Ending your Plum membership made easy

About Plum

Plum is a UK-based financial technology application designed to help consumers save money automatically, invest for the future, and manage their personal finances more effectively. Founded in 2016, Plum has grown to serve over 1.5 million users across the United Kingdom and Europe. The service connects to your bank account through open banking technology and uses artificial intelligence to analyse your spending patterns, automatically setting aside small amounts of money that you won't miss into savings pockets.

The application offers various features beyond basic savings, including investment opportunities in stocks and funds, cashback rewards on purchases at partner retailers, and budgeting tools to help you understand where your money goes each month. Plum operates primarily through a smartphone application, making it accessible to users who prefer managing their finances on the go. As a result, the service has become particularly popular among younger consumers and those new to saving and investing.

Plum is authorised and regulated by the Financial Conduct Authority (FCA), which means your money is protected under UK financial regulations. Your savings are held in accounts at regulated banks, and investments are managed through FCA-authorised investment platforms. This regulatory oversight provides an important layer of consumer protection for users of the service.

However, despite these benefits, many consumers find themselves wanting to cancel their Plum subscription for various reasons. Common motivations include discovering alternative savings methods that better suit their needs, concerns about the monthly subscription costs outweighing the benefits, changes in financial circumstances that make automatic savings unsuitable, or simply achieving their savings goals and no longer requiring the service. Understanding your rights and the proper cancellation process is essential to ensure you can end your subscription smoothly and without unexpected charges.

Subscription plans and pricing

Plum operates on a tiered subscription model, offering different levels of service to accommodate varying consumer needs and budgets. Understanding these plans is crucial when considering cancellation, as your subscription level may affect notice periods and any potential refunds you might be entitled to receive.

Available subscription tiers

The service currently offers four distinct subscription levels, each providing progressively more features and benefits. The Basic plan is free to use and provides fundamental automatic savings functionality, allowing users to save small amounts regularly without paying a monthly fee. This means you can test the service without financial commitment, though functionality is limited compared to paid tiers.

The Plum Plus subscription, priced at £2.99 per month, includes additional features such as interest on your savings through partner banks, access to investment opportunities, and the ability to create multiple savings pockets for different goals. This tier represents the entry point for users who want more sophisticated financial management tools beyond basic savings automation.

Plum Pro, costing £5.99 per month, builds upon the Plus features by adding higher interest rates on savings, priority customer support, and advanced investment options including access to a broader range of funds and stocks. This tier suits consumers who are more serious about growing their wealth through the platform and want enhanced support when needed.

The premium tier, Plum Ultra, is priced at £9.99 per month and offers the full suite of Plum's capabilities, including the highest available interest rates, unlimited investment options, cashback rewards at numerous retailers, and dedicated customer service. Therefore, this plan appeals to users who want to maximise their financial growth potential through the platform.

Pricing comparison table

Payment terms and billing cycles

Plum charges subscription fees monthly in advance, with payments typically taken on the same date each month that you initially subscribed. This means if you signed up on the 15th of a month, your subsequent payments will be processed on the 15th of each following month. Understanding this billing cycle is important when planning your cancellation, as timing can affect whether you receive a partial refund or are charged for another full month.

All paid subscriptions operate on a rolling monthly basis, which means there is no long-term contract tying you to the service. As a result, you have the flexibility to cancel at any time without facing early termination penalties. However, this does not automatically guarantee a refund for unused portions of your subscription period, which we will explore in the cancellation terms section.

Cancellation terms and conditions

Understanding the specific terms governing your right to cancel Plum is essential for protecting your consumer interests and ensuring you follow the correct procedure. UK consumer protection law provides you with certain rights when cancelling subscription services, and Plum's own terms add additional details you must be aware of.

Legal requirements in the UK

Under the Consumer Rights Act 2015 and the Consumer Contracts Regulations 2013, you have specific protections when dealing with digital subscription services like Plum. If you are within the first 14 days of signing up for a paid subscription, you typically have the right to cancel and receive a full refund under the "cooling-off period" provisions. This means you can change your mind about the service without needing to provide a reason, and the company must refund any payments you have made.

However, this cooling-off period right can be waived if you have explicitly agreed to begin using the service immediately and acknowledged that you will lose your right to cancel once you start using the digital content. Therefore, it is crucial to review what you agreed to when you first signed up, as this affects your refund entitlement during those initial 14 days.

Beyond the cooling-off period, your cancellation rights are governed by Plum's terms of service and general contract law principles. You retain the right to cancel at any time, but the company's refund policy for unused subscription time becomes the determining factor in whether you receive any money back.

Plum's specific cancellation policy

According to Plum's terms and conditions, users can cancel their subscription at any time by providing notice through the appropriate channels. The company requires reasonable notice of your intention to cancel, which in practice means you should cancel before your next billing date to avoid being charged for another month. This is a standard approach for subscription services and aligns with consumer expectations.

