Is Plum bank legit?

Plum is a legitimate UK savings and investment app regulated by the FCA. It is not a bank — Plum is an e-money institution that holds customer funds in safeguarded accounts and partners with FCA and PRA-regulated banks to offer FSCS-protected savings products. Plum uses open banking to connect to your current account and automatically move spare money into savings or investments based on your spending patterns.

How does Plum work and is my money safe?

Plum analyses your income and spending via open banking connections to your current account, then automatically moves small amounts into a Plum account based on rules you set — such as rounding up transactions or saving a percentage of income. Savings deposited into Plum’s partner bank products (such as easy-access savings accounts) are FSCS-protected up to £85,000. Investments through Plum are not FSCS-protected but are held in a ring-fenced portfolio.

Which banks does Plum work with?

Plum uses open banking APIs to connect to most major UK banks including Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, and many others. The connection is made via an FCA-regulated AISP, meaning your bank credentials are never shared with Plum. You can connect multiple accounts to give Plum a fuller picture of your finances for its automated saving calculations.

Open Banking in Practice: Plum was founded in London in 2016 and has grown to several million users across the UK and Europe. It is regulated by the FCA and the Central Bank of Ireland for its European operations. Plum’s open banking integrations are powered by FCA-regulated infrastructure. The FCA’s Consumer Duty (2023) applies to Plum’s savings and investment products. Read our guide to automated savings apps and open banking on openfuture.world.

FAQ

Is Plum the same as a bank account?

No — Plum is a savings and investment app; it does not offer a current account, debit card, or payment account in the same way as a bank.

Who owns Plum?

Plum is an independent UK fintech; it has raised funding from institutional investors but is not owned by a high-street bank or major financial institution.

Can I withdraw money from Plum at any time?

Withdrawals from Plum easy-access accounts are typically processed within 1 to 3 working days; fixed-term products may have restrictions on early withdrawal.