Category Archives: Money Saving Tips

How Does Credit Card APR Work?

**How Does Credit Card APR Work?**



Views:281

Rating:5.00

View Time:17:43Minutes

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Dislikes:0

How does a credit card apr work, and how is compounded? And does that mean? Btw the highest apr in history was 79.9 percent it was by the premier bank back in the days for people with bad credit. OMG

Now in this video I’m going to break down how a credit card can either cost you 0% a year or anywhere between 10-35apr annual. I’ll also explain Apr’s on secured credit cards and normal credit cards and what the difference is. So if you want to find how exactly how apr works and if you should also carry a balance stick around to end of this video.

What does APR stand for:
Apr stands for Annual Percentage rate, basically how much you’ll be charged in interest or how much you’ll a year.

Tommy What about APY:
Well APY or Annual Percentage Yield is the exact same thing as APR except it takes into account compound interest. And it’s usually higher than APR unless the loan is compounded Annual. Comment if you want a full video on compound interest.

Story: If I opened a credit card, and let’s use a real example here. If I opened a discover it card.
And I get 25.24% APR what does that mean.

How does Credit Card APR Work?

Call discover Customer service and ask how it works in full.
1. How does APR work?
its your annual interest rate and its calculated daily.
2. How is it compounded
Daily on your average balance.
3. What is APY
This takes into account compound interest.
4. What is my month APR
Grab your Annual and divide it by 12(month in a year) Example 30/12 so your monthly is 2.5%
5. How do I calculate it
12(month in a year) Example 30/12 so your monthly is 2.5%
6. Can I ever get an APR reduction if I increase my credit score
Yeah, jsut call in and ask for a reduction and base it on competing credit cards
7. What is the Prime rate
The federal rate at which they borrow money from the government
8. How do you guys choose the apr
We just have a profit margin
9. What does variable mean APR mean, does it constantly change
Changes according to the prime rate which the fedaral reserve can change
10. How can I avoid paying any interest
Pay before your closing date
11. What is a closing date
This is when your cycle end and they give you your interest for that month.

EXTRAS
Why do credit cards do 0% apr { so you rack up a balance and pay it off for 5 years)
What about loan consolidations, well subscribe and comment and ill make a full video on that?
Does the Apr matter? No just don’t carry a balance

Thoughts:
Now that you understand apr, here are my final thoughts. NEVER EVER carry a balance.
Why? If interest in 25% and the average return on Market is 7-12, you literally have to double your return to get even.
Play smart

Bonus:
I have a playlist with almost everything you need to know on credit cards so ill link that in the comments and if you want any videos or have any questions just comment down below.

