Alternatives to Plum

Saving money without having to think about it sounds great, but can you only do it with Plum?

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It’s payday and you’re probably thinking about finally finalising the order that’s been in your Amazon basket for weeks… not about how much of your salary can go into your savings account. Still, you do need to put money aside for the future. Doesn’t an app that calculates how much you can afford to save and then just moves the money for you sound absolutely brilliant?

You can either use Plum for it (a chatbot that works as a financial assistant; learn more about it on our full review) or look at this list of possible alternatives we’ve put together for you.

Apps like Plum to automate your savings

If you only look at apps that analyse your spending and automatically put a sum aside for you every few days, Plum doesn’t have a lot of direct competitors. However, there are a bunch of alternative ways to automate your savings. You can have a look at the following:

  • Save automatically with Chip. Chip is Plum’s main competitor and also uses an algorithm to analyse your spending and then automatically set money aside for you. All in all, Plum has more features (for example, you can invest your savings) and connects to more banks (26, while Chip only supports 12), but Chip also allows you to set specific savings goals in the app, which you can’t do with Plum.
  • Save with Tandem. Tandem has also recently launched a savings account that figures out how much you can afford to save and does it for you. Tandem also does credit cards and fixed-term savings accounts.
  • Save every time it rains in London with dozens. dozens is very new and many features are still being tested, but it does look promising. It’s an app that combines multiple money features, including a savings account, and allows you to automate your savings through integration with IFTTT (If This Then That). IFTTT can be used to trigger an action on dozens (such as “save £2”) every time something you decide happens (such as “every time the International Space Station passes over your house”, or “every time it rains in London”).
  • Save every time you don’t walk 10,000 steps a day with Oval Money. Just like with dozens, with Oval Money you can set up saving rules to put money aside automatically in a dedicated account. With Oval, the rules can be based on your social media activity (“every time you post on your Facebook wall”), on your spending behaviour (“every time you spend money on food”) or on your physical activity (“every time you don’t reach your 10,000 steps a day goal”).
  • Round up your spare change. A (slightly) more conventional way of saving money without having to think about it is using the round-up feature offered by some digital current accounts these days. If you activate it, the spare change of every transaction you make will be moved into a separate sub-account that will act as a savings account. So for example, if you spend £29.20 on your grocery shopping, £30 will be taken from your current account, £0.80 of which will be saved. Monzo and Revolut both offer this feature in their apps.

Alternatives to Plum for budgeting

Plum also gives you a series of insights into your spending, categorising your transactions automatically and sending you periodic budget updates. However, acting as a budgeting app is clearly not its main job and there are a bunch of dedicated options that will serve the purpose better.

Money Dashboard, Cleo and Emma are all suitable apps you can have a look at, but in this case, our preference is for Yolt. Yolt is a clean budgeting app that has also recently launched a payment service, meaning that unlike its competitors, you can use it to move money between different accounts.

Yolt Pay won’t automate your savings but if you’re the kind of person who likes to have more control over your finances, it’s great: you can use Yolt’s budgeting features to figure out how much you should be saving each month and then move the money into a separate account yourself.

Alternatives to Plum for investing

If you want to make your savings profitable by investing them, the most obvious choice is looking at our selection of share dealing accounts. Some of them have very handy apps and a whole lot of information for beginners.

However, if what you want is an app that both helps you save and then invests what you’ve saved, like Plum (through which it costs £1 a month), your alternatives are a bit limited. Of the apps mentioned above, Oval is the only one offering an investment option (which at the moment comes for no fee).

With Moneybox instead, you can connect a card to the app, round up your spare change and invest it for £1 + 0.45% a month.

dozens is also working on its investment section (the charge is expected to be 0.5%) but it isn’t live yet.

Compare apps like Plum

Data indicated here is updated daily
Name Product Ratings Interest (AER) Arranged overdraft Key benefits Link Representative example
We say
★★★★★
You say
★★★★★
0%
15% EAR variable
Award-winning current account, apply in minutes
Go to site
Current account switch service guarantee badge
No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable.
We say
★★★★★
You say
★★★★★
0%
39.94% EAR variable
Interest and fee free overdraft
for first four months when you switch
Go to site
Current account switch service guarantee badge
Up to 15% cashback at a range of major retailers
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.
We say
★★★★★
0%
N/A
Guaranteed acceptance plus a credit building feature
Go to site
Account fee of £5.95 per month.
We say
★★★★★
0%
N/A
Guaranteed acceptance
Go to site
Current account switch service guarantee badge
Earn cashback on your purchases when you shop through the ThinkMoney rewards portal
Account fee of £10 per month or £15 per month.
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