Plum – an app that does your savings for you

By: November 17, 2020
money saving app Plum

The ‘smart’ money-managing app Plum is now available in Ireland. Plum can link to Ireland’s four leading banks (Bank of Ireland, PTSB, AIB and Ulster Bank) as well as Revolut Ireland.

How does it work?
Irish customers can link their bank account to Plum. Once linked, Plum’s AI jolts into action and starts setting aside small amounts every few days, depending on what the person can afford.

The money can be withdrawn from Plum anytime with no limits or charges and is sent back to the bank for them to process within five minutes.

“Plum’s intelligence is something we’ve seen more profoundly during the COVID-19 outbreak as Plum automatically stashed more money in response to a drop in spending,” says Victor Trokoudes, co-founder and CEO of Plum.

Savers not spenders
According to the Bank of Ireland Saving and Investment Index for Q2 2020, 51% of people in Ireland saved money regularly in the last 12 months, but 47% felt they weren’t saving as much as they would like to. Moreover, saving has increased during the COVID-19 outbreak as spending dropped by around 45% during the height of the Irish lockdown.

Premium Plum
People can also subscribe to Plum’s premium tier, Plum Pro, which gives extra features for €2 per month. In addition to saving rules like the 52 Week Challenge and Rainy Days, which stashes extra when it rains, Pro subscribers can save into multiple customisable pockets.

By the end of 2020, Irish customers will be able to get cashback when they buy from certain retailers as part of a Pro subscription.

Plum’s investment platform will be available in Ireland in the first half of 2021.

Plum was built using APIs made available by the EU’s PSD2 regulations.