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This Moneybox vs Plum comparison tells you everything about the two money-saving apps. Since you can only use one, which one should you choose? Using the wrong auto-saving app means paying unnecessary fees and not getting the best for your money.
Both Moneybox and Plum are solid apps that automate the savings process. Moneybox has more options for saving and investing. On the other hand, Plum has more features.
Moneybox vs Plum Comparison Overview
| App | Moneybox | Plum |
|---|---|---|
| User ratings | 4.6/5.0 | 4.2/5.0 |
| Price per month | £1 per month + 0.45% monthly account fee Up to 0.58% fund management fee | Free: Free Pro: £2.99 Ultra: £4.99 Premium: £9.99 |
| Savings account | Simple saver (2.32% AER) 32-day notice (3.2% AER) 45-day notice (3.2% AER) 95-day notice (3.25% AER) 120-day notice (3.46% AER) | Instant access (no interest) Easy access (1.50%-1.95% AER) |
| Investment account | GIA, ISA, SIPP, Junior ISA, Lifetime ISA | GIA, ISA, SIPP |
| Features | Mortgage advice Calculators and analysis tools | Plum VISA card (paid plans) Lots of rules and challenges including the payday feature (paid plans) Cashback (paid plans) Money Maximiser (set weekly allowances) (paid plans) Repeat investments (paid plans) |
Company Backgrounds
Moneybox and Plum are automatic saving and investment apps. They analyse your spending habits and calculate how much you can save.
Then, the apps transfer this amount into a savings or investment account, depending on your specifications. Their decision-making is based on artificial intelligence and open banking.
Moneybox was founded in 2016 in the UK and has over 900,000 users. Read more in my Moneybox review. Plum was established in the same year in the UK. Read more in my Plum review.
User Ratings
Moneybox and Plum are popular on Trustpilot. Moneybox has an average Trustpilot score of 4.6 out of 5.0. Overall, 85% of users rated Moneybox as great or excellent. Plum has an average Trustpilot score of 4.4 out of 5.0. Of these, 86% rated Plum as great or excellent.
Moneybox has the better ratings. However, both apps are well-liked by their users.
What Is Trustpilot?
Overall, there are over 150 million reviews on Trustpilot. You can generally get a good understanding of the legitimacy and customer-friendliness of a company.
Moneybox vs Plum Fees
| Moneybox | Plum |
|---|---|
| £1 per month for investing account + 0.45% monthly platform fee 0.12%-0.58% fund management fee 0.45% currency conversion | Free Pro: £2.99 per month Ultra: £4.99 per month Premium: £9.99 per month |
Moneybox charges monthly fees plus £1 per month for investing. While £1 may not sound like much, it is expensive, especially since most Moneybox users likely only have small portfolios.
Plum offers a free plan for basic savings. Though if you want to invest, you must pay at least £2.99 per month.
Because Moneybox’s fee is partly a percentage, Moneybox is cheaper for smaller investments. Once you exceed £1000, Plum is cheaper on the Pro plan.
Saving Accounts
Moneybox has a range of different savings accounts:
- Simple saver (2.32% AER)
- 32-day notice (3.2% AER)
- 45-day notice (3.2% AER)
- 95-day notice (3.25% AER)
- 120-day notice (3.46% AER)
Meanwhile, Plum offers an instant-access account with no interest. The app also has an easy-access savings account, paying 1.5% to 1.95% AER.
Regarding savings accounts, Moneybox has more options and higher interest rates.
Investment Options
Account Types
Both Moneybox and Plum let you invest through a General Investment Account (GIA), Self-invested Personal Pension (SIPP) and an Individual Savings Account (ISA). ISAs are tax-free but can only add up to £20,000 per tax year. This allowance is split between all your ISAs.
Moneybox also offers a Lifetime and a Junior ISA.
Investment Products
Moneybox offers three pre-made investment plans:
- Cautious
- Balanced
- Adventurous
You can also choose between 24 funds on Moneybox. Moneybox also offers 20 of the biggest US companies’ stocks. You cannot buy stocks from outside of the US. Plum offers 12 funds on the free plan and 21 on the paid plans. You can also buy stocks and shares.
Investors have more options with Moneybox. If you want to invest, you may also like my Plum vs Nutmeg comparison.
Features
Apart from the ability to save and invest, Moneybox and Plum also come with extra features. With Moneybox, you get:
- Mortgage advice
- Calculators and analysis tools
Plum offers:
- Plum VISA card (paid plans)
- Lots of rules and challenges, including the payday feature (paid plans)
- Cashback (paid plans)
- Money Maximiser (set weekly allowances) (paid plans)
- Repeat investments (paid plans)
Plum offers more features, but Moneybox has unique tools you will not find anywhere else.
User-Friendliness
Moneybox and Plum are beginner friendly and easy to use. I found the Moneybox app more intuitive. This may be a personal preference, but I find the Moneybox app easier to use than Plum.
Moneybox vs Plum Comparison Summary
When comparing Moneybox vs Plum, both are solid auto-saving apps. They calculate how much you can save and transfer the money to a savings account.
The outcome of this is as follows:
- User ratings: Moneybox
- Price: Tie
- Savings account: Moneybox
- Investment account: Moneybox
- Features: Plum
- User-friendliness: Moneybox
Moneybox wins more categories than Plum. However, this does not mean that Plum is universally better. If you like having extra features, you may be happier with Plum.
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