Plum

[IronNeonClasp]

Anyone tried this? (Can't find a thread). Reviews are mixed...

I've not used Plum, but do use Chip which I think is quite similar. Essentially it uses an algorithm to look at your linked, usual bank account and then calculates how much is safe to save around 2/3 times a week. Since using it, I've saved over £900 that I would usually spend on crap!

Thanks I'll give it a go. Lots of negative reviews for Plum but I liked the concept

all of these millennial-friendly apps are just ways to put money at risk for no return. They don't pay interest and the money isn't FSCS protected.

you won't get much, but open a proper easy access savings account and save into that. Online banking is your friend.

Chip is FSCS protected, and at the point I signed up offered up to 5% interest. I've saved up approx 2k on a not brilliant wage by using that, to supplement maternity leave. I do also have other savings accounts, but found it a lot easier to dip into them than chip.

I like chip that much that I actually invested in it and became a shareholder. So I'm biased, but it truly is very good!

Thanks for the advice

I currently have PLUM and have not had any problems with it. I'm interested in Chip if it has FSCS protection but the website says that it doesn't?

CHIP don't seem to think they are protected..

www.getchip.uk/how-it-works

and if it pays interest they keep it quiet.

might as well use even the 0.1% accounts from the real banks, at least that pays something and the money is protected. Or 3% in regular savers or with the TSB if you dare.

Sorry, just looked into this to clarify. Chip are not currently protected, however they are working towards it.

It was classed as e-money and not protected, and so could offer a percentage bonus of 1% for every friend recommended, up to 5%, this lasted for a year.

It is working to stop becoming e-money and be a financial institute with FSCS protection. In order to do so it has to jump through lots of hoops, and one of these is stop offering a percentage bonus, as this could be confused with interest. Those who have this bonus still get their full year (I'm currently on 3%).

Sorry for the confusion, this information comes through the investor forum and it was June it was announced, so I assumed it had been concluded, but apparently it takes a while!

thanks for update.

still a piece of suckerbait for those who think phones and cool and banks are not.

'working towards protection'. Is that like 'working towards financial independence'?

Monzo is a really good app-based bank (and yes it's fully protected) for budgeting and saving.