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so how does a PR and APY actually work and how is it possible I was able to get away with carrying a balance for the past like 10 months and paying $0 on my credit card on top but if you're wondering Tommy why are you covering up the Scarborough nobody's gonna steal your stuff long imagine the by Starbucks and blame it on me like all my credibility here on YouTube is like completely like done ok I'm done on top of the guys whose are interested in fact did you know the highest APR ever recorded in history is run seventy nine point nine nine percent so imagine getting a credit card and paying around eighty percent in interest towards that credit card every single year absolutely absolutely insane and those my premier bank it took it off now but they still have one of the highest rates on the market still up today stay on top of the get to this video I'm gonna make sure to break down for you how APR works and what's the difference between a PR and APY on top of that I'm also going to tell you why unsecured cards also have a higher rates usually than normal credit cards so if you want to find out all this information make sure you stick around to in this video now that you guys don't know me my name bracing on accountant and I posted on YouTube every single day do you hear me yes I said daily content I post videos every single day summation scribe with a vision bus we get notified every time I post a new video which again is every single day and hit the like button for excited to us we find out how I got away with paying no interest for the past like 10 months all while carrying a balance so make sure to stick around for that and comment down below let me know what's the APR on your credit card currently do you know it do you not know it if you do know it comment down below and if you don't know it well make sure you know this information so go search it up and go call some people okay you need to know this information 100% now let's clarify a few things just so we're all on the same page so tell me what is APR and how does it work you know because I have this credit card and this credit card is around a 25% APR well what does this mean Tommy what does APR actually me what it means annual percentage rate now what this means is for example if I were to carry a balance of $100 on this card they would try to run $25 a year because the APR is around 25% so the APR is the interest that will charge you for whatever balance you have under card for that tire year and another thing I want to clarify assist no one talks about this but compound interests okay now if you don't know this credit cards are usually compounded every single day meaning that for example away compound interest is basically interest on interest if you owe $1 in this card and it turns you hypothetically 10% every single day on this card well the first day it would be like a dollar and 10 cents you owe the second day is supposed to be one dollar and twenty cents but now it's one dollar and 21 cents why because it basically took the dollar plus the ten cents and never charge you interest on that dollar and ten cents not just on the dollar that you're originally owed that's how compound interest works which is good when you're investing but bad when you owe money for example so if you owe a lot of money over time this compound interest gonna be accumulating and accumulating every single day so there's that okay Tommy I think I got it okay a PR and your percentage rate compound interest interest on interest but what is a py and what's the difference okay I don't understand this well a py is usually higher than ap art now what does this mean Tommy basically APR doesn't take into account compound interest so imagine right remember when I told you well it's one dollar then one dollar and ten cents and one dollar and 21 cents because it keeps compounding on each other right you understand that well a py takes that entire thing into account and calculates the interest for one year calculating the compound interest on top of that that's the only difference the only difference is APR is the regular rates a py takes into account compound interest on top of that comment down below let me know if so far you understand what APR is and what a py is also and what the difference is between them comment down below let me know if you don't understand comment down below I'm gonna be in the comments all day today so I'm gonna be answering all the questions so if you have any questions comment down below and you might be wondering Tommy okay I think I get it but I still have more and more questions and here's thing guys I met you to call customer service right now for my credit cards discover and as you find out exactly all the details on APR house calculated what it is monthly what it is weekly why they do it why they don't do it how they come up with the entire interest I'm gonna ask them all those questions so make sure you stick around for this because you're gonna hear all the information straight from the horse's mouth let's call them right now and find out now this cover is 24/7 seven days a week and they usually answer very quickly so let's find out how long you take to get on the phone yeah hey Tommy Bryson I'm doing good I'm just calling in today just to find out some information about a PR and how it works because me and my wife we were actually sitting down today he's trying to figure out all our finances basically the first question is eighteen point two four percent okay and here's my question for example when that time comes and say for example I want to carry a balance like when it says for example like hey like this is the minimum payment that minimum payment is it just interest or does it have capital alongside it so my question is what percentage is usually this be capital because I know like the percentage for the APR is gonna be like whatever monthly APR it is but like for capital what percentage do you guys actually take to actually like calculate that calculated at two percent of your balance okay that's gonna be your basic calculation unless your interest happens to be more than that 2% method then we'll add $20 to that so that something is going towards your balance okay oh okay so stop I said that didn't make any sense at all so you're saying that out for example if the interest for example for like $10,000 and the APR stay for exempt the interest will be like like on or just like like $200 and that is like dollars so then would be like okay so it's $35 and whatever is greater and if anything's a if you're interested greater than $35 you had another 20 bucks so just in case we can actually think this like go towards your capital awesome okay got it and how does compound interest actually work because someone told me today at the office that you guys actually are like compound the interest every single day or something like that and for example what does that mean exactly because someone like like put an example in my head and then I basically tell me if you owe like $1 and they tell you like 10 percent every single day that's $1 $10 $10 turn but if it's like being compounded then it means that if you owe like $1 10 then the next day that you know like $1 21 cents because it's being compounded on top of the dollar 10 already owes our work but I'm keeping in mind now that 18.2 4% variable that you're seeing yes your yearly rate we designed that by 365 to get your daily rate yesterday change use for variable duck is not what you're being charged daily by your average daily balance so look at a copy of your statement when you look at it underwear your transactions are you'll be able to see we give you a breakdown on what your average daily balances hurt that we would charge you interest on for the month and you would be able to see that and that is what you would actually see that we charge you so you may like your imbalance maybe $10,000 but if you didn't carry that $10,000 for the full month like so you didn't make a large