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Plum review – the ultimate money saving app?

In this Plum review, we look at the innovative savings provider that promises the ultimate in automated technology.  Essentially, automatic savings apps work by regularly harvesting small amounts of money from your current account. They then stash these in a savings account that gradually builds over time. If you struggle to save, then this can be a huge help as the amounts are barely noticeable. 

However, is it as good as they say? And is it suitable for your needs? Plus, whilst Plum offers a combination of features and pricing options, there’s a range of rival apps to choose from. This Plum review will give you our top tips and compare the other options on the market. Plus, we’ll help you decide if Plum is for you and which plan to go for.

Heads up – We aim to produce honest and accurate content, however, we are not financial advisors. If you need financial advice, Unbiased can connect you with a suitable professional for free. Some of our links may earn us a small commission to help us run the site.

What is Plum?

In its most simple form, Plum is an app that can help you save money. It links to your bank account and helps to automatically move small amounts of money into a savings account. Essentially, Plum uses ‘AI’ (Artificial Intelligence) to decide how much you can afford to save.

By taking small amounts of money on a frequent basis, Plum can help you build a significant savings pot.

In fact, Plum currently has more than one million customers who trust it with their savings and investments.

How does Plum work?

Plum works by linking the Plum app to your primary bank account. This gives Plum the ability to analyse your spending, which helps it decide how much you could save per week.

Plus, to turbocharge your savings, you can save fixed amounts or enable ’round up’ payments. Of course, you can also pause your savings at any time.

Furthermore, Plum gives you the ability to invest your cash. This can potentially lead to better returns. However, before investing, please read our Beginners Guide to Investing and ensure you have an Emergency Fund in place first.

Plum Savings App - Screenshots


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Plum account tiers

Plum offers a range of accounts depending on your needs. The Plum Basic account is free and a good place to start saving as quickly and easily as possible.

For those looking to invest cash, then you’re going to have to upgrade to one of the paid plans.

We’ve summarised the key Plum features in the table below:

Plum Account Basic Plus Pro Ultra
Cost Free £1 p/m £2.99 p/m £4.99 p/m
Earn Interest 0.25% AER 0.40% AER 0.40% AER 0.40% AER
Automatic Savings ✔ ✔ ✔ ✔
Lost Money ✔ ✔ ✔ ✔
Unlimited withdrawals ✔ ✔ ✔ ✔
Multiple Pockets 1 Extra 1 Extra 15 Extra 15 Extra
Invest from £1 ✔ ✔ ✔
Gamify your saving ✔ ✔
Goals ✔ ✔
Cashback ✔ +25% Cashback
Diagnostic Report ✔ ✔
Money Maximiser ✔

Top Plum features

Plum offers a wide range of features and sometimes it’s difficult to know which features you’ll use. The good news is that all tiers are available free of charge for 30 days. This gives you the chance to test them out to see how useful they’ll be for you.

Here’s our summary of the main features and why you might want them:

Earn interest – access to savings ‘pockets’ that are covered by the FSCS. By default, your money is stored as ‘e-cash’ and will earn zero interest. Be sure to move these across when possible to leverage your money.

Automated deposits – set small amounts aside little and often. Round-ups are included in this feature. Do not underestimate how powerful this can be.

Cheaper bills – Plum will send you alerts if you’re overpaying on your bills and help you switch to a cheaper supplier.

Unlimited withdrawals – withdraw money whenever you want. However, some of the savings pockets require notice of one working day to withdraw.

Multiple pockets – save money into different pockets for different purposes, such as Christmas and holidays.

Invest from £1 – automatically and easily invest your savings for maximum potential returns.

Gamify your saving – access to 52-week challenge & rainy day savings challenges. A great tool for a healthy money mindset.

Goals – assign targets to your savings pockets to help you stay on track.

Cashback – earn cashback when you shop with certain retailers through the app.

Diagnostic report – analyse your spending and compare it to other Plum users anonymously.

Money Maximiser – make your money go further and get a real-time view of spending.

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Which Plum account is right for me?

Handily, Plum gives you access to all features free of charge for 30 days. This gives you the opportunity to see what features you are most likely to use. You can then decide during your trial period which Plum tier suits your needs.

Fundamentally, selecting a subscription type depends on what your goals are. If you are struggling to save and are looking for a little help, then the Basic tier is going to give you access to the main features. Plus, it’s free, which helps if you are struggling to make ends meet.