Regarding refunds, Plum's policy states that subscription fees are generally non-refundable once a billing period has commenced. This means if you cancel halfway through your monthly subscription period, you should not expect to receive a refund for the unused portion. However, you will typically retain access to the paid features until the end of your current billing cycle, allowing you to continue using the service you have already paid for.

There are exceptions to this no-refund policy, particularly in cases where technical faults prevented you from using the service, where charges were made in error, or where the company has failed to provide the service as described. In such circumstances, you have stronger grounds to request a refund, and UK consumer law supports your position. Therefore, documenting any service failures or unauthorised charges is important if you believe you are entitled to a refund.

Notice periods and important deadlines

To ensure your cancellation takes effect before the next billing cycle, you should submit your cancellation notice at least three working days before your next payment date. This buffer period accounts for processing time and ensures your request is actioned before the automated payment system charges your account again. In practice, providing even more notice—ideally five to seven days—offers additional security and demonstrates your clear intention to cancel.

If you miss the deadline and are charged for another month, you will need to wait until that billing period ends before your cancellation becomes effective, unless you can demonstrate that the charge was unauthorised or that you cancelled with sufficient notice. This is why timing your cancellation carefully is so important for protecting your financial interests.

What happens to your savings and investments

An important consideration when cancelling Plum is what happens to the money you have saved or invested through the platform. Your savings and investments remain yours regardless of your subscription status, and cancelling your subscription does not affect your ownership of these funds. However, you will need to withdraw your money before or after cancellation, as you may lose convenient access to the platform once your account is fully closed.

For savings held in Plum pockets, you can transfer these funds back to your linked bank account at any time, typically within one to three working days. Therefore, it is advisable to initiate withdrawals before submitting your cancellation notice to ensure smooth access to your money. For investments, you may need to sell your holdings and wait for settlement periods before funds become available for withdrawal, which can take several days depending on the investment type.

How to cancel Plum by post

Cancelling your Plum subscription by post offers several important advantages over digital cancellation methods, particularly regarding proof of your cancellation request and compliance with formal notice requirements. As a consumer rights specialist, I consistently recommend postal cancellation for subscription services because it creates an indisputable paper trail that protects your interests should any disputes arise.

Why postal cancellation is the most reliable method

When you cancel a subscription through an app or online portal, you are entirely reliant on the company's systems correctly processing your request. Technical glitches, unclear confirmation messages, or disputes about whether you completed the cancellation process properly can leave you vulnerable to continued charges. In contrast, sending a cancellation letter by Recorded Delivery provides you with independent proof that you submitted your cancellation request on a specific date.

This proof becomes invaluable if the company claims they never received your cancellation or if charges continue after you believed your subscription was cancelled. The Royal Mail tracking information and signature confirmation create evidence that courts and financial ombudsmen recognise as reliable, strengthening your position significantly. Therefore, postal cancellation is particularly advisable when cancelling services where you have experienced billing problems or poor customer service previously.

Additionally, a formal written cancellation demonstrates your serious intention and creates a professional record of your communication. This can be important if you later need to escalate a complaint to the Financial Ombudsman Service or pursue a chargeback through your bank. The formality of a posted letter also tends to receive more careful attention from customer service departments compared to routine digital cancellations.

Preparing your cancellation letter

Your cancellation letter should be clear, concise, and include all necessary information to identify your account and process your request efficiently. At the top of your letter, include your full name as it appears on your Plum account, your registered email address, and the date you are writing the letter. This information helps the company locate your account quickly and accurately.

In the body of your letter, state clearly and unambiguously that you wish to cancel your Plum subscription. Specify which subscription tier you are cancelling if you have multiple services with the company. Include your account number or user ID if you have this information readily available, as this further assists with identification. You should also state the date from which you wish the cancellation to take effect, ideally specifying "immediately" or "at the end of the current billing period" depending on your preference.

Request written confirmation of your cancellation, including confirmation that no further payments will be taken from your account. This creates an expectation of response and provides you with another piece of evidence should problems occur. You should also request confirmation of any final charges or refunds due to you, ensuring complete transparency about the financial conclusion of your subscription.

Keep your tone professional and factual throughout the letter. While you may be frustrated with the service, maintaining a courteous tone typically results in better cooperation from customer service staff. You do not need to provide detailed reasons for cancelling unless you wish to, as you have the right to cancel subscription services without justification beyond the cooling-off period.

Where to send your cancellation letter

You must send your cancellation letter to Plum's official registered business address to ensure it reaches the appropriate department. The correct postal address for cancellation correspondence is:

• Plum Fintech Limited
• 3rd Floor
• 86-90 Paul Street
• London
• EC2A 4NE
• United Kingdom

Always verify this address is current before sending your letter, as companies occasionally relocate their offices. You can confirm the registered address by checking Companies House records, which are publicly available online and provide the official registered office for all UK companies. This ensures your important cancellation correspondence reaches the correct destination.

