Are you trying to get your finances sorted for the future? Well, there are plenty of apps out there to help, with some offering the feature of investing. Let’s take a look to see which is the best between Plum and Moneybox.
And the winner is…
Plum
Both apps have their pros and cons, but Plum wins out. The free features are better and the autosave from Plum uses AI, making it far superior. Plus, it’s more generous with its cash savings rates.
Those who have visited my blog will know that I have reviewed several budgeting apps over the years. However, 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 and their main goals are very similar: to encourage you to save and make your money work harder. This is either through cash savings or 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.
However, it’s important to note that Plum has several subscription options, so you will need to decide which is best for you (more on that below).
Winner – Moneybox
A close call, but because Plum has several subscription options to choose from, Moneybox is simpler to get started with.
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
Most of Plum’s main features are just one touch away, while Moneybox is a little more difficult to navigate.
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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
Because Plum uses AI, it takes a more suitable amount from your bank account each week and it’s slightly more flexible.
Making your money work
Both of these apps offer quite a few options of where to keep your money.
Moneybox offers a range of accounts to take advantage of. These include
- Lifetime ISA
- Personal Pension (SIPP)
- Stocks & Shares ISA
- Instant access savings account at 3%
- Fixed savings accounts – 32 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 3.51% – 4.52%
- Personal Pension (SIPP)
- A General Investment Account with 10+ funds to choose from
- Ability to buy individual shares
Winner – Draw
Moneybox certainly has a better range of accounts, especially the Lifetime ISA. However, Plum offers more generous cash savings rates, which is great for anyone who doesn’t want to invest.
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 must upgrade to a paid account, starting from £2.99 per month. The more you pay, the lower your management fees are and the higher interest rate you’ll receive for your cash.
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 provider fees to pay. You will need to check the charges for any accounts you open.
Winner – Moneybox
Based on somebody looking to invest, the monthly fee from Moneybox is far cheaper. Although, if you just want to use the autosave features, Plum is free.
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 regularly offers a £60 bonus if you’re able to refer three friends.
If you’re looking to make some extra money, why not take a look at some of the best refer a friend schemes?
Winner – Plum
No contest as Moneybox doesn’t offer a referral scheme.
Extra features
Most apps like to shower us with extra features… some useful and others not so.
Moneybox keeps things fairly simple with a couple of financial calculators when it comes to homeownership and retirement.
The free version of Plum comes with very little in the way of added features. However, pay the monthly fee and you’ll get extras such as a budget calculator and savings goals.
Winner – Draw
Both apps don’t offer a huge amount of extras. The calculators are a little basic and can be found elsewhere.
Plum Vs Moneybox… the winner
These apps are always close ones to call, especially when they have so many features to consider. But Plum is the winner. Just. You can use it for free, it has a great autosave feature and the interest rates for your cash are better.
But don’t rule out Moneybox. If you’re looking to invest over the longer term, it has far more accounts for the savvy investor to consider.
If you want to find out more about the apps and all their features, take a look at my Plum review or Moneybox review.