Depositors FAQ

How tos and Basics

Yoan Jedrowiak avatar
Written by Yoan Jedrowiak
Updated over a week ago

When are round up deposits made?

While Plum will round up every transaction, these amounts are combined and deposited in bulk each Monday. The funds will be debited from your bank account on Wednesday, and will arrive in your Plum account on Friday, by the end of the day. 

Which bank transactions qualify for a round-up?

So these are the conditions that a transaction must satisfy to be counted as a round-up transaction:

  • must be a debit (no credit transactions)

  • cannot be pending

  • mustn't be a bill, account fees, savings, insurance, housing or a cash withdrawal (these are categories)

  • mustn't be a Plum deposit (based off the merchant)

Round-ups get run on Monday morning, so transactions over the weekend should count toward the total, but the exact time a transaction moves from pending to successful will vary by bank. Also, we only look at transactions from the last seven days, so Friday and the weekend will be considered too.

Can I use round ups along with regular deposits?

Yes, you can!

Can I use round ups when I am in my overdraft?

Yes, you can!

Will round ups go through the Splitter?

Yes! Round Ups will be divvied up according to your Splitter settings.

Can I cancel a round up deposits?

Yes, BUT only if you request support to cancel it before 3PM on the day when the round-up is announced. You can read more about this here.

How do I pause round-ups?

You cannot pause Round Ups like normal auto-stashes, so you need to turn them off entirely. This means if you want Plum to stop taking money all together, you need to pause your auto-stashes AND turn off Round Ups. 

Turning off Round Ups does not cancel pending deposits.

A Round Up deposit has taken me overdrawn!

We’re sorry to hear this. Whilst we’re happy to cover overdraft charges incurred by auto-stashes, we cannot cover any charges relating to a Round Up. 

This is because when you turn on Round Ups you are simply giving Plum an instruction to round up your spending and put it aside for you on a fixed day every week. So the amount is determined by your spending (rather than our algorithm).

Where do the 52-week challenge deposits go?

The 52-week challenge funds go to the primary pocket. So, whenever you withdraw from Primary, a part of your balance is consisted of 52-week challenge money.

What happens if I pause the 52-week challenge and resume at later date?

The saver will pick up where it left off! 😁

Why hasn't Plum deposited for me in a while?

This could be for different reasons:

  1. Plum hasn't been able to deposit for you because you have a low bank balance. We have designed Plum not to take you into unauthorised overdraft unless you specifically enable it in the app. Once your bank balance is a bit higher, Plum will start saving for you.

  2. You do have an overdraft but you have not set up Overdraft deposits with Plum. As mentioned, Plum will try to avoid putting you in ovedraft so it will stop depositing if you are close to dipping into it. However, if you have authorized ovedraft with your bank, you need to set it up so Plum can function in it. To do so, go to Brain > Overdraft deposits.

  3. You have your overdraft facility set up but your balance is close to the amount you set up not to go below. For instance, you have an arranged overdraft of
    -£200 but you set up Plum to save up until -£150. If your balance is -£145, Plum will not create a deposit for you. If you want plum to set aside beyond that, you can edit your overdraft settingsy by going to Brain > Overdraft deposits.


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