Plum

Who they are

Plum was founded in 2016 by Victor Trokoudes, formerly of Wise, with the idea of automating the parts of personal finance that people find difficult or simply never get around to. It started life as a personal finance app built around automated saving, investment accounts, and financial management tools. Unlike many fintech startups, Plum was never designed to replace your bank account - it acts more like a companion app, sitting alongside your existing current account.

Using AI-powered tools to help customers save and invest, Plum now serves more than 2 million customers across 10 markets in Europe. In the UK, the product range has grown well beyond its automated-saving roots to include a Cash ISA, Lifetime ISA, stocks and shares ISA, and a self-invested personal pension. Support is available seven days a week, through the app or via email.

Savings accounts

Plum currently offers two savings products on DepositScout: a Cash ISA and a Lifetime ISA.

The Plum Cash ISA pays 4.60% AER variable and can be opened with as little as £1. It offers instant access, which is genuinely useful, but it is not a flexible ISA - so money you withdraw counts as spent allowance for that tax year. The headline rate includes a Plum bonus of 2.06% AER (variable). That bonus applies for the first 12 consecutive months, provided other conditions are met. After 12 months, the rate falls to 2.54% AER variable - a meaningful drop, so setting a calendar reminder at around the 11-month mark is worth doing.

The Plum Lifetime ISA pays 4.06% AER variable, also with a £1 minimum. Access is restricted to age 60 or over, or for a first home purchase, which is standard for all Lifetime ISAs. As with the Cash ISA, a bonus rate applies for the first 12 months before reverting to an underlying variable rate. You can add up to £4,000 to a Lifetime ISA each year and the government adds a 25% bonus - up to £1,000 - for free. That government top-up is the main reason to consider a LISA if you are buying your first home or saving for retirement.

On FSCS protection, both accounts spread your money across partner banks. The Cash ISA protects deposits up to £120,000 with Plum's partner banks. The Cash ISA is held with Citibank and Lloyds Bank. The Lifetime ISA also carries £120,000 protection, held with Lloyds Bank and Citibank. That protection limit is higher than the standard £85,000 you get with a single banking licence, which is worth noting.

A few things to keep in mind

Plum is not a bank in the traditional sense, and it does not currently appear on the Current Account Switch Service. There are no switch offers available through DepositScout at this time.

The bonus structure on the Cash ISA also applies to transfers in. If you are moving an existing ISA from another provider, check whether the transfer-in rate matches the new money rate before committing - they are not always the same. And regardless of where you transfer from, always use the official ISA transfer process through Plum rather than withdrawing cash yourself, or you risk losing the tax-free wrapper on previous years' savings.

Is it right for you?

Plum tends to suit savers who are already comfortable managing money through an app and who appreciate the automated saving features that sit alongside the ISA products. The Cash ISA rate is competitive while the bonus is active, and the £1 minimum makes it easy to get started. The Lifetime ISA is worth a close look if you are a first-time buyer, given the government top-up on contributions.

The main thing to weigh up is what happens after 12 months. If you are a set-and-forget saver who is unlikely to review your rate, Plum's Cash ISA may not work as hard for you in year two as it did in year one.

Check the live rates shown on this page for the current figures before you apply - rates are variable and can change at any time.