Money

Invest With Plum

Way back in February I wrote about some apps which will help you save money this year.

One of the apps I included was Plum and over the year they have become an app I really like and has helped me up my savings. Allowing me to turn to them when I have an unexpected expense.

I thought now would be a good time to revisit this app and have a chat about just how it can help you save and then invest your pennies.

1. Portfloio

Who Are Plum

It would be rude of me to jump in and assume you read my February post.

So I thought it was best to start with a recap on Plum.

They are an AI (Artificial Intelligence) led saving app, which runs via Facebook messenger. They are bank grade secure and link to any UK based bank to help you save what you can afford. 

Over time the clever little AI gets to know your spending patterns, knows when bills are due and as such can predict what you can afford to save from your current bank account balance.

2. Portfolio 2

Amazingly in the first month of using Plum people save between £25-200.

What's more in 2017 alone Plum users managed to save over £20 million.

Plum can also help users identify savings they can make on there spending and can even help them switch providers if a lower payment rate is found.

Your money with Plum is never at risk as they don't lend out, as banks do. However, this also means you don't gain interest.

Can it get better?!

3. Advanced (Ethical)

Invest With Plum

Of course, it can!

If you are looking to take your savings to the next level and want to earn a little back then Plum offer you a way to open a Stocks & Shares ISA or GIA with them and quickly invest your Plum savings into it.

Before I go further I should say that stocks and shares do go up and down, So investing in any such plan like this should be something you look to do over a long-term to get the best return on your money.

Personally, I have seen my investments rise and fall. But when they fall it isn't something you should panic over. Especially when using something like Plum as they are all about making you money.

Plum investing is aware that most of the people using it are likely to be first-time investors and as such, they make sure it is a simple system to use.

5. Tech fund

They allow the chance to invest within 6 mutual funds:

Basic Funds:
Conservative
Balanced
Growth

Advanced Funds:
Tech
Ethical
Emerging Markets

With your money being able to be withdrawn at any time.

6. Tech holdings

So How Do I Invest With Plum?

Signing up to Plum is simple I promise!

All you need to do I get chatting with the AI via Facebook messenger, it takes only a few minutes to link your account and you can choose to kick off your savings from the get-go.

There are two ways to start your saving:

  1. allow the AI to start taking amounts it thinks you can spare.
  2. Ask the app to withdraw an amount from your bank to kick it off.

Once you have some money in your savings wallet on Plum, you can start to think about investing.

All you need to do is click on the investment button on your app and Plum will walk you through the setup.

You have the choice, as I said, of either a Stocks & Shares ISA or a General Investment Account, it is worth making sure you know which of these is right for you.

7. Basic Funds

Next up you're going to want to choose not only your risk level but the type of fund you wish to invest into out of the 6.

While you are on this part of the set up there is lots of information to read through, so sure you spend some time checking out the returns on each one by clicking learn more. Yes looking through 6 may feel like it will take a while but it is worth it.

After all, this will help you understand more about how long-term investments mean more of a return. While also showing you how investments can quickly drop in value as well as rise.

Once you have chosen the right one for you it's just a matter of clicking buttons. However, if you feel like playing the board a bit you choose to invest in as many as you want, adding different savings to each one.

So you have opened your investments, all you need to do is add your pennies. You can invest into any of your funds at anytime by using the money in your Plum savings.

8. Historic Return

Here's The Big Questions – What Does it Cost To Invest With Plum?

OK, the big question has to be how much does it cost?

Plum offers the first month free so you can try out their investment programme and see if it is for you.

After that Plum will charge you £1 per month, assuming you have funds in an investment. There is also a Product provider fee of 0.15% (this is an annual fee which is charged monthly) and a Fund fee which is dependent on fund but comes in between 0.22%-0.9%.

If you look at that and think what?! How will I know I'm making more than I'm spending?

Don't worry as Plum are invested in making sure you are earning and if you happen to be earning less than your paying Plum will let you know and allow you the choice to remove your Investments. Great hey!

What's more, Plum is there for you both on their blog and via their, Facebook Group to help you feel comfortable and confident with Investing.

So if your thinking about Investing or just want to save a little why not look into Plum.

You may find out like I did, that it is just a bit easier to invest than you ever thought and with Plum by your side, you are bound to not feel alone.

Have you ever tried investing, if not what puts you off and would you think about giving it a go with Plum?

 

 

 

 

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Invest With Plum

This article has 61 comments

  1. Amy simpson

    Never heard of this,thanks for the review and sharing x

  2. Alexandra

    Wow! I was not aware of this app before reading your post. It does sound so interesting, and I think it would be so useful. I will definitely look at downloading it.

