• INDIVIDUAL SAVINGS ACCOUNT: Yes
  • GENERAL INVESTMENT ACCOUNT: Yes
  • SECURITY: 256-bit TLS encryption
  • POCKET ACCOUNTS: Up to 16
  • FSCS COVERAGE: Yes
  • WITHDRAWAL COSTS: /
  • FUND MANAGEMENT FEES: 0.40%-0.50%
  • CUSTOMER SUPPORT: Live chat, email

minimum price:

Free

Visit Website

Plum Investment Review

Are you trying to get your personal finances in order and start a successful investment journey? If so, this Plum Investment Review will show you how this app can help you get back on track in no time!

Plum Investment Review

minimum price:

Free

Visit Website
  • INDIVIDUAL SAVINGS ACCOUNT: Yes
  • GENERAL INVESTMENT ACCOUNT: Yes
  • SECURITY: 256-bit TLS encryption
  • POCKET ACCOUNTS: Up to 16
  • FSCS COVERAGE: Yes
  • WITHDRAWAL COSTS: /
  • FUND MANAGEMENT FEES: 0.40%-0.50%
  • CUSTOMER SUPPORT: Live chat, email

Best For

Money management

STRENGTHS

  • Automatic savings
  • FCA regulated
  • FSCS coverage
  • Unique features

WEAKNESSES

  • Complex UI
  • Limited customer service hours
  • Incomprehensible banking terminology

In 2020, the GameStop stock controversy shook everyone to the core. When a famous Redditor with a deep-rooted desire to make a change showed others how to beat Wall Street at its own game, many people started investing in stocks for the first time. If you want to follow their lead and create a successful investment journey, we’re here to tell you that this is probably one of the best decisions you’ve ever made. 

So, if you’re a newbie to the world of investment, proceed to read our Plum Investment Review. You’ll learn how this money management app can double your savings. But, more importantly, you’ll see how it can help both seasoned professionals and first-time investors become familiar with the ins and outs of the financial world. 

But, before we introduce you to the stock market and investing, be sure to check out some of the main points we’ll discuss in this review:

 

  • What is Plum Investment?
  • Who is Plum Investment for?
  • Features
  • Funds
  • Investment Accounts
  • Fees and Charges
  • How to Open a Plum Investment Account?
  • Customer Service
  • Plum Investment Competitors
  • Customer Reviews

What is Plum Investment?

Situated in Athens and London, Plum Fintech is a company that has found a way to help people like you manage their finances and find investment opportunities. But, of course, every investment comes with risks. That is why Plum offers you access to the state of the art technology that analyses your transactions and sets money aside, allowing you to take care of other challenges that come your way. 

With over one million clients around the world, Plum is undoubtedly a trustworthy money management company. In 2016, Plum’s founder, Victor Trokoudes, started working on new budgeting and investment solutions and helped many clients reach their financial goals. 

So, if you’re tired of battling budget burnout and want to stabilise your finances, let’s talk about Plum’s features and see how you can benefit from this app. 

Plum Investment | CyberCrew

Who is Plum Investment for?

Before you learn more about some of Plum’s most prominent features, you probably want to know whether you’re eligible to use Plum. Well, you have to be at least 18 years old to manage your finances via Plum. However, you also have to reside in one of the countries where the app is available to start using this money management tool

Although most Plum clients are from the UK, people from Spain, Cyprus, Greece, and other European and Asian countries can use Plum’s AI technology for money management. 

So, whether you need to find new ways to save money, invest in shares, or effectively reduce your debt, this investment app will change the way you handle your money. Just be sure to create a bank account before installing the app on your phone, and you’ll be ready to start setting money aside from scratch. 

