings as I wanted to test the app with a little amount before working my way up to large amounts and I’d managed to save £200 within no time.
If you’d like to join Plum and start smarter saving you can sign up via this link - https://friends.withplum.com/r/nUQepL
