Savings Interest Rates, Switch Offers and Guides for Plum

Who they are

Plum was founded in 2016 by Victor Trokoudes, formerly of Wise (then TransferWise). It is a smart money app available in the UK and EU, and a pioneer in AI-automated saving, with around £3.1 billion in customer deposits. The idea from the start was to take the friction out of saving - Plum links to your bank account and uses algorithms powered by artificial intelligence to calculate how much you can afford to save, without you actively having to think about it. It is highly rated by customers, sitting at 4.7 stars in the App Store. Worth noting that Plum is not a bank in its own right - it acts as a distributor, with the underlying savings products held at partner banks. The Plum Cash ISA is held with Citibank and Lloyds Bank. The 95-Day Notice Account is provided by Investec Bank PLC. Customer support is available seven days a week, through the app or via email.

Savings accounts

Plum currently offers four savings products on DepositScout, all with FSCS protection up to £120,000.

The Cash ISA pays 4.40% AER variable (instant access, minimum £1). That headline rate includes a Plum bonus of 1.86% AER - kept for 12 consecutive months subject to conditions. After that first year, the rate drops to 2.54% AER variable - a significant cliff. Set a calendar reminder at 11 months, not 12, so you have time to look around before the drop hits. The Cash ISA is non-flexible, meaning withdrawals reduce your annual ISA allowance for that tax year.

The Lifetime ISA pays 4.75% AER variable, with a 1.64% boost for the first 12 months on top of a 3.11% base rate. Access is restricted to age 60 or first home purchase - the government 25% annual bonus on contributions up to £4,000 is a powerful addition for eligible savers, but a withdrawal charge applies for other purposes.

The Easy Access Savings Pocket pays 3% AER variable with instant access and no minimum balance stated - straightforward and no bonus to track.

The 95-Day Notice Pocket pays 3.87% AER variable, but it is exclusive to Plum Max subscribers, which costs £14.99 per month. That subscription fee needs to weigh against the rate benefit before it makes sense.

Is it right for you?

Plum suits savers who are already comfortable with app-based money management and want to keep savings, investing, and automation under one roof. Plum pairs intelligent guidance with popular automated saving rules, helping users move money into competitive, low-cost and tax-efficient savings and investment products like ISAs.

The Cash ISA rate is genuinely competitive at the top of the easy-access market right now - but the drop after 12 months is among the steepest around, so it rewards attentive savers rather than those who set and forget. The Lifetime ISA is worth a hard look for first-time buyers who have not yet opened one elsewhere. The notice account only makes economic sense if you are already a Plum Max subscriber for other reasons.

There are no current account switch offers available through Plum. All the live rates shown on this page reflect the latest figures - rates are variable and can change, so check back before you apply.