February 12, 2022

plum app review

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If you're looking for a way to save, the Plum app might be just what you need. This app is designed to help you budget and manage your finances more effectively and effortlessly. In this Plum app review, we'll take a look at some of the features offered by Plum and see how they can help you save some extra cash.

We'll also discuss some of the pros and cons of using the Plum app so that you can decide if it's right for you.

We Have Personally Tested This App 

We have personally used the Plum app to share an in-depth and honest review with you based on personal experience. This review will share our personal experience and opinion of Plum to help you decide if it's the right money management app for you. All opinions are our own. We were not paid by Plum to do this. 


What is Plum?

Plum is a mobile app/ money management app that helps you budget and saves money. Plum uses its intelligent software to help you save money automatically. 

Once your money is deposited into Plum, you can choose to deposit it into a savings account (offered by Plums Banking partners, Plum itself is not a bank). Alternatively, you use the money to invest in investment funds (capital at risk). Plum offers 3 plans to appeal to a wide variety of people and their needs (basic, plus and pro).


Plum has received over 2,000 excellent reviews on popular review websites and have scored excellent reviewers in Apple App Store and Google Play store. With thousands of customers citing it is a easy to use app. 


Plum connects to your existing bank account using 256-bit secure encryption. You authorise Plum to have read only access for 90 days at a time.

Money Saving Ability 

Plum says their aim is to help people build a complete picture of their finances to save money, help budget and set money aside even when your not thinking about it. After playing with the app and connecting it to my account I have to agree the app is very easy to use and Plum was able to quickly share with me where I was spending my money.

How Does Plum Work?

Plum works by linking the Plum app to your primary bank account. Linking your bank account gives Plum the ability to analyse your spending, which helps it decide how much you could save per week. I've found it to be a great all-around money management tool.

Plum will set up a direct debit to take money from your account save it in one of your Plum saving spaces. You can withdraw money at any time within the Plum app without any fees. I found Plum very easy to get started, the app was able to recommend within a hour extra cash I could start putting money away. 

Plum is available for both Android and iOS devices, and the app can use to manage your finances both in the short term and long term. 

Plum Features Overview

Although Plum is primarily a savings app. I was quite surprised at it's complete functionality offering, especially if you opt for the pro account, here is a quick overview of all the functionality offered by Plum:

  • Savings account in the form of what Plum refer to as a 'Easy access interest pocket' provided by Investec bank. Plum free users get 0.25% AER interest rate and Pro/Plus get access to 0.40% AER. Please note Plum could change these at any time and although interest is calculated daily it is deposited monthly.
  • A budget planner lets you set goals for yourself and track how well you're doing toward those goals. (pro accounts and above)
  • The ability to take part in spending challenges without the hassle of having to set it up yourself.
  • The ability to connect Plum with your bank account(s) so that it can automatically track all of your transactions in real-time. This means there is no need to enter any information into Plum manually! It will just take care of everything itself.
  • There is no need to change your bank account; Plum links to your main bank account.
  • A savings account lets you earn interest on the money saved in the Plum, which can be used toward paying off debt or other financial goals.
  • Invest using Plum's investment feature (capital at risk). This is a great way to get started in investing if you're new to it, and Plum offers a wide variety of investment options to choose from.
  • A spending analysis tool lets you see where your money is going each month and identify areas where you can cut back.
  • Self-invested personal pension (coming soon)

As you can see, there are a lot of great features included in Plum. Let's take a closer look at some of the pros and cons to see how they might impact your decision about whether or not to use this app.

What's Included With Plum?

Depending on which package you decide to go for with Plum will determine what features are included. Plum has four packages aimed at different savings goals and needs. This can be quite confusing when you first sign up but I found it made sense once I played around with the app.

I've translated what it all means below to try and give you a good overview. The good news is if you decide to down the app you can start off with the free account and upgrade if you feel you need to, there isn't really any pressure to do from Plum. 

Plum Products Explained

See the four packages; plum basic, plus, pro, and ultra below:

Plum Basic Account


Cost: Free

Savings Interest: 0.25% if you opt in to the free 'interest-paying pockets' provided by Investec Bank, interest is calculated daily but deposited monthly.

FCSC Protection? Yes, on money saved in the opt-in free Investec bank pocket.

Investing option? No

The Plum basic account is a great way to start saving money. It's simple to use and free of charge, making it ideal for those who want to get started with budgeting and saving. I would describe Plum basic as more like Plum Saving account as it perfect for those who just want to save in a basic way! 