Of course, the features offered by Plum are available from rival automatic savings apps. However, Plum aims to bring these all together under a single easy to use app.

And the Plum Invest feature is a great way to get into investing. This means you don’t need to be a financial expert, as Plum will take care of everything for you. Additionally, Plum has made an average 5-year return of +10% across all investment funds offered.

Is Plum safe?

Plum is a well-established financial services company. As you would expect, Plum uses typical encryption and biometric security measures to ensure access to your account is protected.

One key point to note is how money in your primary pocket is protected. Your primary pocket is where your money is set aside first. Plum uses an Electronic Money Provider to set up and administer an E-Wallet for you.

If either Plum or the E-Money Provider were to go out of business, you can make a claim to get your money back. Crucially, money in your primary pocket is not protected by the Financial Services Compensation Scheme (FSCS).

That may sound like bad news. However, most users will be funnelling money from their primary pocket into separate savings pockets on a regular basis. This means you will typically have very little money in your primary pocket at any one time.

However, Plum investments and non-primary savings pockets are covered by the usual FSCS protection which covers up to £85,000. Just remember, this protection doesn’t protect the underlying value of your investments from going down.

If you want to learn more about investing, start with our Beginners Guide to Investing – How to bankroll your financial freedom.

Plum reviews

Plum Review - Trustpilot review 4.4 stars

Plum has excellent reviews across the app stores and the independent review site, Trustpilot.

Reading through the feedback, most users agree the app is easy to use and that Plum helps them save without noticing. There is also a huge amount of gratitude from users who have struggled to save in the past.

Plum is only slightly beaten in the reviews by Moneybox. However, a key difference is that Plum has a free account tier, whereas Moneybox has a monthly charge for all users.

Plum Chip Moneybox
Trustpilot 4.4 4.1 4.5
Apple App Store 4.7 4.5 4.8
Google Play Store 4.7 3.5 4.7

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Plum review - what we like

  • Ease of use – get set up in minutes and start saving or investing.
  • Free tier – the Plum Basic account is free.
  • Automated savings – get your savings started automatically, without even noticing.
  • Pause savings – pause your savings temporarily if you need a bit more cash.
  • Lower your billsPlum will automatically check your bills to check if you could save money.
  • Gamification – if you choose the Pro or Ultra accounts, you’ll get access to useful gamification tools to help increase your savings.

Plum review - what we don't like

  • Lack of pockets – the Basic and Plus accounts only come with one pocket. This means you can’t separate out your savings for different goals.
  • FSCS protection – while savings accounts are protected, your primary pocket is not covered under the FSCS protection.
  • Investing costs – when investing with small amounts, the fees for the paid accounts can soon add up. However, this is the trade-off for having everything in one account.

Plum alternatives

We have reviewed the main Plum competitors; Chip and Moneybox.

Both Chip and Moneybox offer very similar services. All offer free plans that allow you to save. However, only Plum and Moneybox offer automatic savings for free.

For investing, both Moneybox and Plum will charge you a minimum of £1 per month. Alternatively, Chip will cost £3.00 per 28 days.

Interestingly, Chip is addressing some of these shortfalls with new tiers and pricing set to launch in mid-January 2021.

Overall, it’s difficult to split these apart. I’ve used all three and the main difference to me is the user interface. Plum offers the first 30 days free which makes it easy to try out and experiment with.

You can open a Plum account here.

Plum review - the ultimate money saving app?

In my view, Plum is a powerful app that can help you save money quickly and easily. Best of all, it’s creating a regular savings habit. If you struggle to save, building a savings habit can really help improve your financial future for the better.

I personally see these apps as a starting point for those who are looking to develop their financial fitness. By getting help from an automatic savings app, you can lay some solid foundations to build upon in future. Once you are used to saving, you can graduate onto more tailored platforms for saving and investing.

Open your Plum account and get 30 days free here.

If you still have questions, please come join our supportive UK Personal Finance club on Facebook. You will find other like-minded individuals. It’s a safe, private community where you can ask questions and learn more about making the most of your money. Best of all, it’s free! I’d love to see you there.

Here’s to Financial Fitness does not offer financial advice and is intended for reference/information only. Remember, you should always carry out your own research and/or take specific professional advice before choosing any financial products or services or undertaking any business or financial venture. If you need financial advice Unbiased can connect you with a suitable professional for free. Investments may go up as well as down and you may get back less than you put in.