Using Recorded Delivery for proof

Sending your cancellation letter via Royal Mail Recorded Delivery is essential for creating verifiable proof of postage and delivery. This service costs approximately £3.35 at the time of writing and provides you with a tracking number that allows you to monitor your letter's progress. More importantly, it requires a signature upon delivery, creating indisputable evidence that your letter was received by the company.

When you post your letter using Recorded Delivery, you will receive a receipt showing the tracking number and the date of posting. Keep this receipt carefully, along with a copy of your cancellation letter, as these documents form your evidence should any disputes arise. You can track your letter online using the Royal Mail tracking service, and once delivered, you can print the delivery confirmation for your records.

This proof of delivery is particularly valuable if the company claims they never received your cancellation request. The tracking information, combined with the signature confirmation, demonstrates beyond reasonable doubt that your letter was delivered to their address. Therefore, this small investment in postage provides significant protection for your consumer rights and financial interests.

How Postclic simplifies the postal cancellation process

For consumers who want the security of postal cancellation but find the process time-consuming or inconvenient, services like Postclic offer a practical solution. Postclic allows you to create and send tracked letters digitally, handling the physical printing, enveloping, and posting on your behalf while providing you with full proof of delivery.

Using Postclic means you can compose your cancellation letter from your computer or smartphone, and the service will professionally format it, print it on quality paper, and send it via tracked delivery to Plum's registered address. This saves you the time of visiting a post office and ensures your letter is presented professionally. As a result, you benefit from the security and legal standing of postal cancellation without the practical inconveniences.

The service provides digital proof of postage and delivery, which you can access online at any time. This digital record is just as valid as physical receipts and is often more convenient to retrieve if needed for disputes or complaints. The tracking functionality gives you peace of mind that your cancellation letter has been delivered, and the professional presentation ensures your correspondence is taken seriously by the recipient.

Timeline and what to expect after posting

Once you have posted your cancellation letter via Recorded Delivery, you should expect delivery within one to two working days for standard UK addresses. Royal Mail's tracking service will update as your letter progresses through the postal system, and you will be able to see when it has been delivered and who signed for it.

After delivery, Plum should process your cancellation request within a reasonable timeframe, typically five to ten working days. During this period, you should receive written confirmation of your cancellation, either by email or post, acknowledging your request and confirming the effective cancellation date. If you do not receive confirmation within two weeks of your letter being delivered, you should follow up with a second letter or escalate your complaint.

Monitor your bank account carefully after submitting your cancellation to ensure no further payments are taken beyond what you have authorised. If a payment is taken after your cancellation should have been processed, contact your bank immediately to dispute the transaction and provide them with your proof of cancellation. UK banks are generally supportive of customers who can demonstrate they properly cancelled a subscription but were charged anyway.

Customer reviews and tips

Understanding the experiences of other consumers who have cancelled Plum provides valuable insights into potential challenges you might face and strategies for ensuring a smooth cancellation process. Reviews and feedback from actual users highlight both positive aspects of the cancellation process and areas where consumers have encountered difficulties.

Common experiences with cancelling Plum

Many users report that cancelling Plum through the app is relatively straightforward when the system works as intended, with the cancellation option typically found in the account settings. However, several consumers have noted instances where app-based cancellation attempts did not process correctly, resulting in continued charges despite believing they had successfully cancelled. This reinforces the importance of using postal cancellation with proof of delivery when you want absolute certainty.

Customer service experiences vary considerably according to user reviews. Some consumers praise Plum's support team for being responsive and helpful when processing cancellations, particularly when contacted through email or social media channels. However, others report difficulty getting timely responses or encountering resistance when requesting refunds for billing errors. Therefore, having documented proof of your cancellation request becomes even more important if you need to escalate issues.

Regarding refunds, most users confirm that Plum adheres to its stated policy of not refunding partial months, which aligns with standard subscription service practices. However, consumers who experienced technical problems preventing them from using the service have successfully obtained refunds by persistently documenting the issues and referencing their consumer rights under UK law. This demonstrates the importance of keeping records of any service failures you experience.

Practical tips from consumer rights specialists

Before initiating your cancellation, withdraw all savings and liquidate any investments held in your Plum account. This ensures you have full control of your funds and eliminates the risk of complications accessing your money after your account is closed. Some users have reported delays in accessing funds post-cancellation, so proactively withdrawing everything beforehand protects your interests.

