Chip vs Plum
Chip
getchip.uk
Plum
withplum.comSide by side
| Figure | Chip | Plum |
|---|---|---|
| Price from | £5.99/mo | €3.99/mo |
| Free plan | Yes | Yes |
| Free trial | Yes | Yes |
| Open source | — | — |
| iOS | Yes | Yes |
| Android | Yes | Yes |
| Plans published | 4 | 4 |
| Spec score · Savings Apps | 8.4 (#4) | 7.9 (#5) |
| Spec score · Automated Savings Apps | 8.3 (#6) | 7.9 (#10) |
| Automatic saving | Chip analyses income and spending habits to calculate what a customer can afford to save and move money automatically; each autosave costs 45p unless the customer has ChipX. | Plum analyzes linked bank transactions and balance to calculate amounts it can put aside, transferring savings by direct debit every 4–5 working days. |
| Bank connection | Chip uses TrueLayer to connect a customer's current account through an Open Banking API. | In Spain, Plum supports Open Banking with listed banks including BBVA, Santander, CaixaBank, ING, N26, Revolut, and Wise. |
| Company history | Chip says it was founded in late 2017 and began with automatic savings. | Plum's about page says its founders' saving challenge began in 2014 and that the company is based in London with offices in Athens and Nicosia. |
| Headquarters | London, England, UK | London, United Kingdom |
| Security | Chip says Open Banking is regulated by the FCA and permissions are re-authenticated every 90 days. | Plum says it does not store or access bank login details, uses read-only transaction access, AES encryption for sensitive data, and 256-bit TLS for browser-server communications. |
Plans
In their own words
Chip
Chip is a savings and investment app for Android and iOS, bringing savings accounts and investment funds together for people building long-term wealth. Customers can create goals with target amounts and dates, then assign existing savings to them. The app can analyse income and spending to estimate what a customer can save and move money automatically. Each autosave costs 45p unless the customer has ChipX. Available products include savings accounts, a Smart Cash ISA, a Stocks & Shares ISA, a General Investment Account and a personal pension. Chip connects current accounts through TrueLayer and an Open Banking API; Chip says permissions are re-authenticated every 90 days. Basic is free, with autosaves at 45p each and a 0.25% annual investment platform fee. ChipX costs £5.99 every 28 days and includes unlimited autosaves and no platform fees. Eligible ClearBank savings deposits may receive FSCS protection up to £120,000 across ClearBank accounts, subject to eligibility. Eligible investment claims may qualify for up to £85,000, excluding investment performance.
Plum
Plum is a personal finance app for saving, investing, and managing spending through automation. It reviews transactions and balances from a supported current bank account in the user's own name, calculates an amount to set aside, and transfers savings by direct debit every 4–5 working days. Listed saving rules include automatic, round-up, weekly, payday, and no-spend options; rainy-day rules start with Pro. Investment options listed across all plans include Plum Interest money market funds, US stocks, cryptocurrencies, and ETFs. Plum is available on iOS and Android in the UK, Ireland, France, Spain, Portugal, Italy, Belgium, the Netherlands, Greece, and Cyprus for users aged 18 or older. Basic is free; Pro costs €3.99 monthly, Boost €7.99 monthly, and Premium €9.99 monthly. A 30-day trial is listed. Only current accounts in the user's own name are supported as primary connections; business, savings, and joint accounts are not. Plum says it uses read-only transaction access and encryption, and that its e-money products are not covered by FSCS.