Crush the porcelain piggy bank and stop pushing banknotes into a cardboard box under the bed – 2022 is about taking control of your savings and making your money work for you.
Not so funny fact: according to a 2020 survey, almost half of Britons had no savings before the pandemic. Were you one of them? Now is the perfect time to get motivated and informed about the savings game.
It is no secret that the cost of living will rise with inflation of 6% in the spring of 2022. Such high inflation rates make savings accounts more and more redundant.
Investing in a Stocks & Stocks ISA can be a way to overcome the limitation of how your hard earned savings can be devalued in real terms due to their historical achievements over decades *.
Ok, the stock market. It probably sounds scary, but the time is over where experts and financiers were the only ones with the know-how and knowledgeable skill to make it work to their advantage.
Utilizing investments has never been easier, and Plum can help make your coin go further with its app and all-in-one dashboard that takes the hassle out of saving – everything you need to get started is the will.
What is Plum? Well you asked. This financial super-app helps you save and invest your money through artificial intelligence. Brilliant, really. It analyzes your bank accounts to not only help you choose the best ways to invest your money depending on your savings goals, but also discover unrealized potential in your remaining money, while also helping you switch to a better provider. to save on usage. bills.
And even better, you can choose to invest in what matters to you, such as green funds or technology funds, and have more choices in putting your money behind funds that reflect your own ideals.
Remember that as with any investment, your capital is at risk, which means that the value of your investment can go both down and up.
You can get started with as little as £ 1
If you have always thought that you need some big numbers behind you to get invested, know that you can get started with as little as £ 1. Investing a little and often is the goal here.
Plus, you can become an investor in five minutes, with the platform hand-picking a range of simple, accessible investments to suit your goals – whether you are a beginner or an experienced stock professional.
Invest in funds that mean something to you
You have the power here. Own a piece of Google and take a bite of Apple, join the wave of emerging markets like China and Brazil, or support socially responsible companies
Here you have the opportunity to invest in shares within an index that is weighted against the companies that meet positive carbon and environmental levels.
Automate your savings
Link all your accounts and credit cards to create one smart account that can help you control your spending.
Once you then know how much you can set aside, you need to set up smart rules to automate your deposits to regularly save small, affordable amounts.
Paydays can also be configured to deposit an extra lump sum into your account once your paycheck hits your bank … and before life has a chance to get in the way of your best intentions!
Everything is at hand
No need to front up to a brick and mortar branch, or spend hours waiting for a real person at the end of the phone, all your investments can be made via the smart app that uses the latest technology to perform the heavy lifts , while you sit back and watch your money grow. The Plum app provides a complete picture of your spending, while the Plum team is there to share advice and answer queries around the clock.
Meanwhile, expense statements and warnings also keep the less frugal of us at bay by tracking regular bills and payments. There is also a dedicated marketplace for financial products where you can compare deals including loans and credit cards.
It will tell you if you can get a better deal on bills
Investing is one thing, but with this app you can also find out if you need a refresh of your supply plans.
For example, the way many energy companies work is that they offer good prices for the first 12 months before you then start paying much higher prices from here. That means you have to change every 12 months to keep a competitive price.
Plum keeps an eye on your bills to check if you are being overcharged and if it can save you money by switching to a new provider. We break the numbers and can change you in minutes, saving you an average of £ 91.42 a year **.
Enjoy protection and security in your accounts
That’s what you want when it comes to your fintech, no if and or but. Plum has been built from the ground up with security and privacy in mind, with face and fingerprint ID and 256-bit TLS encryption.
It never shares your data with other parties without your consent, plus, you can chat directly to the team via your Plum app, email or call.
Choose a range of saving speeds
You are in control of your goals that dictate your investment, and mood (such as ‘Beast Mode’ or ‘Shy’) dictates how much you want Plum to save for you.
Do you feel ambitious? More of a chilled investor? Whether it’s saving money for a vacation, a home or just a rainy day, create and customize an interest rate pocket for your savings goals and assign a money goal to help you reach your savings goals faster.
You can withdraw at any time
There is no pressure to keep everything locked in for a certain period of time – if you have reached your savings goals, or you just need some extra money to cover an unexpected cost (because life happens), you can withdraw at any time, completely free, within the same working day up to kl.
Get a better interest rate than the banks
Plum pays a bank that beats interest to help you get a return on your savings
In addition to your primary plum pocket (your bank might call this a ‘pot’), you can create a separate savings pocket ***, which pays 0.25% AER interest, or earn up to 0.40% AER with an easy access interest pocket , if you’re on a Plum Plus, Plum Pro and Plum Ultra tier.
Not bad when most high street banks will only pay 0.01% AER for their easy access savings accounts.
*Note: invested capital is at risk. ISA Tax Rules apply. Past performance is not a reliable indicator of future performance.
** 51% of customers who applied to switch on Plum via DT Partner Network could save at least £ 91.42, April-June 2021
*** Easy access to interest pockets is provided by Investec Bank Plc (opt-in).