Plum vs. Moneybox – Which One Should You Use?

 

 

 

If you’ve been looking into ways to be smarter with your money, it’s highly likely that you’ve come across a fair few apps that exist to help. It’s also likely that you’re keen to discover which of these apps is the best. Plum vs. Moneybox is a look at two of the most popular money apps out there so that you can decide which is best suited to you and your needs.

Whether you’re looking at savings or making investments, each of these providers offers something that’s a little different. We’re going to consider these differences, but also look at important points such as the fees involved, the ease of use, and which is the best app overall.

Will Plum vs. Moneybox have a runaway winner, or will the two come out as equals? If you’d like to know, then read on.

Plum vs. Moneybox – What is it for?

It wasn’t too long ago when the thought of investing seemed out of reach to the masses. People may have thought about getting involved with stocks and shares, but held the belief that investing just wasn’t for them. The belief was that only the rich got involved with investing and only the rich got richer. The emergence of numerous Fintech companies changed all of that.

Companies behind the likes of Plum and Moneybox opened up investing to everyone. They made it accessible to all no matter what their current financial circumstances. Not only did they help people to invest, but they made saving easier too. For many, saving had been a discipline that they lacked. These kinds of apps just came along and made it easy.

So, when it comes to Plum vs. Moneybox, these are apps that have the same aim. What you need to know is which one achieves it better. Of course, this may depend upon what you’re trying to achieve, but let’s take a look. 

Plum vs. Moneybox – How to get started?

It has to be said that, when looking at Plum vs. Moneybox, there’s really not a lot between them when it comes to getting started. What these apps have in common with many other Fintech apps is that they’re incredibly easy to install. They are both compatible with iOS and Android so, no matter what device you own, you shouldn’t have any issues.

To get going, simply head over to your app store and download the relevant app. When this is done, it’s time to create an account. This sees you having to prove your personal details as well as set up a password.

As both Plum and Moneybox work by ‘talking’ to your bank, you’ll need to ensure that your account is connected. This is achieved through Open Banking and, assuming that you already have your banking app on your smartphone, this literally takes a few moments to complete.

How to Use the Apps – Which One is Easier?

This is another area, when exploring Plum vs. Moneybox, that these two come out almost level pegging. The truth is that, although the apps are different, they are both incredibly easy to use.

If you take a look at the Moneybox homepage, the first thing that you see are your investment accounts. If you’re looking for other information then there is a menu bar at the bottom of the screen that is really easy to use. The vast majority of options can be found by visiting the settings tab. From here you’re able to do things such as make edits and transactions.

With the Plum account, almost everything that you need to know about can be found on the homepage. Here you can see the total of your investments and your pockets (areas where you can keep money separate from your main account). What’s good here is that you can also see what’s in your current account as well as any regular payments that are due. With this extra touch, and with the app being slightly easier to find your way around, Plum wins when it comes to apps.

Which One is Best for Saving?

In the Plum vs. Moneybox battle, this is one area where there are some clear differences. Up until now, things had been relatively similar and there was nothing that really stood out. Looking at the savings side of things changes this.

Plum is certainly a clever app. By using its technology, it analyses your current account and spending. From this, it knows how much you can afford to save each month. It will then take this money automatically every month and there’s no need for any manual input from you. That being said, if you think what’s been taken is too much, or not enough, you can edit it. 

What Plum also offers the chance to round up when you spend and put the difference aside. It also has a feature where you can use pockets to set aside money from your wages each month.

With Moneybox, it’s pretty much down to you. Yes, there’s the round-up feature, but if you want to save more than this then you need to manage it yourself. This means manually setting up weekly/monthly payments.

Given what we’ve just looked at, Plum is the clear winner when it comes to saving, purely down to the number of features on offer.

Plum vs. Moneybox Investing – Which Should You Use?

What makes Plum and Moneybox stand out from the crowd is that the focus isn’t just on saving. There are opportunities to make your money work even harder for you and to bring some healthy returns.

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There are plenty of options over at Moneybox. These include:

  • Stocks and Shares ISA
  • Junior ISA
  • Personal Pension
  • Lifetime ISAs
  • General Investment Account

Over at Plum, the options here are limited to a General Investment Account or a stocks and shares ISA. That being said, it does have over 10 funds to choose from.

It has to be said that Moneybox is the winner when it comes to investing. The ISA option allows you to benefit from returns that are tax-free and the Lifetime ISA can even see you being rewarded with a bonus worth up to £1,000 a year. The Lifetime ISA is there to be used for buying your first home or saving towards your retirement. Although its uses are limited, the combination of bonuses and being free from tax make it highly attractive.

How Much Do Plum and Moneybox Cost – A Comparison 

When looking at Plum vs. Moneybox, cost is another area where there are significant differences.

With Plum, there are four options to choose from. The first is completely free and it allows you to set up automatic saving, round ups and the payday feature. It also pays 0.50% on any savings. However, to get access to anything else you need to pay.

Plum Plus costs £1 a month and gives you access to everything that the basic plan offers as well as allowing you to invest and access a higher rate of interest. There are then the Pro (£2.99) and Ultra (£4.99) on offer. These offer additional ways to save as well as other features.

At Moneybox, there is only one plan. This plan is £1 a month and it allows you to access both savings and investments. 

With both of these providers, there are other fees to be aware of too. These include the likes of platform and fund provider fees. These are pretty similar across the two apps, but they are subject to change so it’s worth checking them out for yourself.

There was once a time when Plum fell behind Moneybox here. It was the case that to invest, you had to go for the £2.99 option. Now that you can invest on the Plus plan, at £1 a month, Plum and Moneybox are level pegging when it comes to cost.

Do Plum or Moneybox have a referral scheme?

Referral schemes are great. They obviously help a company to grow, but they can offer you some healthy earnings along the way. It’s a great way to encourage new sign-ups and that’s why we were a little surprised to see that Moneybox doesn’t seem to offer anything.

Plum, on the other hand, has a referral scheme that is well worth tapping into. Every time you refer three new users, you get rewarded with £15. It may not be big money but it’s certainly worth having.

With Moneybox having nothing to offer, Plum is the clear winner here.

Plum vs. Moneybox – The Final Verdict

When it comes to choosing a winner between Plum vs. Moneybox, it’s certainly not easy. Both offer some great features and have an app that makes life easy. That being said, Plum just edges ahead of Moneybox in the end. The offer of a referral scheme and the numerous ways to save are what make Plum so attractive.

That being said, don’t write Moneybox off. This app has a wider choice when it comes to investments. If this is what matters to you then this app is still worth exploring. 

Until next time!

 

 

 

P.S. If you enjoyed this, why not try:

how to organise your money

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