The app is automated, meaning that your money will be set aside gradually, and you won't have to worry about overspending. This can be a great way to ease into savings without too much disruption to your routine. You have the option within the app to decide what savings mood you are in, depending on what mood you decide will tell Plum to have aggressive to save automatically.

You can choose from shy to Beast mode, I quite liked this quirky way to save!

shows plum app saving mood feature on the plum money saving budgeting app

You can supercharge your savings by activating round-ups that automatically rounds up every transaction you make to the nearest pound and puts that amount aside as savings. Plum will take this amount once per week for the weeks transactions once activated. 

plum app spare change round up feature

Learn more: Apps That Round up Spare Change

You also have the option to supercharge your savings by activating 'weekly saver' which allows you to set aside a set amount each week and paydays which is a cool feature that helps you decide on an affordable amount to save every time you get paid. You simply input your monthly wage after tax and Plum will tell you how much it believes you can afford to save. 

plum pay days saving feature

I think this is a great feature and not one I've seen on other money saving apps, pay day is usually the deemed the best time to save by experts so it feels really thought through. 

Additionally, the Plum basic app offers bill alerts and switching services so that you can save even more money on your monthly expenses. 

Overall, the Plum basic app is a great way for beginners to start budgeting and savings. It's easy to use and offers a range of features to help you save.

Limitations of Plum Basic

Although the basic account is excellent for those starting off their savings journeys, it does have limitations. Firstly you only have access to one plum saving account meaning if you want to have multiple saving goals you will not be able to.

Investing is also not an option with basic you need plus and above. The interest rate is also a higher rate of 0.40% if you opt for Plum plus and above.

As a Plum basic user, you also miss the chance to participate in savings challenges, for instance, the 52-week savings challenge, which is a fantastic way to save £1378 over a year.

Related Article: 1p Savings Challenge

Pro users and above also get access to cashback and selected retailers which depending on how much you spend could pay for the £3 monthly charge.

Plum Plus

plus plus functionality breakdown as shown in the plum app

Cost: £1/ Month

Savings Interest: 0.40% if you opt in to the free 'easy access interest pocket' provided by Investec Bank.

FCSC Protection? Yes, on money saved in the opt-in free Investec bank pocket.

Investing option? Yes (Capital at risk) General investment account and stocks and shares are available.

Plum Plus is an excellent option if you're looking for a little more out of your savings app. It includes everything listed in Plum's basic account plus access to more easy access pockets (up to 3). 

It offers higher interest rates and the ability to invest your money in various funds (capital at risk). Plum makes it easy to invest money and you can choose how much of your savings you would like to invest. 

The only downside is that you have to pay a monthly fee for the Plum plus £1 a month. However, this may be worth it if you're looking to maximise your savings potential.

Overall, Plum plus is an excellent option for those looking to get more out of their savings app. It offers high-interest rates and the ability to invest in various funds, making it an excellent option for those looking to grow their savings.

Plum Pro

plum pro features as seen in the plum app

Cost: £2.99 a month

Savings interest: 0.40% if you opt in to the free 'easy access interest pocket' provided by Investec Bank

FCSC Protection? Yes, on money saved in the opt-in free Investec bank pocket

Investing option? Yes (Capital at risk)

Plum Pro is marketed by Plum as their most popular option and does seem to have a lot going for it, the question as always is will you use it?!

With Plum Pro, you get features such as goals, which means you can assign targets for each of your pockets. This feature is helpful for those looking to stay on track and make sure they're hitting their targets each month. With Pro you also have unlimited customisable pockets which you can split money how you like to reach different goals! 

Additionally, Plum pro offers the ability to gamify your deposits. This means you can take on the 52-week challenge or tuck money away on rainy days. 

The ironically named Rainy days feature does what it says on the tin and saves money every time it rains! If you live in a particularly wet part of the UK, this could save a ton!

These additional features can be a great way to motivate yourself to save more money each month.

Also included is cashback the Plum cashback feature offers you rewards from your favourite retailers, which is great for saving money on groceries and other everyday items. Some notable cash back retailers are ASOS, eBay and Deliveroo. Although the majority of retailers are less than 1% cash back so it's not very likely to give you a lot unless you spend a lot. 

plum pro cashback

An overall Plum pro is an excellent option for those looking to save money and have fun while doing it. The gamification feature can be a great way to motivate yourself, and the plum pro account is worth considering if you're looking for an extra push in the right direction.