In addition, you should consider this app if:

  • You’re tired of facing hidden transaction and trading costs
  • You want to avoid hidden withdrawal of exit costs
  • You want to pay as little as 0.53% on average for fund management

Features

  • AI technology – Plum’s algorithm will analyse your savings and spendings to help you reach your financial goals. 
  • FSCS coverage – The Financial Services Coverage Scheme will protect you from losing the money you invested via Plum if the company goes bankrupt. 
  • Pocket savings accounts – Earn Plum Investment returns on your Plum savings by creating a new Pocket account (a separate virtual account) in addition to your Primary Plum Pocket. You can choose between Instant and Interest-paying Pockets (0.25% or 0.40% AER interest). 
  • Budget-friendly saving solutions – Plum transfers the ideal amount of money to your Plum account by analysing your current finances. That allows you to accumulate savings over time. 
  • Plum Investment calculator – This money management software analyses your performance and shows you how much you can gain based on your investments. 
  • Bill comparison tools – With Plum, you can see whether you’re being overcharged for your bills and learn how to save money by switching suppliers. 
  • Loan finder – Plum allows you to search the financial product marketplace and choose the best loan. 
  • Security – Plum uses 256-bit TLS encryption to protect your data. It also allows you to log in to your Plum app with Face and Touch ID. 
  • Self-invested personal pension – Use this company’s technology to handle and monitor your workplace pension schemes and secure your future by putting a small portion of your income into your Plum saving account
  • Return of Investment (ROI) – Receive tax refunds from the UK government on your self-invested personal pension contributions. 
  • Invest as little as £1 – Believe it or not, Plum allows you to start your investment journey even if you have only £1 on your account. 

Funds

Before saying a few words about Plum’s investment opportunities, we wanted to briefly introduce the investment jargon. This section will mention mutual shares or companies that bring together investments from people like you to invest in bonds, shares, and other assets. 

Each investor who decides to contribute to the fund will then own a fraction of shares, or as some prefer, a slice of ownership of a particular company. 

Now, here comes the good part. When the company you invested in is doing well, your funds will generate more money. That is because your share in these companies will increase in value. However, the shares can also lose their value, which is why it’s essential to mention that investing is a risky business

Of course, this money management app offers a few investment options. You can invest in mutual funds via one fund, for starters, which is good news because this method is ideal for first-time investors. However, as mentioned earlier, you can become an investor even if you decide to invest as little as £1 a month. 

When it comes to Plum Investment opportunities, you can invest through Individual Savings Account (Plum Stocks and Shares ISA that is also tax-efficient) or a General Investment Account. Unfortunately, GIA doesn’t offer tax benefits, meaning you’ll have to pay the income and capital gains taxes.

Investment Accounts

Plum Basic

Plum Basic is free, but it comes with many benefits. It allows you to automatically set some money aside and use the Round-Ups feature to save even more! Essentially, Round-Ups will collect your loose change. So, if you pay £1.8 for your coffee, this money management app will round up that price and put the additional £0.2 into your savings account. 

Once you create a basic account, you’ll be able to withdraw as much money as you’d like, presuming you already have that certain amount of money on your account. Even better, there are no hidden charges, meaning you truly benefit from choosing Plum as your money management app.

Plum Plus

Plum Plus is the best money management plan for experienced players and those who want to dip their toes into the share market for the first time. What’s great about this Plum plan is that it gives you access to a range of funds on the Plum platform. 

Therefore, you can invest in some of the most prominent companies, such as Apple or Google, or find many other investment opportunities. 

Still, it’s essential to mention that you’ll have to pay for monthly subscriptions and fund management fees. Of course, the Plum investment fees will entirely depend on your investment’s value, but let’s say you’d usually have to pay 0.40%-0.50% of the total sum on your account. 

In addition, the Plum Plus allows you to create one FSCS protected Pocket and earn a 0.40% Annual Equivalent Rate.  

Plum Pro

If, after you’ve been using the Plum Basic for a while, you decide to upgrade to Plum Pro, you’ll get the first month free of charge! But, more importantly, you’ll get access to the goodies mentioned in the section above and get to enjoy more benefits. 

For example, Plum Pro allows you to create sixteen Pockets within your Primary Pocket account and unlock the Goals feature. This feature lets you set down a target amount for each Pocket account. On top of that, you’ll be able to create up to ten FSCS protected Pockets and earn 0.40% AER interest on your savings. 

