Your Plum savings are not covered by FSCS. Our account provider, MangoPay, deposits your savings in a secure account as e-Money, shielded ("ring-fenced" in legalese) from the operations of Plum, the e-Money provider (MangoPay) and the holding bank. This means two things: (1) the money cannot be claimed by any of MangoPay's creditors and (2) the holding bank cannot lend out your savings – it is ring-fenced and kept separate from the bank’s lending activities. In the event that Plum, MangoPay or the holding bank go bankrupt your savings will be fully recovered.
Articles in this section
- How do automatic savings work?
- How do I top-up my savings?
- How can I withdraw from my savings?
- Where are my Plum savings held?
- Do I get my own bank account number and sort code?
- Can I adjust how much Plum is saving?
- What are 'pending' savings?
- How long does it take for a saving transfer to reach my Plum savings?
- Can you guarantee that you will not take me into overdraft?
- Can I save if I am in my overdraft?