transaction tilt toward the end of the billing period and you you only have like a five thousand dollar balance for the majority of your billing periods you may only have an average daily balance at your accrued interest or for like maybe six thousand dollars so sounds compelling yeah compound interest it's basically your APR divided by 365 gets gets you like that number every single like daily but on top of that if you if you're carrying a balance of like maybe like a hundred dollars you'll be charged out but you won't be charged more interest until like you have a greater balance basically right how do i how would I calculate like on the the monthly Apr just like divided by like twelve or something how you could do it if you wanted to do it but I'm keeping in mind so yeah it would give you a rough estimate if you wanted to do it on it you know yeah in question for example right now my interest rate is on what is that eighteen percent you said what's the lowest you guys offering like what's the lowest you guys like uses offer because I think was like 13 to 25 percent was it basically if I if I have a good standing with you guys to get a cent on my account and for example when I first initiated everything I was at 18% is there any way that I can all back in and they're like we're gonna go see like the interest like or something and for example what's it what's the prime rate because I didn't notice that on the under on the thing it says like the primaries like two something percent in the US chart exact another sixty percent on top of that I'm just curious like what's the primary point five percent and that's but what does that mean basically was the primary pass to me okay so that's the rate you guys pay for the money and then you guys flip the money for like another like I'm sixty percent or so okay and for example what is I'm a variable APR mean does that mean is okay so does that mean that your rate stays the same the only thing has variable is actually like the the primary okay got it and how can I avoid like I'm paying the interest because I'm still confused about like the closing dates to know that fancy stuff just a min balance in full each month so for example if I were to spend $100 now and I paid off before my payment is due I'm good to go before the closing date is there a difference we like the closing dates and then like where my payment is actually do okay so the most important thing is basically just like pay attention to a closing date rather than like your due date right so you I mean your minimum payment do I mean as long as you have that you you wouldn't have here statement balance in full each month to avoid interest so like your so if you were recurring interest you want to have that paid in full each month before your statement closes yeah I think I'm gonna I think I got everything I'm gonna take this information to my wife and then hopefully like now we both have like a better understanding of everything thank you so much so there you go you heard it straight from the horse's mouth and hopefully you enjoy that conversation again I only waited around like one minute for like discover like customer service again they're always like so good at customer service I've never asked you surprised because they do a very good job at it but I know you might still have some questions so I still kind of want to break everything down Tommy you know something well your credit card doesn't charge you any interest because you have a promotion why do they do that huh what do they deserve you know money on the first like 1215 months well the answer is this because they actually think that the average person is gonna fall for this trick so the trick is this if you have a credit line of maybe like $10,000 $1,000 doesn't really matter right you have one dollar credit line but the nuts with you in your interest well you probably just said I hey okay I got an idea I was gonna use it stack up my balance then I'll pay it off when I can well what happens if you overuse it now the promotion is done and now you have to carry a balance for a very very long time because on average if you overuse it you probably can't afford to pay it off instantly so then that's how they get people to get you in know APR you spend a lot of money now we got you for like ten to five years or like five to ten years whether you want to call it and that's how to trap people in the credit card debt cycle Tommy well how does loan consolidation work well if you want to find out how that works subscribe hit the like button comment down below let me know that's a full different video so I'll make it as long as you request it now the last question is this well Tommy does the APR even matter the answer is no not really for example remember when I told you like hey these are charging around like 80% in Apr every single year well it doesn't matter because you're paying off your balance every single month you're just buying things you need well doesn't matter it doesn't matter how much you try to charge because I'll never let you charge me in the first place but just in case anything does happen the APR does matter and usually the APR is based on your credit score so again so again if you have a high APR doesn't matter just be off your balance every single month now if you plan on carrying a balance for a long time don't know why you would do that make sure your APR is pretty low so comment down below let me know do you understand APR 8 py how everything works to answer all your questions that I not answer your questions if I didn't comment down below those questions I'm gonna answer all of them and if you want any more videos just comment them down below I need ideas I upload every single day so I'm gonna make those videos no matter what now before I leave you I want to say this last thing well Tommy what do you have to say already watch this whole video well here's my thing bro basically a lot of people out there saying hey Tommy 24% is nothing just 2% every single month well here's my thing it's very important you don't care you're balanced and here's why it's gonna be scary well you know that the average ETF right if you don't know what ETF is I have a video on that also but here's my thing your average investment I make it between 7 to 12% every single year and the APR on the credit cards around 24% so unless you're Warren Buffett you're now gonna be able to actually have an investment that pays you more and this credit cards gonna charge you on a yearly basis so it's very important because 24% every single year for the next 60 years is a lot of percentages okay Alexa what's 60 times 24 so that's one thousand one hundred and forty percent and by the way that's not an accurate estimate but I'm just like putting that out there just let you know that hey it's a lot a lot of lots and if you have to pay money on your money every time you use it I just recommend you don't carry a balance buy what you need don't buy anything you can't afford and here's my rule of thumb don't buy anything you can't buy three times if you combine three times you can pay it off whenever you like okay that's what my rule is so I don't buy anything I can't buy three times as always guys here watching the video if you like the video go ahead and like the video helps with the channel a ton and top let me describe the channel hit the duplication buzz you're notified every time I post a new video which is literally every single day yes I talk very fast and I like it on top of that guys you want to talk to me one-on-one una uno just DM me on instagram @ Tommy Bryson again I answer all my DM so whatever you dear me I'm gonna answer I'm gonna help you so don't worry about that and table if you wanna join all of us here from the channel on discord go ahead and try to join us we have a link down below it might be too late we only have 100 spots open what's our new sponsor Fields we're not opening it until 2020 so get away you still can I'll see you guys next time and that's video thanks for watching and peace

