Alternatives apps to Plum
Saving money without having to think about it sounds great, but can you only do it with Plum? We take a look at similar apps.
Top alternative apps to Plum
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 that (it’s 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 it connects to more UK banks) but, like Plum, Chip allows you to set specific savings goals in its app.
- 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 put aside into a savings pot. Monzo and Revolut both offer this feature in their apps.
Alternatives like Plum for investing
If you want to make your savings profitable by investing them, the most obvious alternative to Plum is to look at the selection of share dealing platforms available. 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 (the investment option costs a minimum of £1 a month through Plum), your alternatives are a bit limited.
All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.
Plum is a solid choice if you’re looking for an app that will help you put money aside and then invest those savings for you. But if you’ve decided you want to try an alternative to Plum, then there are other apps out there that will help with your saving, budgeting or investing goals.
- Finder survey, May 2020
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