Lead time for transfers

I’m finding transfers to/from bank to take a long time.

Compared with someone like Monzo, where transfers are instant, is there a reason why Plum is relatively slow?

For example, I am currently waiting on a Combo Saver amount to hit my primary pocket. I was notified on 2 November, and expected date is 9 November. In the meantime, if I needed that money for something else, I have no option to cancel it, as far as I can tell, so I have to wait it out.

Hello @vessel18 :wave:

It takes 4 working days for a saving to reach your Plum account. Due to the way Direct Debit works, savings leave your bank account 2 working days before it reaches your Plum account. Bear in mind for your first deposit it could take up to 6 working days because the bank will need to set up a direct debit with Plum.

To see when your funds are going to reach your Plum account, open the app, go to ‘Pockets’ and see the full list of savings as well as the date the funds will reach your account.

This is because of the way Direct debits work with plum, as shown in this illustration:

If you want to understand further why deposits take a little longer than expected you can read the details here

I hope that helps!

Best,

Georgios