  3. Candy

    I know very little about this new app. My husband is an investor so going have show him this post and see what he says

  4. The Frugal Samurai

    Hey thanks for this – I’d be curious to check it out a bit more… definitely looks interesting, many thanks for sharing!

  5. Brittany

    Plum sounds like a very interesting app! Thank you for sharing the ins and outs

  6. Bill Sweeney

    What an excellent review. It’s great to have an app like this that works for you.

  7. Joan

    I had no idea about Plum, this does sound good and fairly easy plus it never hurts to have some savings and start thinking of investments

  8. Hollie

    Wow I’ve never heard of Plum but it sounds like such a great resource. We are always looking on ways to save money, especially this time of year.

  9. Latte Lindsay

    I keep seeing this app popping up places but I never knew what it was really about. I might be tempted to trying it out now, especially if it keeps you in the know with the cost.

  10. Dennis Littley

    Thanks for sharing a some info about Plum. This gives me enough to consider if it would be a good fit for me or not.

  11. Amber Myers

    You know, I’ve never invested before. I should look into this for sure. My Nana Jo invests and she’s made some good money.

  12. Sydney

    I’ve always wanted to invest but I’ve never known where to stop. This sounds like a great app to get started. Thanks!

  13. Jenn @ EngineerMommy

    Plum sounds like an awesome tool for investors. I do some trading and investing myself but I would love to check out this app too!

  14. Adriana Lopez

    I like learning about new apps and new ways to manage finances this is very helpful not sure if they are available in the USA though will look for them on the app store and ask my husband to try it he is in charge of the investments at home.

  15. Kimberly Storms

    I wonder how it works with facebook? You mentioned it helps you find when the best time is for you to save and I like that idea for sure, specially for young people who are trying to learn to manage their budgets. Did you invest and if so how did that go for you?

    • Sarah-Louise Bailey

      It is all done via Facebook messenger so you just click on requests and it works via an AI though you can choose to speak to a human at times. I have invested with them, I earned a little so far but it’s only been a very short period so it’s hard to say at the moment how it might go long term.

  16. Sundeep

    Never heard about this app. Will definitely going to try this for sure. Thanks for sharing your experience.

  17. Lisa Favre

    I’m not the most savvy when it comes to investing but Plum makes it seem so accessible. I’ll need to check this out with the hubby.

  18. Rachael Phillips

    i started using plum a few months ago when it kept popping up on facebook and i love it. i’ve saved quite a few pound without even noticing it. Well worth giving a go.

  19. Joanna

    This app makes investments sound so easy. I have done a similar thing with my bank a few years ago and the return on investment was quite high, compared with the interest the bank would pay me every month to keep my money in. I might try it again with Plum.

  20. Keshia Richmond

    Glad that you really like Plum and that it has helped you with up your savings. This will be helpful to a lot of people.

  21. Heather

    I’ve never heard of this before. I wonder if they offer it in the states as well?

  22. Kristine Nicole Alessandra

    Honestly, I have not tried the whole investment thing yet. I do keep and maintain a savings account but that’s just it. I guess I am more worried about the losses that I forget that there is such a thing as gains too. I will have to rethink about doing something about investing. Thanks for sharing your experience with Plum.

  23. Lori Canoy

    Very cool new app! Will have to check it out- I like the idea of being able to invest in stocks in an easy way- thanks for sharing.

  24. Sara Welch

    What a neat savings app. I would love to try the version that gives back, but investing seems like such a complicated issue. I think I will stick with the safe savings.

    • Sarah-Louise Bailey

      It’s actually made quite easy with Plum, it does everything for you for the most part. But yes it can go down as well as up so it has to be a long-term investment.

  25. roch

    AI is a good innovation but I suppose not a lot of people would be open-minded to try investing in plum. It looks so simple and withdrawing the money seems easy, too.

  26. David Cross

    Thanks for this information i love this

  27. hannah raissa

    great app! I hope we also have one here in the Philippines 😀

  28. Shanab

    Plum sounds like a great user friendly app for investing and saving. I’m keen to give it a try.

  29. Di HIckman

    I hadn’t heard of this app at all. Wondering if they have a US version? I save regularly but would be handy to have something to remind me to save and invest all in one.

  30. Elicit Folio

    This looks like such a cool app! Just downloaded and cant wait to try!

  31. Emma Riley

    This looks like a great app to try! I’m glad to know that they have a one month free of charge. I’ll have to try this.

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