Pimp My Filter #41 - JBL e1501 Canister Filter

**Pimp My Filter #41 – JBL e1501 Canister Filter**



Views:3669

Rating:4.92

View Time:13:24Minutes

Likes:237

Dislikes:4

JBL e1501 Filter (Amazon):
JBL e1502 (New version) Amazon:
JBL e1502 (New version) Ebay:
Foams and Biohome Ultimate:
(FilterPro site has links to suppliers in other countries)
Biohome Ultimate on Amazon UK:
Biogravel on Amazon UK:

The e1501 is a well made, no-nonsense filter with a decent flow rate and good media capacity. If you have the the newer version (1502) leave the pre-filter foam as it is, set up the bottom tray with coarse, medium and fine pads then fill the remaining trays with the biological media (ideally biohome ultimate) including the ‘post-filtering’ tray which is thinner than the main trays and located just below the ‘pre-filter’ tray.

WHAT IS A FULL CYCLE?
*If someone tells you the aquarium nitrogen cycle ends with the production of nitrate that is incorrect – please read on*
A full cycle is completed by bacteria – the aerobic part of biological filtration which processes ammonia to nitrite and nitrite to nitrate followed by an anaerobic part which processes nitrate into soluble nitrogen which bubbles off to the atmosphere.
Therefore it requires a suitable amount of excellent quality filter media to be able to provide the environment for both aerobic AND anaerobic bacteria – that is what Biohome ultimate does perfectly but even with such good media there are limitations and we recommend the following amounts for different stocking scenarios:
(1 US gallon = 3.8 litres)
(1kg = 2.2 lbs)
Average community tropical aquarium = 1kg per 100 litres
Average coldwater aquarium = 1kg – 1.5kg per 100 litres
Predator aquarium = 1.5kg – 2kg per 100 litres
Large cichlid aquarium = 1.5kg – 2kg per 100 litres
Malawi / Tanganyikan aquarium = 1.5kg – 2kg per 100 litres
Marine aquarium = 1.5kg – 2kg per 100 litres
Average mixed fish pond = 1kg per 200 litres
Average koi pond = 1kg per 150 litres

You may be disagreeing with the above figures but remember that they are for a FULL CYCLE not half a job – achieving 0 ammonia and 0 nitrite is quite easy since aerobic bacteria grows freely on any surface but the anaerobic bacteria responsible for COMPLETING the cycle needs more a specialized habitat.
Size a filter properly, set it up sensibly and you will have perfect water – it’s that simple….and your filter won’t be the dreaded ‘Nitrate factory’.

This series of videos is all about trying to squeeze more efficiency out of internal and external aquarium filters which generally have a limited filtering capacity – If you have a filter you’d like me to feature in a video then please contact me on:
[email protected]
07772848730 (Richard)

Anyone who sends a filter (UK only at present) will have it upgraded and returned to them for free and the only cost you will pay is how much it costs to ship it to me – I’m helping to boost your filter and the resulting videos will hopefully be useful to viewers all over the world so it’s a win/win.