The next impressive feature is Rainy Days. It allows you to determine how much money you want Plum to transfer to your savings account on each rainy day in your area. Funnily enough, if you live in Northwest England, you’ll manage to save enough money to pay off your mortgage early once you unlock this feature. 

Still, Plum Pro offers many more features, such as True Balance or a 52-week challenge. True Balance analyses your income and shows you how much money is safe to spend each month. The 52-week challenge allows you to set aside £1 each week and add £1 for each week to come. Therefore, after you complete the challenge, you’ll have £1,378 on your account. 

If you’re thinking about saving for retirement, you can create a Plum SIPP account and handle your finances in a tax-efficient way.

Plum Ultra

There’s nothing much to say about the Plum Ultra, except that it’s the advanced version of the Plum Pro. By investing in this subscription, you’ll unlock all Plum Pro features and get a chance to use the Money Maximiser. This money management tool takes into account your bills and income and divides your money into weekly allowances. 

With the Money Maximiser on your side, you’ll finally manage to create a budget that works for you and stop overspending on unnecessary things. 

Plum Investment App | CyberCrew

Fees and Charges

As someone once said, you can’t gain much if you refuse to give something in return. So, let’s talk about Plum Investment prices and compare the monthly fees. Check out the table below to find out how much the monthly subscriptions cost. 

 

Plum Basic Plum Plus Plum Pro Plum Ultra
Free subscription £1 a month £2.99 a month £4.99 a month
The first month is free The first month is free

 

How to Open a Plum Investment Account?

Signing up to Plum is easier than you think, and if you do it right, you can create an account and start investing in less than ten minutes. First, you’ll need to download the Plum savings app, which you’ll find on the App Store or Google Play.  

The signup process is divided into two steps – personal details and bank account links. In the first section, you’ll have to provide accurate information about yourself. That includes your full name, address, nationality, and age. After you type in all personal details, this company will collect your online banking details and connect your account to Plum. 

How to Deposit and Withdraw?

As mentioned earlier, this excellent savings app will automatically set some money aside. But if you want to deposit money to your Plum account manually, you can do it straight from your bank account. Just find the Deposit button in the Investments section and select your funding source. 

Keep in mind that you can regularly contribute to your investments by unlocking a Splinter feature that allows you to decide how much money you want to transfer to Pockets. Moreover, you can always contact customer support and cancel deposits for your investment. 

However, if you’re going to withdraw money from your investment funds, you need to open the Investments section and click on the Deposit and Withdraw button. Then, your Plum Investment withdrawal will be processed in less than a few hours. 

Customer Service

You can contact Plum’s Customer Support team via live chat (if you have the app on your phone) or email. However, if you don’t want to chat with their team members or wait for their response, you can visit Plum’s blog and find the answers to your questions. Once you visit the blog, you’ll learn many valuable things that will help you make better investment decisions. 

When it comes to their customer support, you’ll get a chance to chat with a human representative if available. However, the app has a chatbot that can answer some basic questions about your account if there is no one available. 

What matters most is that Plum’s customer support team tends to provide excellent customer service, so don’t hesitate to contact them if you need help. 

Plum Investment Competitors

Plum vs Moneybox

Both Plum and Moneybox are popular money managing apps based in the United Kingdom. However, that’s one of the few things they have in common. Moneybox offers you the chance to open an investment or savings account for just £1. At the same time, Plum lets you open one entirely for free. 

The AER with Moneybox is a flat 0.25%, whereas Plum offers the same to its free users and 0.40% to its premium users. In addition, the app comes with a wide selection of automatic features to help you save money in ways you wouldn’t think of! Those include rounding up and transferring the change, rainy day funding, and the 52-week challenge.

Another upside to Plum is that you’re allowed to withdraw money on a whim, as many times as you’d like, while Moneybox limits you to once a month. More importantly, any money held within a Plum Easy Access Interest Pocket is FSCS protected. 

You also enjoy the protection of read-only bank integration and 256-bit encryption with both apps. In addition, this investment management software lets you log into the app with biometrics (fingerprint or face ID) or a PIN.