Take screenshots of your current account status, including your subscription tier, billing date, and any relevant account information before cancelling. These screenshots provide evidence of your account status at the time of cancellation, which can be valuable if disputes arise about what you were charged or when your cancellation should have taken effect. This simple precaution takes only a few minutes but can save considerable hassle later.

If you are cancelling due to unauthorised charges or service failures, document everything thoroughly before submitting your cancellation. Keep records of dates when problems occurred, screenshots of errors, copies of any correspondence with customer service, and notes about phone conversations including dates, times, and the names of representatives you spoke with. This documentation strengthens any subsequent complaint or refund request significantly.

Consider the timing of your cancellation carefully in relation to your billing cycle. Cancelling immediately after a payment has been taken means you will continue to have access to paid features for the remainder of that month, allowing you to use what you have already paid for. In contrast, cancelling just before a billing date prevents another charge but means you lose access sooner. Choose the approach that best suits your circumstances and priorities.

What to do if your cancellation is not processed

If you sent your cancellation letter via Recorded Delivery and can prove it was delivered, but Plum continues to charge your account, you have several options for resolving the situation. First, send a second letter referencing your original cancellation, including copies of your proof of delivery, and clearly stating that continued charges are unauthorised. Set a deadline of 14 days for the company to confirm cancellation and refund any incorrect charges.

Simultaneously, contact your bank to inform them of the situation and request that they block further payments to Plum. Under the Direct Debit Guarantee or your card issuer's policies, you can instruct your bank to refuse future payments to a merchant. Provide your bank with copies of your cancellation proof to support your request. This immediate action prevents further financial loss while the cancellation dispute is resolved.

If the company does not respond satisfactorily to your second letter, you can escalate your complaint to the Financial Ombudsman Service, which handles complaints about financial services including fintech applications like Plum. The Ombudsman service is free to consumers and has the power to order companies to refund money and pay compensation if they find in your favour. Your proof of postal cancellation will be crucial evidence in any Ombudsman investigation.

You can also pursue a chargeback through your bank if payments were taken after your cancellation should have been effective. Chargebacks allow you to reclaim money taken from your card when goods or services were not provided as agreed. Your proof of cancellation demonstrates that you terminated the contract, making continued charges unauthorised. Banks typically have time limits for chargeback requests, so act promptly once you identify unauthorised charges.

Understanding your rights if things go wrong

As a UK consumer, you have robust protections under consumer law that apply even to digital subscription services like Plum. If the company fails to process your cancellation properly, takes payments after you have cancelled, or refuses to provide refunds you are entitled to, you are not powerless. The Consumer Rights Act 2015 requires that services be provided with reasonable care and skill, and that companies act in accordance with their stated terms and conditions.

If Plum has breached its contract with you by failing to honour your cancellation or by taking unauthorised payments, you have the right to claim compensation for any losses you have suffered as a result. This might include bank charges you incurred due to unauthorised payments, the cost of your time pursuing the matter, or compensation for stress and inconvenience if the breach was particularly serious. Therefore, keeping detailed records of all impacts helps you quantify any claim you might make.

The Financial Conduct Authority regulates Plum, which means the company must adhere to specific standards of conduct and customer treatment. If you believe Plum has failed to meet these standards, you can report your concerns to the FCA. While the FCA does not resolve individual complaints, reports from consumers help them identify companies that may be treating customers unfairly and can lead to regulatory action that protects all consumers.

Remember that you have up to six years from a breach of contract to take legal action in England and Wales, though practical considerations usually make it sensible to resolve matters much sooner. For smaller disputes, the Small Claims Court provides an accessible way to pursue compensation without needing a solicitor, with claims under £10,000 handled through this simplified process. Your postal cancellation proof and other documentation will form the foundation of any legal claim.

Preventing future subscription problems

Learning from the cancellation experience can help you manage future subscriptions more effectively and protect your consumer rights proactively. When signing up for any subscription service, make a note in your calendar of the billing date and set a reminder several days before if you think you might want to cancel. This gives you time to submit cancellation notices before being charged for another period.

Always read the cancellation terms before subscribing to any service, not just when you want to cancel. Understanding how to cancel and what notice periods apply before you commit helps you make an informed decision and prepares you for a smooth exit if the service does not meet your needs. This is part of being an empowered consumer who understands their rights and obligations.

Consider using a dedicated email address for subscription services, which makes it easier to track all your subscriptions in one place and ensures you receive cancellation confirmations and billing notices. This organisational approach helps prevent unwanted charges from forgotten subscriptions and makes managing multiple services more straightforward.

Finally, regularly review your bank statements to identify all recurring charges and assess whether you are still getting value from each subscription. This habit helps you stay in control of your finances and catch any unauthorised or forgotten charges quickly. As a result, you can cancel subscriptions that no longer serve your needs before they become a significant unnecessary expense, maintaining your financial wellbeing and exercising your consumer rights effectively.