Plum app review

The Facebook chatbot that helps you save money and spend wisely.

Last updated:

Plum
Plum is a chatbot that uses smart technology to help you save money. Its unique in that its not really an app, but a Facebook messenger chatbot. In many ways its like having your own personal finance assistant – only its a robot you talk to on your phone or laptop.

Read on to find out all you need to know about the app that could change the way you save.

Finder rating ★★★★★

App
Fees
Customer service
Travelling
Range of features
4/5
5/5
4/5
4/5
4/5

In a nutshell

  • Great for “set and forget” saving – it’s easy and automatic
  • It’s free
  • Access to money isn’t instantaneous, it can take 24 hours

What is Plum?

Plum is a smart savings software designed to automatically save you money in the easiest possible way. It was founded in 2016 with the idea of making saving easy and stress-free, but also effective for those of us who struggle to put that bit extra aside.

Rather than a separate account that requires a lengthy set-up, Plum utilises many partners (such as Amazon servers, the Facebook Messenger app and others) to make its savings scheme secure, accessible and user friendly.

Plum

Save more with Plum

  • Free registration and use
  • Spending and saving analysis
  • Average savings of £175 per customer
  • FCA registered
Promoted

How does Plum work?

  • Bank account access: Plum users give it access to their bank accounts in a read-only view.
  • Spending and saving analysis: This allows Plum’s smart software to understand patterns in the users income and spending habits and to recognise the most effective way for savings to be made.
  • Automatic saving: Once Plum calculates a suitable amount to be saved each week, this amount is automatically transferred through direct debit into your Plum account to be held until you withdraw it.
  • Messenger: Plum communicates with you through Facebook messenger. It’ll tell you how much you’ve saved each week, for instance. You can send commands to Plum too. If you want to take £10 out, simply message Plum ‘withdraw 10’. If you want to save more next week just write ‘save more’.
  • Flexibility and accessibility: You can withdraw, deposit more savings, keep a record of your saved amount and even invest your savings directly through messenger.

Investing with Plum

Plum also gives its users the option to invest some, or all, of their savings into a peer-to-peer lending scheme run by RateSetter. This gives users the option not only to save, but to also earn through their Plum accounts.

Again, through the use of the Messenger app, users can tell Plum the amount they would like to invest and Plum will tell them the current RateSetter interest rate (the 2016 average rate was 3%). Users can then agree, or not, to invest this money at this rate of return.

When users want to withdraw their investments, they also communicate this to Plum through messenger. Plum will acknowledge a request to withdraw, although it can take up to 5 days for the money to return to a Plum account.

Plum fees and limits

Plum is completely free to use! They offer free registration plus unlimited deposits and withdrawals. Yet another way to help you save.

Is Plum safe?

Plum considers its users safety and security at the top of its priorities. Here are just some of the ways Plum works to keep you safe:

  • Plum never store, or access, your bank login details.
  • Plum receive read-only access to your transaction data, so have very limited information.
  • Plum only receives money through a direct debit that you set up and your bank agrees to.
  • Plum use symmetric cryptography (AES) to store any sensitive data.
  • Plum use state-of-the-art password algorithms.
  • Plum use 256-bit TLS encryption to communicate between the browser and their servers.
  • Plum are a registered data controller and always act in compliance with the Data Protection Act.
  • Plum run their servers on Amazon’s cloud, which is trusted by some of the biggest financial institutions in the world.

How does the app look?

Pros and cons of Plum

Pros

  • Save money easily and automatically.
  • Free to register and use.
  • Contact Plum easily through Facebook messenger app.
  • Withdraw money any time and receive it within 24 hours.
  • Personalised savings rate just for you
  • Your money is held by MangoPay, an EU-licensed financial institution.
  • Plum’s savings algorithm prevents savings taking you into your overdraft.
  • Registration takes minutes.
  • Opportunity to earn through Plum’s RateSetter investment deal.

Cons

  • If you choose the invest option, your capital is at risk.
  • Access to money isn’t instantaneous, it can take 24 hours.
  • Plum team only contactable during office hours (9:30am-6pm Mon-Fri).
  • As Plum doesn’t use its own app, it relies heavily on the usability and security of others.

Compare Plum against its competitors

Updated September 19th, 2019
Name Product Fees and charges Delivery speed
Free
Between 3-5 working days
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
Free with finder.com, otherwise card delivery is £4.99
Up to 9 working days
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
N26
Free
5-7 working days
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
None
Between 3-5 business days
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app

Compare up to 4 providers

FAQs

Back to top

Banking app ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our team evaluates banking apps to determine their value against similar products on the market.

Learn the details of our methodology and scoring.

Starling
Starling

What is it?

Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
N26
N26

What is it?

App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Revolut (Standard)
Revolut (Standard)

What is it?

App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Monese (Starter)
Monese (Starter)

What is it?

A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app
Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site