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Alex_Curly

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Review of the Plum, Easy access savings:

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Plum - A peach of an App!

I’ve been using “Plum Plus” (£1 per month option) for around 18 months now. I’ve used the app’s automatic saving features to set aside and invest a modest, but very handy £500 in that time. If I was a little more adventurous I’m sure that with Plum’s wide range of options I could have saved quite a bit more (or less if I’d wanted), but this was a good amount for me. Over the past 8 months I’ve also managed to gain almost £60 in profit from Plum’s integrated Stocks and Shares ISA. In June last year I used the app to choose a number of different investment funds, before selecting a ratio to divide my money between those funds thereby spreading the risk. Each time it sets aside money for me, Plum automatically splits some of that money between my chosen investment funds according to the ratio I selected. (Capital is at risk; the value of stocks and shares can go down as well as up.) I’ve occasionally tweaked the split ratio, added or removed investment funds to account for the varying performance of individual funds. I’ve done this no more than once a month, so although investing seemed complicated and a little daunting at first - it’s taken very little effort on my part. If I’d have left that money in my bank account and then waited an extra couple of years, I would have been waiting patiently for between £1 and a “whopping” £5 in interest - if I was lucky! And without Plum’s help there is no doubt I would have spent all that money before receiving any interest at all Reviewed on: 5th February 2021

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