📣 Plum Plus Now Live 📣

After listening to our Plumsters and feedback from our Q&A, Plum Plus is here to give you access to tools to help you grow your money :chart_with_upwards_trend:

Invest in what matters to you with as little as £1, own a piece of Google or Apple, ride the :ocean: of emerging markets or back socially responsible companies. Please note capital invested is at risk.

If you have a Plum account just type ‘invest’, if you don’t find out more here.

Let us know what you think of Plum Plus! We would love to get your feedback now it’s live!

4 Likes

After my experience trying out Plum Plus I have some feedback:

  1. Three weeks between asking you to take my money and that money being invested is far too long. Money transfers themselves should only take one day.
  2. I had to do a KYC because I was investing over £700, but then my investment process didn’t automatically continue after I had completed this. I had to chase you up. This is no good.
  3. If somebody is joining up just to invest (as I was), don’t start taking money from their account for savings. I never actually asked for this, it just happened by default.
  4. You really need a real native app, instead of this Messenger thing. While I appreciate you’ve done a really good job of the Messenger interface, I just don’t like the back and forth required. I prefer the ability to glimpse at an app and see everything there in front of me.
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General query.

Why use Plum to invest general lump sums? Aren’t there cheaper similar alternatives?

Hey Chsirstiaan,

Thanks for the detailed feedback!

  1. Three weeks between asking you to take my money and that money being invested is far too long. Money transfers themselves should only take one day.

We agree that payment speeds need to improve. Unfortunately because we operate using DD payment speeds can be a little slow but we are looking into ways we can improve this. You can read all about them here if you are interested.

  1. I had to do a KYC because I was investing over £700, but then my investment process didn’t automatically continue after I had completed this. I had to chase you up. This is no good.

This is an excellent point thanks for raising this with us! As most people investing with Plum have already completed a KYC with us it is not something we had considered. We are looking into ways we can automate this now!

  1. If somebody is joining up just to invest (as I was), don’t start taking money from their account for savings. I never actually asked for this, it just happened by default.

We agree. We are almost ready to launch ‘Splitter’ which will form part of the investment set up. You will be able to allocate how much Plum allocates to savings and each investment fund automatically. If you would rather manually deposit into investments and turn of the automation you can type ‘pause’ and move any funds Plum has allocated to savings across to your investments or withdraw them back into your linked account.

  1. You really need a real native app, instead of this Messenger thing. While I appreciate you’ve done a really good job of the Messenger interface, I just don’t like the back and forth required. I prefer the ability to glimpse at an app and see everything there in front of me.

This is something we are currently working on. We would love it if you would be part of the testing group for the app! Just email chris@withplum.com to be part of the group.

2 Likes

Close enough.

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:see_no_evil: What can I say it’s Monday…

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Hey Cfododof (just kidding :wink: )

Why use Plum to invest general lump sums? Aren’t there cheaper similar alternatives?

Because we charge a flat fee (£1 a month with the first month free) rather than charging a % we can start to become very competitively priced the larger the sum.

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Plus platform fee plus a management fee, according to your FAQ. Whilst neither of these go into your pockets, it’s disingenuous to claim there are no percentages involved.

Thanks for the response, sounds good.

1 Like

Hey Codf,

Apologies for any confusion, as you probably know there are fund and provider fees for every investing platform which is usually in the form of %. With Plum specifically these are:

The Fund. The Fund providers, Vanguard and others (specified on each fund page), have a team working every day to buy and sell stocks aiming to ensure the fund achieves its objectives. They charge an annual fund management fee for this. It is a percentage fee which differs per fund (e.g. Basic funds carry a 0.22% fee). This is reflected in the value of the fund.

The Product Provider. To make investing possible we are working with a regulated product provider (Gaudi Regulated Services LTD), who ensures safe-keeping of your investments, and the buying and selling of funds. They make sure your ISA is declared with HMRC, and your GIA has all your investments in it. The product provider charges a percentage annual fee of 0.15% charged monthly. This is reflected in the value of the fund in your overview.

Most other providers also charge their own fee on top of these in the form of a % whereas ours are a fixed fee.

Hope that clears things up a little!

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Tried to signup, but I can’t, I click on the gmail email and it opens up Safari and says internal error.

Hey Den,

Oh no! Try clicking here and then on the ‘sign up’ button.

Does anyone still use the invest?

Hey guys!

For everyone investing with Plum by popular demand you can now automatically split your autosavings savings between your Plum savings and different investment funds. Just type ‘Splitter’ to set it up!

We would love your feedback :point_down:

1 Like

They do indeed!