Plum Ultra

plum ultra features as seen in plum app

Cost: £4.99 a month

Savings interest: 0.40% if you opt in to the free 'easy access interest pocket' provided by Investec Bank

FCSC Protection? Yes, on money saved in the opt-in free Investec bank pocket

Investing option? Yes (Capital at risk)

The Plum ultra app offers everything included in the other Plum options plus money maximiser. Money Maximiser gives you a real-time view of your spending to help you make better decisions. With Money Maximiser Plum says it does the work for you, its aimed at those who can't budget. 

The technology works out how much you can afford to spend each week and every Friday gives you spending money. I actually think this is a pretty cool way to help people that struggle to juggle bills. 

The Plum maximiser gives you a real-time view of how much you're spending so that you can make your money go further.

If you're looking for an all-inclusive app with great features, the plum ultra is a good choice.

Which Banks Do Plum Support?

Plum says it can connect with all major UK banks. As of February 2022, the list included:


Danske Bank

First Direct











Bank of Scotland




Ulster Bank

You can also link this if you have a joint account, but Plum won't make auto deposits from them.

You can also link credit cards and other accounts to Plum:


Bank of Scotland


Capital One










Tesco Bank

Ulster Bank

Fees and Charges

The Plum basic account is free to use, and you will only be charged if you opt for higher than Plum basic. Plum premium accounts vary from £1- £4.99 a month.

In terms of investing, there are management charges for the funds you invest in. The total costs are listed on the Plum site for each fund.

Fund management fees vary per investment fund.

Saving with Plum

There are many different ways to save money with Plum. One way is by using the Automatic feature, which calculates how much you can safely set aside without leaving you short. You can also do supercharge by activating Round-Ups, which rounds up your past week's transactions to the nearest £ and sends this into your plum account.

plum app sends you notifications every time its due to save

Plum sends you notifications every time it sees a saving potential so make sure you keep notifications switched on. 

Another way is to use the 52 Week Challenge, where you gradually increase your deposits each week until you reach £1,378. Additionally, the Rainy Days feature deposits money into your plum account for each day it rains in your location!

Finally, the Pay Days feature sets aside a lump sum of money for you automatically on your payday. These features make it easy and convenient for you to save money.

The number of ways you can save with Plum separates Plum from other similar apps.

Related Article: Best Budgeting Apps

Where are my Savings Kept?

As long as you opt for the interest pocket (which I recommend you do, you earn interest, and your money is protected under the Financial Services Compensation Scheme), your savings are kept with Plums partnered bank Investec bank.

It's important to note that Plum itself isn't a bank but an electronic money platform, which the FCA authorises.

How do I Create a Plum Account?

Creating a Plum account was very easy to do! I timed myself and I was done within 3 minutes! I Imagine it should be easy for anyone that already has online banking with their current bank account. 

Step 1: Download the Plum App

Step 2: Follow the onscreen instructions, Plum will ask you for your name and address and finally your current bank.

Step 3: Select your bank and give Plum read only access.

That's it!

Plum App Reviews: What do Customers Think?

plum app reviews

information taken from Trustpilot as of 13/02/2022

The Plum app has been rated 4.5 stars with over 2,000 reviews on Trust Pilot. Users have cited that they have been able to save money without realising. One user said they could save £600 in a month, although I am sure this will depend on personal circumstances.

Users have also praised Plum's customer service, citing that they received responses quickly when needed.

Plum has some negative reviews on trust pilot where users cite feeling confused about how plum investing worked. They also mentioned that it could be slow to receive money back or appear in their investment accounts. So do consider you may need to wait a few days and be patient when withdrawing funds.

The app also scores excellent on both Apple and Google Play store. 

Is Plum Safe?

Yes, Plum account is safe as they use strong privacy measures and are regulated under the FCA. Additionally, any money saved in interest pockets is protected by the Financial services compensation scheme up to £85,000.

In terms of connecting to your existing bank. Plum can only see information on a read-only basis. If you have a iPhone you can also set up Face ID, I noticed that every time I closed my phone and went back to Plum it asked me to log back it which was reassuring.

Plum Investment Account: Plum Investment Review

Disclaimer: Before we go through the Plum general investment account options, it is important to note we are not endorsing investing. Investing should be based on your personal circumstances and only you can decide if it's right for you, if in doubt get advice from a certified financial advisor.  Investing in stock markets is a risk: while you could earn small or earn big, you could lose small or lose big – and end up empty-handed. You should be aware of this before you invest in any app. 