The following videos will be useful to anyone interested in learning more about filtration, bacteria and making the conditions for your fish as good as possible:
Sizing a canister properly and filter set up:
Looking INSIDE different filter media:
Bacteria and filter media:
How to clean an aquarium:
Aquarium tips / filtration playlist:

This channel is purely a hobby for me so I will never ask viewers to donate money for any of my projects or charge anyone for information – information should be shared freely and I certainly don’t consider myself an ‘expert’ in anything I pursue as a hobby so please do your own research, never accept anything as ‘fact’, reject anyone claiming to be some sort of authority or ‘expert’ and make your own minds up about anything you wish to study.

We all are on a long path of learning………

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If you’ve enjoyed this video please check out the playlists on my channel for hundreds more – on a variety of subjects.
Feel free to share or link any of my videos on facebook, twitter, forums etc. for the benefit of anyone you think may also enjoy watching.
See you next time.
Pondguru
hello there welcome back to another edition of my filter and in this episode we're going to be looking at the Green Line 1501 e or e 1501 from JBL Inc the trees of the CM size in the 1500 won in the 1901 so it should be straightforward however I will still quickly show you which direction the water flows through this filter so if you want to set it up slightly differently or entirely differently at least you know where the water flows remember these videos are just this suggestion you can put whatever forms you want in you can put whatever media you want in as well okay that's how a filter there if you've already seen my video on the 1901 you really don't need to watch this view this is just specifically for people who own this filter so on there we've got our pump head okay I actually thought this was a new filter that was coming but this has been running so I'll bring the camera in to let you have a look at how it's currently settled okay I saw our water comes in it then goes down through these side pieces here which has very coarse form in that is a pre-filter it then goes down the side the outside of the trees before rise and back up through the trees and exits through the middle part of this top tree so there we've just basically got course form in next tree down we've actually got quite a good mix of media in there we've got the sintered glass media that's the JBL micro mech media I actually think that's a little bit too dense it's got an extremely small particle size and it does clog quite quickly but that is it's certainly better than ceramic rings but it's it's not a perfect one and this one a lot of the guys in the US or properties recognize this this is what you would just basically call lava rock it's actually called scoria and it is indeed a lava rock unfortunately a lot of its internal structure is actually sealed so most of the useful surface area is on the outside of that which isn't ideal for an aquarium filter you want something a lot more worse than this and if you check the video description there is actually a link to a video I've done where we'll look inside various types of filter media one of them is the scoria and you can see just how sealed the inside is I know as a lot of folks really swear by this but it you can get a lot better media than this it's ok good budget one you haven't got much money by all means use that but it's not perfect fragment I can feel a measurable difference between the weight of that and the way of that and that both those pieces together a much lighter than this piece so this piece is obviously much more dense there is a hell of a variability between the different pieces of this so it's not an ideal one when you're trying to max out a filter right next tree down we've got a medium density pad which has got more of the micro mech on top of it it's actually pretty clean now as well I'll do a job and underneath that we've got another medium density pad with the bunks unfortunately the wrong way they should have been won't be side down then in the bottom tree it we've got course form one two and we've actually got some more of the micro mech in the very bottom of here and that's actually being used as the primary settlement so we will reinstate that well not that particular media but that idea we will reinstate that idea but we'll just use a different sort of media I'm actually going to empty all the trees out apart from this one no take that out and leave those in there the only two forms that we are keeping from this filter a go that's all the filter media that was in that filter and really between the two different types it's actually a pretty effective sort of setup it's not bad at all okay so we've got four trees in this filter the first one is mostly a pre-filter outside bits there but this middle bit can be utilized for media and other things and then we've got three trees in the bottom of the filter the bottom tree is going to be for our mechanical filtration and that is simply going to be coarse medium and fine forms I'll quickly cut them get them fitted and bring you back Oh before I do that I'm going to pour some a Heim micro mech not micro mech that's the cheer BL e Heim mech it's basically a hard ceramic ring it's very small but when that goes in the bottom it's gonna defuse the floor all over the place so the floors gonna be really spread out in the bottom of the air without some sort of primary settlement the water just comes down from the tank and then