Plum started life as a money-saving app. And whilst our AI algorithm is still a big part of what makes us unique, we’ve recognised that our customers place a high value on being able to customise more options themselves.

We now offer more money management and budgeting features, plus investing options that include company stocks, investment funds and a Self Invested Personal Pension. And we’re not stopping there. We’ve also been working to increase the range of automated deposit Rules on offer.

Our latest Rule, the 1p challenge, was inspired by you!

More specifically, the money-saving challenges we see our customers taking on with their friends and sharing with us on the socials 👍

Fun ways to save, like the ‘bad habits challenge’ (which our Naughty Rule aims to replicate) or the ‘no spend challenge’ can be a great way to save more over the long term. But, using traditional methods to calculate how much money to save is laborious… Which defeats the point of gamified saving!

What is the Plum 1p Challenge?

If you’re looking for creative ways to save money then a money challenge could be just the thing to give your money some extra motivation!

The 1p Challenge is designed to help you slowly build up the habit of making weekly savings. It demonstrates how even the smallest actions, when made consistently, can lead to significant results.

Think of the gentle stream gradually eroding its way through granite…

How does the 1p Challenge work?

Like all our deposit Rules, you can enable the 1p Challenge from the Brain section of your Plum saving app. It can be used alone or combined with any of the other Rules available within your current subscription tier.

Starting with £0.01 on the first day, we’ll automatically increase the amount you deposit by 1 penny each day. So, your final deposit of the challenge will be £3.65, and if you manage to complete it you’ll have amassed a total of £667.95 in just 365 days.

To ensure the number of individual deposits isn’t overwhelming, we won’t actually take the money from your linked account on a daily basis. Instead, we’ll keep track and include it with your regular weekly Combo Deposit.

The Rule is effectively a scaled-down version of our 52 Week saving challenge (see Plum Pro section below), which starts with £1 and increases with weekly £1 increments. That’s a total of £1,378 over the course of a year!

Who can use the 1p Challenge?

The 1p Challenge is currently available to UK customers who are subscribed to our Plum Ultra tier (priced at £4.99 per month, with a trial month free).

It forms part of our Ultra suite of smart budgeting tools, which also includes:

• Our Visa debit card lets you spend money straight from Plum.
• Money Maximiser can help earn interest and manage your budget.
• Enhanced Cashback on purchases (+33% vs. Pro tier).
• Use the Naughty Rule to curb impulse buys.

For customers who want to access all of Plum’s features (including our full range of investments and automation options), we offer a Premium tier.

What other Rules does the Plum app offer?

Automatic (algorithm)

Our AI adapts to track your spending and income, calculating what you can afford to save and arranging to deposit small amounts of money to your Plum Account, without leaving you short for what matters.

Round Ups

Save as you spend by setting aside any spare change from purchases.

Pay Days

Deposit a set amount when you’re first paid… And before life gets in the way!

52 Week Challenge

Starting with £1, each week this Rule will set aside £1 more than the week previously, for an entire year. That’s a total of £1,378.

Naughty Rule

Keep your goals on track when you fancy a treat by setting money aside when you spend with a merchant you specify as ‘Naughty’.

Rainy Day Rule

This Rule is triggered once for each day that rain is forecast in the area where you live, setting aside a fixed amount of your choosing.

The benefits of a Plum subscription?

Plum Basic (free)

Even the Basic (free) version of our smart money app lets you automate deposits, start saving money in a Pocket that pays interest and access stock investing, so you can trade fractional company shares.

Here’s what you can expect from Plum Basic:

• Earn interest on your savings with 1 Interest Pocket* (your bank might call this a savings pot, but it works like a regular savings account) which pays 2.20% AER.
• Automate deposits with our AI Algorithm or Round-Ups.
• Invest in over 1,200 company stocks commission-free†.
• Consolidate existing pensions and get tax relief on contributions when you invest for retirement with a SIPP‡.
• Get alerts to compare bills and switch suppliers in seconds.
• Unlimited withdrawals, with no hidden charges or fees.
• Use the Splitter to automatically save into an Interest Pocket.

* Easy Access Interest Pockets are provided by Investec Bank Plc. and protected by the Financial Services Compensation Scheme (FSCS).

† Other fees apply, and capital at risk. ‡ Capital at risk.

Plum Pro (£2.99 per month)

In addition to the smart stuff in our Basic tier, Plum Pro provides a better interest rate, more ways to save money with gamified deposit Rules, access to our introductory range of investment funds, customisable Pockets and Cashback.

Here’s what you can expect from a Plum Pro subscription:

• Earn 2.45% AER on your savings.
• Gamified deposits with our 52-Week Challenge or Rainy Days Rule.
• Create up to 15 Interest Pockets* and set separate savings goals.
• Choose from our introductory range of 9 diversified investment funds† (more funds are available with a Premium subscription) and use the Splitter to automatically apportion your deposits between savings and a Stocks and Shares ISA or General Investment Account (GIA).
• Exclusive rewards when you shop with our partner merchants.

* Easy Access Interest Pockets are provided by Investec Bank Plc. and come with FSCS protection.

† Capital at risk.

Plum Premium (£9.99 per month)

A Premium subscription can complete your Plum experience by offering our best rate of interest and more investing options, with a wider range of funds and stocks to pick from. That’s in addition to everything in our lower tiers.

Here’s what you can expect from a Plum Premium subscription:

• Access our best rate of interest (earn 2.90% AER)*.
• Invest in up to 3,000 company stocks, commission-free†, including meme stocks, greater geographic diversification and a wider selection of the brands you know and use every day.
• Invest in our complete range of 21 funds‡, which offer opportunities for greater diversification with assets like Gold, Biotech and Real Estate.
• Once you’ve decided on your strategy, you can make automatic investments with recurring stock buy orders.

* Easy Access Interest Pockets are provided by Investec Bank Plc. and come with FSCS protection.

† Other fees apply, and capital at risk. ‡ Capital at risk.

To learn more about Plum you can check out our website.