If you're looking for a way to start investing, Plum investment may be a good option for you. Not only is Plum is great money management app but it can also act as an investment platform too. Plum allows you to invest in professionally managed funds as long as you subscribe to Plum Plus and above.

plum investing platform review

This can be a safer option than investing in a single company, as your money is spread out among several different investments. You can also invest in funds that correspond with your interests, such as Clean & Green funds or Tech Giants funds.

Plum offers a wide variety of funds, including:

  • Clean & Green funds: featuring environmentally conscious and socially responsible companies.
  • Tech Giants funds: featuring the largest technology companies globally, such as Apple and Microsoft.
  • American Dream: An extensive range of US company shares that tracks the performance of the S&P Total Market Index.
  • Best of British:A wide range of UK company shares that tracks the performance of the FTSE All-Share Index. 

In each of the funds Plum shows you the past performance, risk level and information on how it works. Please note if you decide to invest be aware past performance is not a reliable indicator of future returns.

As I've mentioned Plum plus costs £1 a month Plum Plus on top of this fee you'll also have to pay a small fund management fee which depends on the type of investment

How Does Investing With Plum Work?

You can start investing with as little as £1 with Plum. You just need to sign IP to Plum Plus. What makes Plum investments easy is you can decide and control how much you want to invest, and then you can leave Plum to it!

You can also choose your funds, decide how much you want to split your money into each and let your money work for you. Using the splitter feature within the app you can decide how much of your money you want in a savings account and how much you want to invest. In my opinion, I think it's good. the app lets you do this as you never want to invest more than you can afford to lose (due to capital being at risk with investing) so it's good you can still save in a guaranteed account that pays interest and invest at the same time.

By automatically investing your money into different funds, you don't have to worry about making the wrong choice or losing track of your investments. I like that Plum has made investing accessible for all. With a starting investment of only £1, investing has become affordable and easy to do.

It's worth saying again that investing your capital is at risk meaning the money you put in could go down, so never invest more than you can afford to lose. Secondly, never use the past performance or a fund and your investment to predict the future. This is not an accurate way to predict earnings.

In summary, if you're considering investing with Plum, make sure you fully understand the risks involved before signing up.

Who is Plum for?

Plum is perfect for anyone looking to save money and maximise their savings potential. It offers reasonable interest rates, the ability to invest in various funds, and a host of other great features.

Additionally, it's perfect for those looking to get more out of their savings app. Plum does make saving money fun and easy to do with their built-in challenges and spare change round-up feature. It is perfect for anyone who struggles to save money as it helps create a saving habit.

The bill savings and cashback feature make Plum more than just a money-saving app but an app to help you have as much money as possible.

Plum Alternatives

There are a few Plum alternatives that offer similar services. These include:

Moneybox - Moneybox is an app offering savings accounts, ISAs and investments. Check out Moneybox review for full information.

Plum vs Chip: Chip is an app offering a similar service to Plum with innovative saving features to help you put money aside each month. Chip does beat Plum when it comes to interest rates providing an exciting account of 0.60%. If high interest is your goal, this option could be worth considering. Want to know more? Check out Chip app review and Plum Vs Chip.

Starling or Monzo: An alternative to Plum is to use a online bank that does budgeting all in one, minus the investing options of course. Both Starling and Monzo have excellent budgeting options and are worth checking out if you are looking for all in one bank account. 

Related article: Starling Bank Review

Pros and Cons of Plum


- Plum is perfect for anyone looking to save money and get help with their overall money management

- Plum offers reasonable interest rates, the ability to invest in various funds, and a host of other great features.

- It's perfect for those looking to get more out of their savings app.

- Plum does make saving money fun and easy to do with their built-in challenges and spare change round-up feature.


- Plum can be a little overwhelming with four different packages to choose from. They try to help all other needs, but it can be confusing which one to go for.

- The interest rates offered by Plum are not as high as some other investment options.

- If you do not opt for an interest savings pocket and use the Plum (0% interest), the FSCS does not protect your money.

Plum App Review Bottom line

Plum is an app that aims to help you save. If you're considering downloading Plum, we hope this review has helped make your decision easier.

We've covered some of the features and benefits offered by Plum and some possible drawbacks with using Plum to give a balanced view on how it might work for you or not.

Let us know in the comments below if there's anything else we can answer about Plum!

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About the author 

Mary Elizabeth

Mary Elizabeth is a passionate advocate for financial freedom. She is the founder of MeMoreMoney, and a featured Personal Finance expert in GO Banking Rates and Yahoo! Finance. Mary loves to make money simple and understandable for everyone. Her goal is to help people make simple changes so that they have more money to live the way they want.

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