Plum Savings


#1

Plum has just expanded from auto-savings and insights to include investments! I have just done my first 2 (I picked the growth and tech fund but there are 6 different funds all at different risk levels to choose from).

It’s still in beta but looks like demand is going to be high so give it a go before everyone else! If you are not already on Plum pretty sure you will have to sign up first but link below for beta investment access!

https://withplum.com/investments/


#2

Is there an article explaining this in more depth? The link is only to sign up but it’d be nice to have an official explainer as to what this new service is comprised of, etc.

P.S. I am waiting (impatiently) for Monzo and Plum to support each other before I use Plum, but this is a great development nonetheless.


(Andrew Clark) #3

I used Plum for a while but itts workflows were screwy. After using it for some time it suddenly required a check involving my passport to withdraw my own money. I was away from home and needed to access my savings. It took days to sort out. Likewise, I made an investment which took money from my account but didn’t show up in investments for some weeks. Again, a lot of stress and irate messages to them. My feedback was always sent in the right spirit of, you might want to improve the workflow but the responses were thoughtless and underplayed the very significant issues. I chose to cut ties. Contrast this with Monzo customer service. Plum has potential but their workflows were wonky and stressful 4 months ago and they didn’t take well-meaning feedback. The concept is sound but unless they change it’s a no from me.


#4

That’s unfortunate to hear, but I’ve equally heard good things about Plum from @brenda.

Ultimately, I like the look of the service and I’ll have to take on board all feedback while judging for myself.


#5

Not at the moment but as soon as it goes live beyond beta there will be. In the mean time here are the details taken from the chatbot:

6 ETFs
3 Basic = stocks and bonds
Conservative - 20% stocks 80% bonds / av. historical return 4.2% / risk level 3
Balanced - 60% stocks 40% bonds / av historical return 7.8% / risk level 4
Growth - 80% stocks 20% bonds / av. historical return 9.5% / risk level 4

3 Advanced = just stocks themed around sectors
Ethical - (companies selected for social responsibility) / av. historical return 11.2% / risk level 5
Emerging Markets - av. historical return 10.6% / risk level 6
Tech - av. historical return 21.7% / risk level 6

1 P2P - Ratesetter av. historical return 3%

I also hear monzo integration is coming soon in the next sprint after investments is fully launched :wink:


#6

I know that you do need to send in a passport to withdraw once you reach the KYC threshold is that what happened here?


#7

5 words that bring music :musical_note: to my ears - mainly interested in the Chatbot & Ratesetter, but investments developments look promising too.