What is Plum? Plum App Review in Detail

plum app review

Plum automates deposits and investments, analyzes your spending, and switches your utilities automatically.

What is the working principle of Plum?

Automated Deposits

  • Plum automatically calculates the amount you can save and places it aside for you.
  • This app will give you a complete overview of your finances. It will also analyze your spending to help keep you on track.
  • Plum offers a variety of deposit options, including Round-Ups and Pay Days, 52-Week Saving Challenge, Rainy Day Savings Rule, and Pay Days. Plum’s Rainy Days Savings Rule will automatically set aside additional cash based on the number of days it has been raining in your area over the past week.
  • You can adjust the amount if you feel that the app is taking away too much or not enough.

Automatic Investments

  • Attention: Your capital is at risk as with all investments
  • Plum Plus and Plum Pro subscribers can invest their money in one of several funds.
  • Plum determines how much money you can save and automatically invests it.
  • Your priorities will determine which investments you make. You could, for example, choose to invest in emerging market companies as well as American, British, or European technology and ethical companies.
  • Each portfolio’s risk level is displayed with the “chilli emoticon,” – which can be used to indicate up to 8 chilies.
  • Money is invested in funds managed by proven fund managers like Vanguard or Legal & General.
  • You can either invest through an ISA (Stocks and Shares) or a general investment account.

Personal Pension (beta)

  • Your capital is at risk, as with all investments. The money in your pension fund is usually not accessible until you turn 55. This age increases to 57 in 2028. After that, you can take 25% of the tax-free lump sum.
  • Plum has just launched a beta version of its automatic pension product to the public.
  • Self-invested Personal Pension (SIPP) allows you to consolidate your existing pensions and invest in risk-managed global funds or diversified global ones.
  • Plum automatically calculates the amount you can save and places it in your Pension.
  • Your target retirement date and age can be used to invest your pension savings.

Automatic Utility Switch

  • Plum can automatically identify if you are paying too much for your bills and switch you to a better provider.
  • By referencing your outgoings against, e.g., The app will show you the utility tariffs for your area so that you don’t overpay for electricity or gas.

Smart Budgeting

  • Plum simplifies managing your money. You can keep a complete overview of your finances to track your regular payments and expenses, which will help you manage your budget more effectively.
  • You can also use additional diagnostic tools to contextualize your spending, which will help you track your money and anonymously compare it to other Plum users.

What is the cost of Plum?

It’s easy to download and install the app. You can set aside money using automatic deposits or Round-Ups, withdraw as many times as you want, and even switch your bills with Plum.

Plum Plus and Plum Pro may be right for you if you are interested in automatic investments or want to earn interest on savings.

Plum Plus: PS1/month (first month free)

Plum Pro: PS2.99/month (first month free)

Is Plum under the FCA’s regulation?

Yes, you can perform payment services activities.

Is Plum connected to my bank account?

Yes. To personalize the amount Plum sets aside for you. Plum uses your incomings, outgoings, and other data to determine if you are being overcharged for utility bills. Open banking allows you to access your bank account via the app.

Is Plum safe?

The Financial Services Compensation Scheme (FSCS) protects your money up to a maximum of PS85,000. If Plum goes bust, you can get your money returned. The FSCS does NOT cover losses resulting from any of your investments.

Is it possible to withdraw money from Plum?

While you can withdraw at any moment, it takes approximately seven working days for your investments to be sold and the money to be transferred back to your Plum account.

Is there a referral program for Plum?

Yes. Yes. You will earn PS15 for every three successful referrals. To share your referral code, download the Plum app.

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