What are Pockets?
Pockets let you set money aside apart from your Primary pocket. These could be used so you can set money aside for different things.
Some of our pockets are interest-bearing as well. You can read more about that here.
Who can use multiple Pockets?
Multiple pockets are available to all of our users in different degrees:
Basic users: Can create 1 interest pocket that pays 0.50% AER interest
Plus users: Can open one pocket per interest rate of 1.01% AER
Pro users: Can have up to 15 custom pockets (plus Primary) with 1.01% AER
Ultra users: Can have up to 15 custom pockets (plus Primary) with 1.01% AER
How do I create a Pocket?
Go to the app and tap ‘Pockets’ from the Home tab, scroll down and tap ‘Create new pocket’. You can also set a 'Goal' amount for your pocket that when reached, we'll cheer you on (available on Plum Pro)! 🏆
Using the splitter which can be found from the ‘Brain’ section of the app, you can allocate whatever Plum sets aside for you to the various pockets.
👉 Please note you cannot create a goal for the primary pocket at the moment.
How do I move money from my Primary Pocket to my other Pockets?
To move money from your Primary Pocket, simply go to the new pocket you would like to top up and tap 'Deposit'.
Plum will then ask you where you would like to deposit from (either your bank account or your Primary pocket). Select Primary Pocket and enter the amount. The money should then transfer over instantly. ⚡️
👉 Deposits to interest pockets might take longer though. Interest deposits are submitted to our partner, Investec, once per day at 14:00. Investec will receive the money the next business day and then your funds will be added to your interest pocket. So if you do a late afternoon interest deposit your money will complete the next day. If you make an interest deposit in the morning it may arrive by the end of the day.
How do I withdraw from my Pockets?
You just go to the desired pocket > tap 'Withdraw' > select an amount and > Confirm.
Please note that the funds will go back to your Primary pocket, not your main linked account. You can then go to Primary > Withdraw and get the funds back to your main bank account. 👍
How do I delete a Pocket?
To delete a pocket you will need to first withdraw all the money from that pocket- when you withdraw, the funds will go to your primary pocket (if you have pending deposits in to that pocket you will need to wait for them to complete and then withdraw).
If you have set up the splitter, you will next need to ensure you have adjusted the splitter so that the pocket you wish to close is set to 0%.
Finally once all the money has been withdrawn, go to the pocket and tap 'Edit' in the top right corner then 'Delete pocket' 😊