Are you trying to get your finances sorted for the future? There are plenty of apps out there to help, with some offering the feature of investing. Take a look to see which is the best between Plum Vs Moneybox.
Those who have visited my blog will know that I have reviewed several budgeting apps over the years. But I’ve noticed that people have often narrowed their choice to a couple of apps, so to help out, I’ve decided to write several app comparisons. Today, it’s Plum and Moneybox.
Plum vs Moneybox face-off
Plum and Moneybox are available to download for both Apple and Android devices. The app’s goals are very similar – to encourage you to save. But unlike some of their rival apps, these two are a little different as they focus more on making your money work by investing.
Up until quite recently, investing used to be something that was only for the wealthy (or knowledgable), but both Plum and Moneybox help to break down these barriers.
Getting started
Like most Fintech apps, opening an account is quite an easy, pain-free process. If you already have your bank’s current account app on your smartphone, then linking your chosen app to your bank through Open Banking takes moments.
Winner – draw
Both are very easy to set up.
Navigating the apps
Both apps are quite easy to use. The Moneybox homepage starts with your investment accounts and you use the bottom menu bar to find any other information. But most of your options are found under the ‘settings’ tab, allowing you to edit your savings and make transactions.
Plum shows you the majority of what you need from its homepage, including how much you have in your investment account and your pockets. You can also see how much money is in your current account and any regular payments due to be taken.
Winner – Plum
In all honesty, neither app is difficult. But Plum is just a little quicker to navigate around.
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Helping you save
Now, this is where the two apps differ.
Plum uses technology to calculate how much you can afford to save and automatically takes money from your current account. And if you’re not happy with the amounts (either too small or too big) you can adjust the saving levels.
On top of the automatic savings, you can allow Plum to round up any transactions you make or set money aside from your wages when you’re paid.
Moneybox doesn’t have the AI function of Plum. Apart from the round-up feature, how much you save relies fully on your input. You have to arrange how much you save by setting up a weekly or monthly deposit when you’re paid.
Winner – Plum
You can set up weekly or monthly deposits with almost any account (app or not), so the automatic savings feature from Plum sets it apart.
Making your money work
As I mentioned above, both apps focus more on investing rather than gaining interest on your cash, although savings accounts are available too.
Moneybox offers a range of accounts to take advantage of. These include
- Lifetime ISA
- Personal Pension
- Stocks & Shares ISA
- Savings accounts – 45 or 95-Day Notice
- General Investment Account with a range of funds
Plum doesn’t have quite so many but offers
- An instant access savings account
- A General Investment Account with 10+ funds to choose from
- Ability to buy individual shares
Winner – Moneybox
This isn’t much of a contest. Moneybox has more investment features – the Stocks & Shares ISA is a great option as it means you don’t have to pay tax on your earnings. And I can’t recommend a Lifetime ISA enough as it could mean that the government pays a bonus of £1,000 each year.
Plus, Moneybox’s cash savings rates are slightly better than Plum’s.
Cost
So, how much do each of these apps cost you?
The simple savings functions of Plum are free. And if that’s all you need it for, then fine.
If you decide to start investing, you need to upgrade to a paid account, which starts from £2.99 per month.
Moneybox charges a simple £1 per month for any investment account. Unlike Plum, no pockets are available, and any money saved in Moneybox will automatically go into a nominated investment account.
It’s important to note that if you invest, there are also platform and fund providers fees to pay. You will need to check the charges for any accounts you open.
Winner – Moneybox
Yes, you can use Plum’s basic features for free. But if you choose to invest, you can’t overlook that Moneybox has a cheaper monthly fee.
Referral schemes
I do like a referral scheme as it can be an excellent way to make extra money. Most financial apps offer some kind of incentive if you encourage friends to join, although Moneybox doesn’t. In the past, they have offered a £5 boost for joining, but this isn’t currently running.
Plum also seems to have paused its referral scheme at the moment. Again, this used to be worth £5.
If you’re looking to make some extra money, why not take a look at some of the best refer a friend schemes?
Winner – Draw
A bit of a disappointment with both schemes not running at the moment.
Plum Vs Moneybox… the winner
These apps are always close ones to call, especially when they have so many features. But Moneybox is the winner because it has more investment features, and the monthly fee is lower.
But don’t rule out Plum if you’re looking for an app with a great autosaving feature.
If you want to find out more about the apps and all their features, take a look at my Plum review or Moneybox review.