@jannikscript Hey, yes unfortunately :) We could do a lot better when it comes to some of our error messages!
Report
Started out using Plum a couple of months back but cancelled because other services in the space were offering interest on my savings. While it's good to hear that this has now been adopted, the risk associated with investing my money rather than a guaranteed return is tough to swallow.
Or am I getting it all wrong?
@stevenjmesser Hey Steve, thanks for the feedback! A standard instant-access saver account in the UK (which is the closest comparison to Plum's account) offers, on average, 0.15% interest so in absolute terms it's miniscule. Couple that with the fact that Plum money is held as e-Money (which means that we get no interest either) we decided that it's a more sustainable business model at this point for us to partner with other established companies for interest vs giving interest from our own money. While not a guarantee for the future, RateSetter has been around for 8 years now, invested ~£2 billion and no investor has ever lost money.
Report
@alexis_michael Thanks for the response, Alex, it's good to hear your thinking. Right after posting this I was reminded of RateSetter's rolling market account which has a monthly interest payout of 3%. Is this what Plum will use now or will there not be a monthly return?
I only ask because the introduction of this feature is the reason I might come back!
Awesome concept! Would love to give it a try but I'm in France :/ However, seems we can "manifest interest" for our own country. Sharing the link here as it's a bit hidden deep in the FAQ → https://help.withplum.com/hc/en-...
Report
hows this different than digit.co?
Report
I use Digit with similar functionality. They are text based and recently launched on FBM. Is there a better value prop for me to use Plum over them?
Report
Hi Plum, so love the idea, signed up all very easy...BUT when I got to the enter your username and password for your bank account, I slipped into a mild panic and bailed. I needed some messages to put my mind a rest; even better could you do what Xero accounting do where by your bank give you a code, so third parties can access your bank account (not your user name and password)! I don't think I ever give anyone my user name and password for my main bank account...the Mrs doesn't even have it!
Replies
ogsupa
ogsupa
Plum
Plum
Plum
Plum