Chip vs. Plum 2022: Chip and Plum are two well-known money management applications that allow you to create a budget, track your spending, and analyze your financial situation. We’re going to look at how to use each to buy US shares in the UK. You can’t always know how much you should save from your monthly income or when it might be enough for larger goals. Luckily there are banking apps that will help make the process easier!
That is why I love automating my savings — I never have trouble generating an amount. Both because these programs do all the work for me by automatically transferring money into different investment accounts based on what they think would best suit both short-term and long-term needs. Chip is an excellent option if you’re looking for a money management app that is both simple and effective. While it lacks some of the features of more complex apps like Plum, it more than makes up for its ease of use.
Chip estimates how much spare change you can afford to set aside, then it automatically saves or invests for me. I’ve found that with Plum – my finances are in great hands! This service will analyze your transactions and ensure that no money goes towards unnecessary costs like monthly electricity payments when there’s an energy provider available just down the street from where we live.
Introduction to Chip
AI is finally here to help you save money! Chip is an advanced piece of tech that uses mathematics and logic to figure out how much a person should be saving for their future. It considers what a person needs every day without disturbing the flow of money you require for living on, even on one income.
The app lets you set goals and manage your spending with ease. You can even save streaks for high scores! The process works by automatically registering your credit card for you after entering personal information like your social security number or date of Birth. It takes less than 2 minutes. At least there are apps like Chip that make things easier by doing some of their work automatically while giving people control over what they want from their finances.
If you want to save some money and aren’t looking for too many features, then Chip may be the perfect app. It only connects with one bank at a time, but they have big plans to increase their features to make it easier!
Introduction to Plum
Like Chip, Plum is an easy-to-use app that helps you manage your money. It’s been around since 2016 and is one of the most popular financial apps for tracking spending habits.
Plum is a smart and innovative app that can help you save money on your behalf. It connects to your money accounts, like a bank account or credit card; this way, it knows what spending habits are most suitable for you specifically. So, this way, saving gets done automatically without any hassle from the user!
There are many different modes to choose from with Plum. You can move upward, from “shy” mode to beastly mode. Beast level allows for plenty of savings and investment opportunities! The only thing left is that you set things up so they’re just right. Thanks again to Open Banking.
How Deposits Works? Chip vs. Plum
By automatically saving spare change for you, Chip helps ensure that your pockets always have something. The save level lets you decide how much progress to make towards goals. A steady pace will let things happen at their speed, while full speed saves time and money!
With Chip, you can tweak your auto-save before money moves into your savings wallet. CHIP AI will learn from the changes and make future saves more appropriate for how life is now! Chip is all about having some fun with your money! You can deposit it quickly and easily thanks to Payday Put Away, which lets you save on interest for up to three months at a time.
Plus, there are plenty of other cool features like Save Streaks that will make living large feel easy as pie (or should I say chipped?) The best part about this Chip is that you can withdraw your money anytime and access a 0.7% savings rate!
Alternatively, Plum can set aside how much you want, and Plum will take care of the rest! Why keep track of your money when you can have an analysis done on it for free? The app will show your expenditure each month, what trends there may be regarding spending habits, and even provide insight into where certain funds are going.
Plum is a great way to save money because it has all these deposit features! The first one I want you to know about our round-ups- when your balance falls below the threshold, set it on the app. Plum will give back some of what remains in excess. You can also earn paydays, which means even more rewards for keeping an eye out with us during this 52-week saving challenge. Getting ready for the rainy day savings rule will automatically prepare funds based on days of rain over the last week alone. If you want to adjust your app more or less generous, there’s an option for that too.
How Savings Works? Plum vs. Chip
You see, clever apps won’t know how much you’re comfortable with saving. That’s why it is up to you as a person in charge of your finances and budgeting skills- not technology! With these helpful tools at hand (and hopefully some good old-fashioned hard work), we will not be stopping from mastering our money goals together.
Plum’s six settings will give you everything from a soft and gentle vibe to something more intense. With only one click, you can do all of this!
- 😊’Normal’ (Default Mode)
- 😎’Eager’ (25% more saving mode)
- 🤑’Ambitious’ (50% more saving mode)
- 🦁’Beast Mode’ (75% more saving mode)
- 😴’Chilled’ (25% less saving mode)
- 🙈’Shy’ (50% less saving mode)
On the other side, Chip has five levels. Namely, numbers 1-5, but none have any suggestions about what each level can save. But in general, five is understood to save at the highest level, while one will save the least while making your wallet a little easy.
It seems like there should be some typeasure for their importance, but I’m not sure what they would look like either… Of course, if you want to find your perfect balance with these apps, many levels need adjustments and play around.
What are Fees or Costs? Chip vs Plum
Chip Fees & Charges
It is a free app you can download and start using immediately. The app Chip has two subscription alternatives to select from: One is Chip, and it’s free, and another is ChipX, which is paid (£3/mo) for pro users. The app Chip is a free and easy-to-use investment tool that will allow you to autosave your investments. You can invest through GIA in a set of funds available, so it’s never too late for some money saving!
On the other side, with ChipX, you can boost your fund choices and get stocks and shares ISA with lower investment fees. The £3 monthly payment might be too much for some people, but it’s worth considering before making any decisions on this platform!
Plum Fees & Charges
With the Plum app, you can set money aside using automatic deposits and Round-Ups. Withdraw as often or infrequently as desired; it’s all up to your preference! The best part? You don’t have to worry about switching bills because they’ve got everything covered for you – download this free tool now not to be left behind when life gets tough again (just like last time).
Plum is the more sophisticated of these two platforms. They offer four different account levels with their free subscription giving you 0.25% on all money invested and letting you grow without worry, as well as automated savings for nothing! What’s even better? You can set up the “Lost Money” feature so that when something goes wrong (i..e lost PIN), it automatically sends them back into circulation – ensuring no one spends timepots or refunds hard-earned cash just yet.
You can sign up for the Plum Plus service at just £1 per month. You’ll get access to three different pockets, with an average interest rate of 0% AER and a potential bonus opportunity in each one! For those who want even more features, there’s a Pro package that costs only £2 more than its predecessor – but it has unlimited banking capabilities, diagnostics tools, savings goals, etc.
The top account at Plum is Ultra, which grants you unlimited pockets and incredible cashback benefits. For just £4.99 per month, this innovative money management app gives users access to the popular Money Maximiser toolkit that helps them achieve their goals in no time!
Do Plum and Chip Offer Referral Schemes?
The answer to this question is yes! Plum and Chip offer referral schemes. These promos allow you, as an employee or customer service rep., respectively, to refer friends and family members. Both (referer and referee), in turn, can earn rewards when they make purchases at your favorite store – all thanks for bringing new business into the fold with multiple incentives.
You’ll love this! With Chip referral, you can get £10 for every person you refer when they make a deposit. What better way to bring some friends into the game?
Note: Chip referral scheme keeps switches on and off periodically. So verify this from the official website.
Plum is a great way to make some extra money, but not as much when compared with other apps. You’ll receive £5 after referring someone and having them link their bank account!
Note: Plum referral scheme keeps switches on and off periodically. So verify this from the official website.
Chip vs. Plum Who is Winner?
In my opinion, both Chip and Plum have a lot of aspects and perks. Plum is an excellent option for those who want to save with interest for free. However, to get 1.25% with Chip requires more work, but it’s worth the extra effort!
It’s a tough choice between these two services. Plum is more feature-rich and provides in-depth insights, but Chip has a more accessible interface for beginners who are just starting with trading/investing.
Take the time to compare both Plum and Chip before making your decision. The differences are significant, so make sure you know what’s right for you!