Both Plum and Moneybox are excellent investing service providers, but they focus on different aspects of saving money. Plum is great if you have trouble saving and want a simple no-fuss solution. In contrast, this Plum alternative has a more extensive range of accounts, such as a personal pension. 

In terms of investment options, Plum offers more fund options and is cheaper overall. So, if you are trying to save money in diverse ways and potentially want to invest, this money management app is more likely to be a better choice.

Plum vs Nutmeg

Next in the spotlight is Nutmeg, a beginner-friendly investment and Individual Savings Account (ISA) app. Their website is concise, and they boast about their transparency and honesty, rather than using investment jargon and banker terminology that many people won’t fully understand. 

Speaking of the Nutmeg app, it allows you to make ad hoc investments or regular payments via direct debits. However, you can also monitor Plum Investment performance and make changes to your account when it suits you via the app. 

Like Plum, Nutmeg is also protected by the FSCS up to a maximum of £85,000. In other words, if one of these companies go bankrupt, you’ll get your money back. That, of course, does not include the money you lost from your investments. 

Speaking of which, Plum groups its investment categories such as Tech Giants, Best of Britain, and the like, with each having a short description of what you’d be investing in and what level of risk to expect. 

When it comes to referrals, Plum opts for the simple approach, rewarding you with £15 for every three successful referrals. In contrast, Nutmeg gives your referrals six months without fees once they invest, and you also get rewarded with a choice of gift vouchers worth £50 – £100. You can choose between Amazon.co.uk, John Lewis and Partners, Prepaid Mastercard, Currys PC World, or Deliveroo.

Plum vs Freetrade

When comparing Freetrade to Plum, one of the first things you might notice is the price tag. Like many other competitors, Freetrade offers a free version, allowing flexible, unlimited investing and commission-free share dealing. However, Freetrade lets you invest tax-free for £3 a month and requires no other commission fees. Still, it lacks the interest rate that Plum offers. 

Furthermore, one of the main reasons Freetrade shouldn’t be your first choice is the geographical limitation on investments. With that being said, remember that Freetrade will bind you to US & UK companies only. While those regions certainly are full of many investment opportunities, Freetrade confines you to possibly miss out on rising stars from East Asia and Europe. 

Unlike Plum, Freetrade only offers manual deposit options. Thus, although Freetrade is a decent money management app, it bears no resemblance to Plum Investment. 

Customer Reviews

When it comes to Plum app reviews, Android users mostly leave similar comments. The app is incredibly convenient, and some would even call it eye-opening because it saves up tiny amounts that add up over time. However, many iOS users are having issues with getting used to the app’s user interface. 

Still, most Play Store users are pretty pleased with the app and claim that there is nothing wrong with the app after you get used to the UI. In addition to that, many customers are satisfied with Plum’s customer service

Plum Customer Reviews | CyberCrew

Wrap Up

Suppose you want to try some new budgeting methods, save money for retirement, or become an investor. In that case, Plum is undoubtedly a decent app that will guide you on your way to becoming financially stable. We hope our Plum Investment Review has made you realise how useful this app can be, so be sure to download it and invest in a better future. 

Plum will take care of your financial health for a small monthly fee as no other app can. So if you’re feeling brave, start your 52-week challenge today, and in less than a year, you’ll be able to treat yourself to a well-deserved vacation or make more money on stocks.

FAQ

What is Plum?

Plum is a money management app that helps you create new financial goals and overcome budgeting challenges. Once you start using the app, you’ll be able to dictate how much money you want to set aside. More importantly, Plum allows you to decide what to do with the money in your Plum Investment account. That means you can use it to invest, build a healthy relationship with your money, or save for the future. 

Is Plum safe?

Yes, indeed! Plum is a safe app that allows you to accumulate savings over time, create a tax-efficient retirement plan, and consider low-risk investment options. 

Can you make money with Plum?

Yes, you can earn interest on your Plum savings. Still, it’s important to mention that you need to invest regularly if you want to increase your savings. 

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