Time delay for deposits into pockets

I’ve been using plum around 3 months and whilst I do like it, one thing that bugs me is the time delay where my funds are just sitting in limbo.

I perfectly understand why investments take time and do not have an issue with this. My issue is my automatic savings going into pockets take the best part of a week, and even so called instant deposits are never available funds for at least two working days.

In today’s world, with faster payment technology, I don’t understand why instant can’t mean instant. If this doesn’t improve, I may well reconsider where I put my savings in future.

1 Like

Hi Michelle :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!

-Georgios