Hi, I'm Jen! I'm a personal finance expert and money coach aiming to help you take control of your money. I went from being broke to a six-figure net worth and am now on track to be financially independent at age 40. Discover Jen's story
This Chip vs Plum comparison is a battle of the automatic saving apps. If you struggle to save money, Chip’s or Plum’s AI could help you.
But which one should you put your faith in?
Discover all the differences between Chip vs Plum so you can choose the app that suits you best. With the right app, saving money can be a piece of cake.
🪧 Should you sign up through my affiliate links, I may receive a commission at no cost to you.
Chip vs Plum Comparison
Both Chip and Plum are solid apps that automate the savings process. Overall, Plum offers more features but they are locked behind a paywall.
Chip has more features for free users. However, while the ISA is available for free on Plum, you will have to pay for it on Chip.
Chip vs Plum Comparison Overview
| Chip | Plum | |
|---|---|---|
| User ratings | 3.1/5.0 | 4.2/5.0 |
| Price per month | Basic: Free ChipX: £4.99 | Free: Free Pro: £2.99 Ultra: £4.99 Premium: £9.99 |
| Savings account | Prize savings account Instant access (4.62% return) 90-day notice (4.10% AER) | Instant access (no interest) Easy access (2.99%-3.82% AER) |
| Investment account | GIA ISA | GIA ISA SIPP |
| Features | Saving goals (free) Save streaks (free) Payday feature (free) Recurrent savings (free) | 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) |
| Terms and conditions | Here | Here |
Company Backgrounds
Chip App and Plum are automatic saving and investment apps. They will analyse your spending habits and calculate how much you can save.
Then, Chip and Plum will transfer this amount into a savings or investment account depending on your specifications. The process is based on artificial intelligence and open banking.
Chip was founded in 2017 in the UK. In 2022, it won an award for the best finance app. Meanwhile, Plum was established in the same year and is also UK based.
Read my Chip review and my Plum review for more details.
User Ratings
Both Chip and Plum are popular on Trustpilot. Chip has an average Trustpilot score of 3.1 out of 5.0. Overall, 68% of users rated Chip as great or excellent.
Meanwhile, Plum has an average Trustpilot score of 4.2 out of 5.0. Of these, 85% rated Plum as great or excellent.
Of the two savings apps, Plum 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.
Chip vs Plum Fees
Both Chip and Plum offer free plans. This means you can use either app for free. Both also offer paid plans with more features.
| Chip | Plum |
|---|---|
| Free ChipX: £4.99 per month | Free Pro: £2.99 per month Ultra: £4.99 per month Premium: £9.99 per month |
In terms of plans, Plum offers more options. However, both apps are usable on the Free plans and upgrading is optional.
ChipX is most comparable to Plum Ultra as both cost the same. Plum Ultra will give you more features than ChipX, as seen in the Features section below.
Saving Accounts
Chip has a range of different savings accounts:
- Prize savings account: allows you to win prizes worth over £10,000 every month. The money is accessible but you will not earn interest. Earn one entry for every £10 in your account
- Chip instant access (4.62% return): deposit and withdraw your money almost instantly
- 90-day notice (4.10% AER): your money will be locked for 90 days but you will earn more interest
- 0.30% (unavailable at the time of writing this Chip App review)
Meanwhile, Plum offers an instant-access account with no interest. Additionally, Plum has an easy-access savings account which pays 2.99% to 3.82% AER depending on your plan.
When it comes to savings accounts, Chip has more options and higher interest rates.
Investment Options
Account Types
Chip and Plum let you invest through a general investment account (GIA) 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 ISAs you have in your name.
With Chip, the ISA is available as part of the paid plan. Thus, you have to pay £4.99 per month to use it. With Plum, you can use an ISA with the Free plan.
In addition to an ISA, Plum lets you open a self-invested personal pension (SIPP).
Investment Products
With Chip, there are eight funds available for you to invest in. There are also a couple of alternative assets but you cannot buy single stocks through Chip.
On the other hand, Plum offers 12 different funds. This increases to 21 on the paid plans. You can also buy single stocks and shares.
If you want to invest your money, you have more options with Plum. Plum has more funds, lets you buy single stocks, and has a free ISA.
If you want to invest money, you may also be interested in my Plum vs Nutmeg comparison.
Features
Apart from the ability to save and invest money, Chip and Plum also come with some extra features. With Chip you get:
- Saving goals (free)
- Save streaks (free)
- Payday feature (free)
- Recurrent savings (free)
On the other hand, 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)
Overall, Plum offers more features, but they are locked behind a paywall. Chip offers less functionality overall but more features on the free plan.
Thus, Chip will have more features for users who do not want to pay. For users who are happy to pay a monthly fee, Plum will offer more features.
User-Friendliness
Both Chip and Plum are beginner friendly and easy to use. When directly comparing Chip vs Plum, I found the Chip app to be more intuitive.
You can clearly distinguish between the savings and investment accounts in the bottom menu. Chip only took me a few seconds to figure out.
On the other hand, I spend some time searching around the Plum app.
This may be a personal preference but I find the Chip app easier to use compared to Plum.
Pros and Cons
Chip Pros and Cons
| Chip Pros | Chip Cons |
|---|---|
| Easy to use Save money automatically Can set saving goals Spending analyses available Low minimum deposit amount of £1 | Can only link one bank account Fees may be high Limited investment options Can only use with approved banks |
Plum Pros and Cons
| Plum Pros | Plum Cons |
|---|---|
| Automates the saving process Free to use on the Free plan Easy-to-understand fee structure Fast withdrawals | Limited fund options Investing small amounts can be expensive |
Chip vs Plum Comparison Summary
When comparing Chip vs Plum, both are solid auto-saving apps. They will calculate how much you can afford to save and transfer the money to a savings account.
The outcome of this Chip vs Plum comparison is as follows:
- User ratings: Plum
- Price: Tie
- Savings account: Chip
- Investment account: Plum
- Features: Chip (free) or Plum (paid)
- User-friendliness: Chip
Plum offers more features than Chip, but you must pay to access them. Meanwhile, Chip has more features for free users. When it comes to investing, the roles are reversed.
With Plum, the ISA is free; you must pay for it with Chip. Overall, which app is better for you depends on your preference, saving goals, and willingness to pay.
Saving money is not pointless and important for your future. Which app you use is secondary as long as you start saving.
If you like this post, please help My Money Yard grow by sharing it with your friends.
