Plum savings rates — compare every account, plus switch offers and guides

Who they are

Plum was co-founded by early TransferWise employees and launched in 2016. It describes itself as a financial super app that can help you save and invest money, manage your budget, and find better deals on household bills. The core idea is straightforward: Plum connects to your bank account, analyses your spending, and moves small amounts of money into savings without you having to think about it - saving happens passively, through a system that works in the background. The app has more than two million customers across Europe. It sits alongside your existing current account rather than replacing it, and offers a basic plan with no monthly fee, along with paid-for subscriptions that unlock higher rates and extra features.

Savings accounts

Plum's savings range covers several account types, all with FSCS protection of up to £120,000 per the DepositScout data.

The Cash ISA is currently the headline product. It carries a variable rate that includes a bonus of 1.82% AER - that bonus applies for 12 consecutive months if you meet the conditions. After 12 months, the underlying rate is considerably lower, so it is worth setting a calendar reminder at 11 months. You can open the Cash ISA from just £1. The Cash ISA is held with Citibank and Lloyds Bank.

Plum also offers a Lifetime ISA - useful if you are saving for a first home or retirement. The LISA carries a 25% government bonus on top of whatever interest the account pays, which can make it powerful for eligible savers. If you already hold a LISA elsewhere, Plum accepts cash LISA transfers in, though the transfer rate carries a smaller 12-month boost than new money receives - worth factoring in before you move.

The Easy Access Savings Pocket gives instant access at a variable rate with no minimum balance. The Easy Access Savings Account is provided by Lloyds Bank PLC.

The 95-Day Notice Pocket pays a higher variable rate but is only available to Plum Max subscribers, who pay £14.99 per month. The 95-Day Notice Account is provided by Investec Bank Plc. If you are not already a Max subscriber, you need to weigh the subscription cost against the extra interest before assuming it is worth it.

Is it right for you?

Plum works best for people who want saving to happen automatically rather than relying on willpower. Users can enable up to eight deposit rules to automatically set aside cash, including round-ups on debit card transactions, weekly deposits, and a payday rule that sets aside a specified amount every time you get paid. That kind of automation is genuinely useful if you find you spend what is sitting in your current account.

The trade-off is that the best rates come with conditions. The Cash ISA bonus drops sharply after year one, so rate-chasers need to stay alert. The top notice account rate sits behind a monthly subscription fee. And the automatic saving amounts can occasionally be too aggressive around bill payment dates, and paid features may not be worth the monthly cost for lighter users.

There is no current account switch offer from Plum, so if a cash bonus is what you are after, you will need to look elsewhere for that.

Check the live rates shown on this page for the current figures - rates on all Plum accounts are variable and can move at any time.