What’s changing?
Plum Fintech Payments Limited (part of the Plum Group) has been officially approved by the UK financial regulator, the Financial Conduct Authority (FCA), as an Electronic Money Institution. Because of this, we're moving the part of Plum that holds your money in your Plum Wallet from Modulr FS Limited to Plum Fintech Payments Limited. Our new entity will now be responsible for issuing your electronic money and safeguarding your funds.
Why?
These updates mean Plum can issue e-money services directly and has more direct control over the services you rely on. It's part of building a stronger, more integrated Plum for the long term as we grow the 2 million+ customers trusting Plum.
When are you making these changes?
New users: Anyone from September 2026 will be automatically set up with Plum Fintech Payments Limited as their e-money provider
Existing users: If you already have an account, we will start moving you from Modulr to Plum Fintech Payments. This will begin at least 2 months after notice is provided by email
What does it mean for me?
This change means your Plum Wallet will be provided by Plum Fintech Payments Limited under a new set of e-money Terms and Conditions, in place of your current arrangement with Modulr FS Limited. If you continue to use your Plum Wallet after the effective date, you'll be treated as having accepted the new e-money Terms. If you don't want to accept them, you can close your Plum Wallet at any time before or after the change with no charge - see below for how.
Do I need to do anything when I receive my notification email?
No action is required from you right now. The move to Plum Fintech Payments will begin from October 2026. Your account details, balance, and any active Automations settings will remain exactly as they are. You can continue using the app without any interruption.
You will receive another email once your account has been successfully migrated. We will ask you to re-approve your variable recurring payments in-app.
What is a Variable Recurring Payment, what does it mean for my Automations?
A Variable Recurring Payment (VRP) is how Plum safely moves money from your personal bank account into your Plum account. It uses secure “Open Banking” technology to power features like your automatic savings (Automations).
Once the migration has been completed, we may show you an in-app notification, asking you to re-approve these settings.
Open your Plum app.
Look for the prompt on your home screen asking you to update your payment settings.
Follow the on-screen steps to re-link your bank, it only takes a few seconds!
Important: If you don't complete this step, any Automations or scheduled deposits you have set up will take longer to process, so we recommend doing it next time you log in.
How does my money stay protected?
The way your money is protected doesn’t change right now, you can read more about how we currently protect your funds here. You can read about the updated protections here which will apply once you’ve been migrated.
However, how your cash is treated depends on what accounts you use within Plum as per terms below. When you open and fund an investment or ISA product with Plum, any future payments will automatically move (or “sweep”) over to our group company Saveable Limited. There, it is held safely as “client money” under different regulatory rules. This automatic sweep is a new feature of and is a core part of how our investment and ISA products work.
Status | Where your funds are held | How your funds are held and protected |
Non-Investor
Defined as only having one or more of the following accounts: Primary Pocket, Plum Card, Easy Access Savings Pocket (provided by Investec) Easy Access (provided by Lloyds Bank PLC), or a 95-day Notice Account.
| Plum Fintech Payments Limited | Held as digital money (e-money). It is kept safe by separating it from our company cash and safeguarded under strict legal rules called CASS 15. Not FSCS-protected. |
Investor or ISA customer
Defined as having opened an investment or ISA account (like a Cash ISA, Lifetime ISA, Plum Interest (MMF), Plum Pension (SIPP), General Investment Account, or Stocks and Shares ISA).
| Saveable Limited | Held safely as “client money” under strict legal rules called CASS 7. Funds may benefit from FSCS protection up to applicable limits depending on the underlying deposit-taker and your overall holdings with that institution. |
What is client money?
“Client money” is another way of saying customer money. It means your funds are held completely separately from Plum’s own funds in a dedicated, segregated account.
What is uninvested cash?
Uninvested cash is money sitting in your Plum account that is ready and waiting until you decide where to invest it.
We are introducing a new feature to improve the experience for customers who invest or open an ISA with Plum. Instead of sitting in an e-money wallet (where FSCS does not apply), this cash will be held with Saveable Limited. This means your funds benefit from FSCS protection up to £120,000 subject to eligibility.
If you already invest or have an ISA with Plum: From October 2026, any top-ups to your Plum Primary Pocket will automatically be held by Saveable Limited. This ensures your money is already in the right place when you're ready to invest, and can be returned to you faster when you sell.
If you don't invest or have an ISA with Plum yet: Nothing changes for you right now. If you decide to invest in the future, this feature will activate automatically at that point.
Where can I read these new E-money terms?
You can read these new terms here
What if I don’t want to accept these terms?
By continuing to use Plum, you automatically accept the new terms. If you want to close your Plum account, you can follow the steps here.
If you want to raise a complaint or speak to someone, reach out to the team here. Reach out via the help widget in the app or at complaints@withplum.com.
What were the previous General Terms and Conditions of Plum?
You can see the previous General Terms and Conditions here
What’s the difference between Plum Saveable and Plum Fintech Payments?
Plum Fintech Payments and Saveable are both companies inside the Plum Group. When you open a Plum account you are a customer of both. Together, they work as a team to run your Plum app.
Saveable Limited: Is regulated by the Financial Conduct Authority (FCA) to carry out investment and consumer credit activities.
Plum Fintech Payments Limited: is regulated by the FCA as an Authorised Electronic Money Institution, allowing us to issue electronic money and provide payment services.
Plum Saveable and Plum Fintech Payments collectively form Plum. That means you can deposit and withdraw funds through the Plum Fintech Payments entity and invest your funds through the Saveable entity.