Plum App Review 2024 (2024)

Plum is a UK-based money management and budgeting app available on iOS and Android devices.

The app takes an all-in-one approach, offering a wide range of features through a single interface.

Users can view their bank accounts in one place, see an overview of their spending, automate their deposits and invest.

The app makes use of AI to analyse users’ spending habits and recommend tailored deposit amounts. It can also categorise spending, and alert you about upcoming bills.

Plum offers a free, ‘Basic’ plan, along with three paid-for subscriptions that offer higher interest rates on your savings and extra features.

The app has around 2 million customers throughout Europe, who have collectively saved and invested around £2.6 billion.

Plum is currently offering new customers £5 cashback, paid into their Interest Pocket, when they sign up using the link above and maintain the account for 90 days. To qualify, you’ll need to keep at least £100 in your Interest Pocket or loaded onto your Plum debit card (terms and conditions apply).

Plum features

Plum offers a range of budgeting, saving and investing tools, through a slick, user-friendly interface.

However, it’s worth noting that several features are only available with paid-for plans.

Linking accounts

With Plum, users can connect bank accounts and view them all in the app – offering a convenient overview of their finances.

Plum is compatible with major UK banks and building societies, including Halifax, Barclays, HSBC and Starling.

You can also link credit cards to your plum account.

Budgeting

Plum automatically categorises users’ spending, and alerts them to upcoming bills.

Users can also budget using Plum’s Spend Tracker feature, which automatically categorises transactions and offers a breakdown of monthly spending by category. There’s also a ‘bills tracker’ tool that displays upcoming payments.

Saving

Plum also offers a number of savings features that aim to make saving money as streamlined as possible.

Users can set aside cash in an easy access ‘Interest Pocket*,’ paying up to 4.21% AER (variable). This rate is reserved for Premium subscribers, while the free Basic plan pays 3.65%.

In March 2024, Plum launched an easy access cash ISA, available to members on all subscription plans.

The Basic plan allows one pocket per user, while Pro, Ultra and Premium users can open up to 15.

Plum users can enable up to eight deposit ‘rules’ to automatically set aside cash into their account.

• Round-ups: The app can round-up your debit card transactions to the nearest £1, and automatically deposit the spare change
• Weekly depositor: Users can select an amount to be automatically deposited into their savings pocket each week
• 52-week challenge: Automatically saves money every Monday for 52 weeks – starting with £1, and increasing in £1 increments (not available with Basic plan)
• Rainy days: Plum’s Rainy Days Rule allows users to automatically set aside cash whenever it rains in their chosen location (not available with Basic plan)
• Pay day: Plum will automatically set aside a specified amount of cash every time you get paid
• Naughty Rule: Users can instruct Plum to set aside money whenever they shop at their chosen ‘naughty’ retailers (Ultra and Premium accounts only)
• 1p challenge: Plum will automatically set aside money each day – starting with 1p and increasing in 1p increments – for 365 days (Ultra and Premium accounts only).

• Automatic: Plum’s algorithm can analyse your income and expenditure to work out what you can set aside without leaving yourself short

Investing

Plum also offers an investing platform, where users can invest in 1,200 stocks through a stocks and shares ISA, general investment account or SIPP (self invested personal pension).

Users can also invest in a fund comprising government-backed bonds and loans through Plum Interest, which pays investors a variable annual rate (VAR) of 4.97%, minus a management fee of 0.10% for Premium customers, or 0.25% for other users. Premium customers also receive a boosted rate of 5.12% VAR on this account, meaning they’d earn 5.02% after fees.

The app recently introduced an integrated news function to its investment platform, through fintech CityFALCON. This allows users to see relevant news stories, such as macro-economic trends and updated from the companies they’ve invested in.

Plum Premium subscribers can access 3,000 stocks rather than 1,200, and some paid memberships also allow users to invest in a choice of 21 funds.

Capital at risk when investing. You should monitor your investment performance when using automation.

Plum pricing

Plum has a tiered pricing model, offering four different plans – Basic, Pro, Ultra and Premium.

• Basic – £0

Plum’s Basic plan comes with no monthly fee. It offers access to three deposit ‘rules’ – automatic, round-up and pay days – and a linked easy access Interest Pocket paying 3.51% AER (variable).

Users in this tier can also access 1,200 stocks through Plum’s investing platform.

• Pro – £2.99

In exchange for a monthly fee of £2.99, Plum Pro users get access to all Basic plan tools, plus the Rainy Days Rule and 52-week Challenge (see above).

Pro users can open up to 15 saving pockets (which pay 3.72% AER), set themselves saving goals, and receive occasional cashback offers when shopping with one of Plum’s partner brands.

As well as 1,200 stocks, subscribers get access to 12 investment funds through the Plum investing platform.

• Ultra – £4.99

Plum’s Ultra plan includes everything offered by its Basic and Pro subscriptions, along with extra deposit rules (the ‘Naughty Rule’ and ‘1p challenge’).

Plum Ultra also comes with a debit card that can be loaded with money from your primary savings pocket or linked bank account.

The Ultra plan costs £4.99 per month.

• Premium – £9.99

For £9.99 per month, Plum’s Premium subscription includes all the features on offer for Basic, Pro and Ultra customers.

Premium customers get extra stock options (3,000 rather than 1,200), and can also set up price alerts for stock movements, and use recurring buy orders to help automate the investing strategy they set.

Finally, Premium users receive priority customer support (available via in-app chat, email or phone).

Interest pockets pay the highest rate of 4.21%.

Who is the Plum app suitable for?

If you’re looking to manage several aspects of your finances through a single platform, Plum could be an option worth considering.

While the feature-heavy approach may be off-putting for some, it could equally be a bonus if you’re comfortable managing your money through an app, and happy to invest some time getting to know Plum’s tools.

According to reviews on independent site, Trustpilot, the app is user-friendly and easy to navigate.

However, bear in mind that you’ll only get access to Plum’s full range of features – and highest interest rates – if you’re willing to pay for a monthly subscription.

It’s also worth noting that while Plum’s interest pockets offer a competitive rate, they fall below market-leaders, which at time of writing pay in excess of 4.00% AER.

*Easy Access Interest Pockets provided by Investec Bank Plc.