straight up onto the forms this settles it down a little bit and just helps to settle out a little bit of the muck before it hits the forms and that helps to increase our maintenance times and by that I don't mean it didn't it doesn't help to increase how long it actually takes to maintain this thing it increases the intervals between the maintenance so instead of going one or two months it might go three or four months now makes a hell of a difference there's maybe half a liter of it in there or something hopefully you can see that through the side we've only got about 3/4 of an inch or an inch to play with at the bottom there not much I really love having square trees or almost square trees literally just cut for sites and snip the corners off sit in there very nicely so we're now bottom tree water is coming up from the bottom of the filter first of all hittin a coarse pad bumpy say dumb for maximum surface area then a medium pad bumpy side down for maximum surface area then it's hitting a fine pad to get all of the the fine look that will enable all of our media above here to steer very clean and not a linear bullet to steer effective now if you don't have access to the pads with the bumpy bits on don't worry about that just use flat ones flat ones work pretty much just as well the bonus of the bumpy ones is not only do you have a little bit more weight quite a lot more contact surface area to allow from real heavy mop to build up but when you have a bumpy pad like that and you put another bumpy pad on top of it you end up with loads of gaps between the two pads because you've got a flat side and then you've got a bumpy side and that traps a hell of a lot of muck the void is actually useful right so that's our bottom four you're done okay so we've got two trees filled with 1.5 kilos each of Bayeux home ultimate anybody in the u.s. watchin one keel is equivalent to 2.2 pounds so here we're using about 3 pounds of media in each tree well now we just left with our pre-filter tree remember water goes down the sides was down the sides of the trees and then rises back up and exits through the middle of here so in the middle of here who do have room for more filter media we can actually fit another kilo of media in here so that would be three plus one that'll be four kilos of media in total in here or we could put about half a kilo and then we could go with another pod you might want to put a carbon pad now that's a carbon impregnated pad you could easily put that on the top in fact that's what I'm going to do I'm gonna finish this off with a carbon pad not only does it look nicer and it's gonna make it puck safely for transport back to Lesley who sent me this it's gonna give us all three parts of the filtration it's gonna give us a mechanical biological and then chemical so we've got everything within one filter right so we'll drop roughly 500 grams of media and there that's about right and then we'll put our carbon pad on top absolutely beautiful cool and that is our filter finished so now we've got things in the correct order we've got the coarse forms on the outside which will catch a lot of heavy muck we've then got the MEK in the bottom which again will catch heavy muck and it'll help to save the forms from taking so much heavy muck water comes up through there it's in the right order coarse medium and then fine pads it then goes through 1 2 & 2 & a half trees full of live womp ultimate which is our biological media and their exits through here which is a carbon impregnated pad for our chemical filtration there you go that's the job done a carbon pimp endure filter pump in and that's the wrong notes where's my notes on the GBL book here we'll just finish off with a few notes on what the manufacturer says about this and what I see about this we know the GBL filters are good I don't really need to tell you how good they are they use the space very effectively they've got a decent Florian as well this one pumps approximately 1,400 leaders an hour so you're all gonna get plenty of muck pulled out you're gonna get a good flow through the filter and then you're gonna get plenty put back to the tank now the manufacturer says gain fifteen hundred and one is for tanks of approximately 160 to 600 liters for you guys in the u.s. that is from 42 US gallons to 158 US gallons so if we're talking about the real world filtration which is the full cycle which is really what we'll want to be trying to aim for with this door would be calling this a nitrate factory which is what 99% of castor filters are we've set it up not to be a nitrate factory so in the real world if you didn't bother with that form in the top it would be suitable for roughly 400 liters of a normally stock tank that should provide the full cycle and 400 liters is approximately 150 to US gallons so it will filter quite a big tank if you got a heavily stock tank you can have that because it could take up to 2 kilos one of the leaders to deliver that full cycle if he got something big predators in a tank or well holy cichlids something that you have feeding a lot and they're pooping a lot so they're producing a lot of waste you need more media to cope with more waste it's just as simple as that so there you go just a little bit of useful information at the end that's fully pimped up now all ready to send back to Leslie thank you very much to him for sending me this offer and if you've got a filter they'd like me to upgrade and take a look at please by all means get in touch my contact details as always are in the video description thanks very much for watching see you next time

How To Save Money Like a Pro.

