I’ve been using plum for a while now and I love the app I think it’s great.
I was just wondering about some upcoming things and wether you’re going to implement them.
I’ve recently discovered another app like plum called Chip.
They currently offer 0.7% interest daily. Not sure how true it is so I’ve decided to give it a try.
They’ve also listed that they’re looking into adding a crypto investment bit.
I was just wondering if plum had any upcoming features such as these?
Chip have a Blockchain fund on their roadmap, actual individual crypto currency exposure will be a while away given they’re only just rolling out vanilla investment funds from Blackrock.
Plum have the fractional US shares launching soon (Q1 2022) and crypto by mid-year planned.
Hey Danny, I was a Chip customer for 8 months but now left them as I don’t really trust them as a company. They raised a lot of investment on Crowdcube recently then after taking our money they announced closing of their 1.25% account forcing everyone to their 0.7% account, and at that time only possible if we paid the £1.50 fee every 28 days. But after a tsunami of backlash on their Facebook page about it, they decided to drop the £1.50 fee and increase the limit to £85k. But what left a bad taste for many that we had to fight for it, and all they were doing was acquiring as many customers as possible (probably for a trade sale) using marketing cash to prop up the returns. It’s still better than Plum though which is 0.4%, but Chips autosave feature is pretty useless as it can only link to 1 account’s transactions to apply their suggestion algorithm, not really a full open banking app like plum, so I think chip is no better than a standard easy access bank.
Good luck with chip, I’ll be watching them with interest to see if they change but it’s not worth the hassle in my opinion at the moment
Excellent, thank you very much for that.
I’ve only put a bit of money in the 0.7% account with auto savings turned off to see if the daily interest is true, which I’ve read somewhere it’s not.
But I shall not be leaving plum on any accord.
Yes the 0.7% is true as its provided by Allica Bank which normally only deals with SMEs and Businesses and Chip have negotiated a way for them to access mass market public. With Investec having just stopped their 0.71%, then Chip is now equal with Cynergy Bank as the best Easy Access at 0.7%. So its a safe as bet as any at the moment, until the market starts moving on the interest rate rise. Not sure if Chip has fixed this yet, but for some reason it takes 3 days for your money to credit to your Chip account after leaving yours so they may be bagging the interest gap and the “Chip Insiders” (facebook) have been lobbying them for instant transfers.
As an investment platform, its pretty expensive. MSE doesn’t recommend any of the app-based solutions as investment platforms, the only advantage they have is the auto-save (auto-invest) feature but that’s only useful if the auto-save solution works! Funds are limited, and you get a wider range and a lot cheaper cost through something like the Vanguard platform.