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In this Plum vs Nutmeg comparison, I compare two leading investment apps. Which one is worth your money and your time?
Plum and Nutmeg are both solid options for investors. Plum is more expensive than Nutmeg, but you get an automatic saving feature. Nutmeg does not offer this; they are a robo-advisor platform.
Plum vs Nutmeg App Comparison Overview
| Plum | Nutmeg | |
|---|---|---|
| User ratings | 4.2/5.0 | 3.6/5.0 |
| Notable fees | Free Pro £2.99 Ultra: £4.99 Premium: £9.99 Fund fee: 0.15% | Account fee 0.25%-0.75% Fund fee 0.22%-0.28% Market spread 0.06% |
| Account types | Instant-access saver Easy-access saver GIA ISA SIPP | GIA ISA Lifetime ISA SIPP Junior ISA |
| Platform | Website and app | Website and app |
| Markets | Funds Stocks and shares | Funds |
| Minimum deposit | £1 | £500 (£100 for LISA) |
| Investment style | DIY | Robo advisor Long-term investing |
| Sign-up bonus | None | £100 bonus for pension transfers |
| Terms and conditions | Here | Here |
Company Backgrounds
Nutmeg is a robo-advisor platform. Its AI recommends a portfolio based on your investment goals and preferences. AI does not make this portfolio superior to others or immune to losses. Nutmeg is a UK-based company founded in 2011. Read more in my Nutmeg review.
Plum is an automatic saving and investment app. Plum analyses your spending habits, calculates how much you can save, and puts that money away. The process is based on artificial intelligence and open banking. Plum was founded in 2017 in the UK. Read more in my Plum review.
Plum is the newer and less established investment platform. But does this mean it performs worse?
User Ratings
Trustpilot
Nutmeg has an average Trustpilot score of 3.6 out of 5.0. Overall, 80% of users scored it as great or excellent. Plum has an average Trustpilot score of 4.2 out of 5.0. Of these, 86% rated Plum as great or excellent.
Both platforms are popular on Trustpilot. Plum is rated better, with a gap of 0.6 points between the two.
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.
Plum vs Nutmeg App on Reddit
On Reddit, there is no thread comparing the two apps. In general, users recommend low-cost index trackers over Plum and Nutmeg. If you want to follow this advice, read my Nutmeg vs Vanguard comparison.
Plum vs Nutmeg App Fees
| Plum | Nutmeg | |
|---|---|---|
| Sign-up free | None | None |
| Deposit fee | None | None |
| Withdrawal fee | None | None |
| Inactivity fee | None | None |
| Commission | None | None |
| Account fee | Free Pro: £2.99 per month Ultra: £4.99 per month Premium: £9.99 per month | 0.25%-0.75% |
| Fund management fee | 0.15% | 0.22%-0.28% |
| Trading fee | None | Market spread 0.06% |
| Other | 0.45% currency conversion 0.06%-0.90% fund provider fee | None |
Nutmeg and Plum have different fee structures. Nutmeg’s account and fund fees vary depending on which fund you buy. You could pay between 0.47% and 1.03%, plus the market spread.
Plum has a fixed fee. The amount you pay does not change depending on how much you save. Then, you also pay a variable fund fee and fund provider fee (0.21%-1.05%).
Plum is more expensive than Nutmeg, even for small investment amounts. Remember that Plum is primarily used as an automated savings platform. You are primarily paying for this feature. Nutmeg is an investment platform, so it does not offer automated savings.
Read how Nutmeg’s fees compare to Wealthify in my Nutmeg vs Wealthify comparison.
Account Types
With Nutmeg, you can get a range of account types:
- General investment account (GIA)
- Individual Savings Account (ISA)
- Self-invested Personal Pension (SIPP)
- Lifetime ISA
- Junior ISA
Plum only has a GIA and an ISA on the paid plan. However, Plum also has an instant-access savings account without interest and an easy-access saver.
Nutmeg has more account options if you are looking for an investment platform. Plum wins if you want a savings account.
Assets
Nutmeg is a robo advisor. Nutmeg recommends a fund based on your preference. You do not need to have investment knowledge. Nutmeg has four portfolio types with five to ten funds each:
- Fully managed (10 portfolios)
- Smart Alpha (5 portfolios)
- Socially responsible (10 portfolios)
- Fixed allocation (5 portfolios)
Plum is mainly a savings platform but offers funds and stocks. Currently, Plum offers 12 funds on the free plan and up to 21 on the paid plan. It also has over 2,500 stocks.
If you are confident in choosing funds, you will find a greater variety on Plum. However, Nutmeg may be preferable if you want a recommendation.
User Interface
Both Nutmeg and Plum have a website and an app. Both are also simple and easy to use. On Nutmeg, you don’t have to search since you get a fund recommendation. Nutmeg also does all the hassle such as buying and selling for you.
Plum’s app is a bit more complex. You first have to set up your automated savings before you can invest. However, the app is for beginners, so you will likely find your way around.
Depositing and Withdrawing
With Nutmeg, the minimum deposit amount is £500 or £100 for junior ISAs and LISAs. You can deposit via open banking, which takes one day.
Withdrawing takes three to ten days. Withdrawing from Nutmeg takes longer, but Nutmeg also sells your investments for you.
Plum has no minimum deposit, but the minimum trade amount is £1. Plum is designed to invest your saved money rather than depositing extra. Withdrawals take around seven business days.
Plum has a lower minimum investment amount. Therefore, it is more accessible to beginners.
Customer Support
Because Nutmeg is a robo-advisor, it is most popular with beginner investors. Beginners often have questions, and thus, having strong support is a must. Indeed, Nutmeg’s customer support is quick and helpful. Plum also has great customer support. There is a live chat within the app that is usually responsive.
Sign-up Bonuses and Friend Referral Schemes
Plum does not have sign-up bonuses. With Nutmeg, you can get £100 cashback if you transfer a pension valued at least £1000 to Nutmeg.
While Nutmeg’s offer seems generous, you have to keep in mind that Nutmeg charges high fees. If you do not want to use a robo advisor, the fees make a transfer not worthwhile.
Neither Nutmeg nor Plum operates a friend referral scheme.
Pros and Cons
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 |
Nutmeg Pros and Cons
| Nutmeg Pros | Nutmeg Cons |
|---|---|
| LISA available Easy to use | High minimum investment amount Cannot buy single shares May not be suitable for ethical investors due to JP Morgan ownership |
Is Nutmeg Better Than Plum?
Nutmeg is not necessarily better than Plum. Both are different platforms targeting different investors. With Nutmeg, you get help with investing. With Plum, you get an automated savings service in return for higher fees.
Plum vs Nutmeg App Comparison Summary
Plum and Nutmeg are solid investment platforms. The outcome of this comparison is as follows:
- User ratings: Plum
- Fees: Nutmeg
- Account types: Nutmeg
- Investment markets: Plum
- User interface: Tie
- Depositing and withdrawing: Tie
- Customer support: Tie
- Sign-up bonus and friend referral scheme: Nutmeg
Nutmeg wins more categories than Plum. This does not mean that Nutmeg is universally better. Which platform is better for you depends on your preferences and investment goals.
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