ISA deadline in 5 days

Explore our products.

Plum tackles post-lockdown money management with Money Maximiser

  • Plum's Money Maximiser is the first active, automated money manager that replaces traditional methods entirely.
  • The AI-powered Maximiser moves money to the customer’s savings account until it’s needed and then streams a weekly spending amount directly to their bank account.
  • Customers earn interest at 0.40% AER on any money that’s not immediately required, and their savings are protected by the FSCS.
  • Money Maximiser is available as part of Plum’s new Ultra subscription (£4.99 p/m).
  • Plum’s automation has already saved more than $500m for customers.
  • Wednesday 21st April, 2021. London, United Kingdom. Fast-growing Fintech Plum is today launching a new way to manage money with its Money Maximiser. This innovative, AI-powered money manager is a fully automated and intelligent solution that keeps money in the customer's Plum account earning interest, then streams a personalised weekly spending amount back to their bank account. Customers maximise their return while having an automatic budget set for them that is realistic and enforceable.

    As the UK begins to open up and move out of the latest COVID-19 lockdown, the focus will be on how to keep building financial resilience as opportunities to spend return. A recent survey of Plum’s customer base found that 55% had saved more than usual during the first 12 months of the COVID-19 pandemic, but an even larger number (60%) stated that they wish to continue saving more than they had previously once lockdown ends*. Plum’s Money Maximiser aims to make this easily achievable by replacing traditional budgeting methods with smart automation.

    Money Maximiser’s AI works by scanning customer income and outgoings on payday, taking into account salary, balance, bills, subscriptions and Plum savings. The Maximiser calculates the available money the customer has to spend until the next payday, or ‘True Balance’, which is automatically divided up into a weekly amount with a suggested daily spend limit. The AI ensures that this amount is perfectly suited to that customer’s individual earnings and bills. The first weekly amount stays in the customer’s main account, ready to be spent over the next 7 days. The rest of the money is moved immediately to a FSCS-protected Plum Pocket where it starts earning interest at 0.40%.

    With the majority of the ‘True Balance’ money tucked away in a separate Plum account, it makes the customer less likely to overspend, but they are still able to access their money easily in an emergency. It guarantees that spending money for the rest of the month is always earning interest securely and being maximised while it is not being spent. It is also flexible and intuitive, as the weekly amount can be edited on a week-by-week basis if the customer knows they will spend more that week, or automatically recalculated if the customer overspends**.

    Money Maximiser is now available for all Plum customers as part of the company’s new Ultra subscription, which costs £4.99 p/m. Plum has three paid subscription tiers alongside its basic free platform designed with different profiles in mind:

      Plum Basic (free), for those new to saving: Automatic limitless savings, roundups, pay day savings, bill switching, 0.25% interest and FSCS protection.

      Plum Plus (£1 p/m), for investors: All Basic features + access to Plum’s investment platform and interest at 0.4%.

      Plum Pro (£2.99 p/m), for serious wealth building: All Basic and Plus features + unlimited interest pockets, saving challenges, diagnostics, cashback.

      Plum Ultra (£4.99 p/m), for ultimate automated money management: All Basic, Plus and Pro features + Money Maximiser and better cashback rates.

    Plum is Europe’s ultimate money management app, with more than 1.5m customers. The company has noted a boom in savings and investments during the past 12 months, as COVID-19 lockdown restrictions have curbed spending for many people and Plum automatically saved more for them. Plum had saved more than $500m for customers by the end of 2020 and expects to have saved $1.5m across Europe by end of 2021***.

    Victor Trokoudes, co-founder and CEO of Plum comments: “Keeping the savings habit going once the UK opens back up is going to be a big challenge. However it’s clear to us that many people have seen this period as an opportunity to do things differently. We’re very proud to be launching the Money Maximiser right now, to help people stay on track with their goals. It is a unique, active alternative to traditional financial planning and budgeting tools. It not only organises your finances, but actually does the hard work of saving for you by making sure your money is maximised when it’s not being spent. With Plum Ultra we’ve effectively realised our ultimate money management system, tailored to individual, modern-day needs. It’s spend management, saving and investing all wrapped up in one neat package, for the cost of a pint.”

    -ends-

    Notes for Editors

    *Survey conducted of 1,243 customers in March 2021.
    **UOn Thursday afternoon every week, Plum initiates the transfer of the next week’s allowance. Due to faster transfer times on working days, the week runs from Friday to Thursday for Maximiser. The money is transferred from the Maximiser interest pocket directly to the customer’s bank. Money Maximiser can also be paused at any time, which will transfer all the money from Plum back into the customer’s main account. When requesting an interest withdrawal before 15:00 UK time on business days, it will be completed the same day. When requesting after 15:00 UK time on business days or during weekends, it will be completed the next business day.
    ***Plum internal data.

    About Plum Interest Pockets

    Plum Interest Pockets are provided by Investec Bank. Interest is calculated on the cleared balance of the account at the end of each day and applied each working morning. At the start of each month, Plum will display how much interest has been earned during the previous month. The AER figure represents the interest customers will earn if they keep their deposit and all interest in their account for one year. Investec has the right to change the interest rate at any time. If Investec is to reduce the rate, the customer will receive notice of the change 14 days before Investec makes the change. Any increase in the rate will take effect immediately and Plum will let the customer know within 14 days of the change being made.

    About Plum

    Plum is the ultimate app for managing money. Founded in 2016 by Victor Trokoudes (ex-Wise) and Alex Michael (ex-TicTail), Plum’s mission is to banish financial instability and make everyone better off over their lifetime. The Plum app acts like a brain by automating the parts of personal finance that people find difficult or don’t have time for. It sets aside what each person can afford, finds better deals on everyday bills, offers useful spending insights and provides a simple platform for easy-access investments. The growing Fintech, with over 1.5 million users in its community, has raised $19.3 million in total since being founded and has saved more than $500m for customers. With an iOS and Android app launched in 2019, Plum has now grown to include a unique investment platform, budgeting analytics, and interest on savings. Plum is headquartered in London, UK and has offices in Athens, Greece and Nicosia, Cyprus.

    Press Contacts

    Susanna Wood
    PR @ Plum
    susanna@withplum.com
    press@withplum.com