By reading this page, you have most probably completed your registration process to Plum. What happens now?
1. Direct Debit Mandate
We will set up a Direct Debit Mandate on your linked bank account. You will receive an email confirmation for this as well. The Mandate needs to be approved by your bank before Plum can start setting money aside for you, which can take up to 4 working days.
If you have any concerns or want to learn more about why setting up a Direct Debit Mandate is necessary, you can find detailed information on the following page:
Link to page: Why do you need to set up a Direct Debit Mandate
2. Bank Account Analysis
Plum will analyze your bank account data, your balance, and the amounts of your transactions (both income and expenses). By doing so, our smart rules will be able to create tailored savings plans that fit your unique financial situation.
We want to assure you that your bank account access is strictly read-only, ensuring that none of your bank information can be modified or misused in any way. It is solely intended to facilitate precise and personalized deposits on your behalf.
To learn more about the reasons behind linking your bank account and how it benefits your savings journey, we encourage you to read the following article:
Link to page: Why do I need to link my bank account
3. Automated Deposits
Plum will start regularly depositing money for you. Our system ensures that each deposit accurately reflects your current financial status by fetching your latest balance and any new transactions. This way, you always stay up-to-date with your savings progress.
To use this feature, simply head to the Brain menu within the app. From there, you can easily toggle on any of the deposit rules that suit your preferences. Once activated, Plum will take care of the rest, seamlessly depositing funds on your behalf.