Plum Automatic Saving

Money, investing, mutuals etc
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Re: Plum Automatic Saving

Post by parchedpeas » Wed Nov 22, 2017 3:10 pm

On further inspection of this account, it seems that funds are 'held' in a Barclays account, and you only choose to send them to 'invest' at 3%.

So you could simply satisfy current account requirements by bouncing money to and from. Which is exactly what I'm going to do.

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Re: Plum Automatic Saving

Post by hugginhill » Wed Nov 22, 2017 7:08 pm

The money seems to be held in a e-wallet provided by MangoPay SA - a Luxembourg regulated Electronic Money Institution which doesn't seem to feature on the UK's Financial Services Register although it is on the CSSF (Luxembourg) register. The terms and conditions actually refer to Leetchi Corp SA which is MangoPay SA's former name (it was changed in April 2016). Whilst it's not clear, I would guess the Barclays connection is that it provides the deposit facility which MangoPay SA uses to satisfy regulatory requirements - Electronic Money Institutions are required to match their liabilities to customers with deposits with "real" banks.

The crucial point is that anyone depositing money with MangoPay SA has no direct relationship with Barclays and therefore no recourse to the FSCS in the UK or it's equivalent in Luxembourg.

All far too complicated and opaque for a product designed for microsavers.
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Re: Plum Automatic Saving

Post by planteria » Thu Nov 23, 2017 1:56 pm

good post hugginhill, and i tend to agree.. may do the same though, parchedpeas. and charities are an option pabenny, perhaps for the DD thread viewtopic.php?f=5&t=81215

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