Great! It means that things are progressing along nicely with RateSetter👌🏽 When we send your details for processing, RateSetter needs your approval to appoint us as an "intermediary" for your investments, so this is what the email is for. Once you approve us, we will fully activate investing on your Plum account. Until then, any investments you make will remain pending in Plum.
In practice, this means that we (Plum Fintech) will be managing your investments on your behalf and invest according to our pre-determined investing strategy ().
What to do when you receive the email
The email will look like this:
As you can see it contains a very prominent a link which you should click when you get 5 minutes. The link will lead to the following page:
In this page, you might notice that the bank account shown is not yours. Don't worry, we didn't pass the wrong details to RateSetter 😊 The account shown (****6474) is the Barclays bank account that holds your Plum savings. Since all investments originate from Plum savings, we are required to pass this account to RateSetter.
This page will also include RateSetter's Terms of Service which you should read at your own pleasure. You then need to tick the agreement checkbox and click 'Proceed'.
Finally, you will see this confirmation page:
You're all set! If you have any pending investments they will automatically be invested within the day.