**How To Save Money Like a Pro.**



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We use Facebook messenger as a tool to save you money in a safe, easy and smart way. Connect to Plum and it will use a super smart algorithm to save you money. Plum saves, helps you to invest* effortlessly and even tells you how much your spending. Artificial Intelligence (AI) is allowing us to take strides to improve our lives. Plum is focused on making the boring act of saving money an automated, seamless, background process. We believe that financial services should work for us. So we are starting with solving savings so individuals can rely on the intelligence of Plum to save for them but can also chat to our facebook ChatBot when they want to go deeper.

*As with all investments, your capital is at risk.
Flemish you're saving popular and it lives on facebook messenger in a nutshell it helps you save money it helps you invest your money and it also helps them not getting ripped off we believe there's three pillars of financial well-being the first is savings which is what plums already executing on so we save money for people automatically so they don't have to think about it too once you have savings give you investment options currently we have one investment option which is rate sinner that allows you here and three percent return if you invest on the rate setter platform we also general revenue from helping people get better deals on their bills everyone owes money supermarket go comparing all these big like comparison website money supermarket alone makes around 300 million pounds in revenue and you have to proactively go and engage with these websites imagine the service of plan which is basically cutting into your account see how much you're spending on your utility bill provider your car insurance provider and is telling you hey you know you can save like two hundred fifty pounds a year by switching your utility bill provider and all you have to do say yes my name is Lauren I have been using cotton for about six months now I think plum is a good long-term saving solution for me I've always found it kind of hard to understand like retirement and pension account and I feel like this could be a retirement account for me one of the reasons I have really gotten on board with plum is because the amount of information it gives you when it presents a new opportunity like the investing options you can always go in and read as much as you want and if you're still not satisfied you can check somebody on the team so victor is the CEO and he deals with the business side of the company I am the CEO which means that I look after the product so I think that the two of us together really have the great variety of skills that combine business and techno house but now we have this great team that's working with us right now we're nine people we're divided across text and then we have an operational in partnership team which is working with all our partners and making sure that everything is working smoothly then we have the marketing team which is led by Robert who used to be one of the first marketeers at hello freshman in the UK the white plum works makes it applicable to everyone I think plum resounds very strongly with Millennials who have seen text be embraced by all of the different aspects of their lifestyle and banking implements particularly personal financial management has been one that's been really slaves exactly we really believe they were on the forefront of technology in terms of where technology's going and how people will interact with product we feel that the logical next step is to build an app because we feel that an app willing to fire more trust to the everyday person to handle their finances we're also planning to improve our saving intelligence with goals see if I can say hey plum I want to take a thousand pounds with relativity because I want to Hawaii or hate plum I want to take three thousand pounds the next year because I want to buy a bike the cool thing is that if you know you're going to provide then we can do a lot of things around that maybe perhaps getting the better deal in your flight ticket or maybe public building like a beautiful guide for you to put things to do in Hawaii so you can see that all of this thing they're beyond financed early investors are all X entrepreneurs so we have the imidazoles I sold one find today we have the two-way brothers that sold the business is cisco for around 160 million now run another business with 100 plus people julian faith is the partner bain and company in tom and co-founder of lemon best in this round of funding very lucky to be invested in by 500 startups in Silicon Valley – they're putting $200,000 into the business and part of the team is going into Silicon Valley to learn from the best and really grow plumb to the next level we should have invested in plumb for two reasons team an idea the team itself is very strong would be through leading a broad victory for a few years now and he has experience in tech and in terms of idea I think it's an idea whose time has come for a financial Butler to take money from your comment squirreled away for savings is something which was cut was time has come I think someone should invest plummet because everyone deals with their finance on a daily basis and we want to be that one thing they would use something like you know four trillion is sitting in saving accounts idle across the UK it's LOM Haynes to help people get that money out of those idle accounts and start putting it to work some will help you save money invest that money and then also make sure you don't get ripped off on any big financial decisions you're making in your life