Plum vs Moneybox vs Chip: Best Automatic Savings App in the UK

If you open your banking app and wonder where your money went, an automatic savings app could be the nudge you need. The idea is simple: an app studies your income and spending, quietly moves small amounts into a separate pot, and sometimes adds interest or invests it for you.

In the UK, three names dominate the conversation: Plum, Moneybox and Chip. They all promise to take the effort out of saving, but the way they do it — and what they cost — is quite different. This guide compares them as they stand in 2026, so you can pick the one that matches how you actually save.

What are automatic savings apps and how do they work?

Automatic savings apps connect to your current account through open banking. They read your transactions and use algorithms to work out how much you can afford to set aside without missing the money. Some move cash every few days; others round up spare change from card payments; a few sweep money on payday.

The apps then hold your savings in an easy-access account, an interest-paying pocket, a stocks and shares ISA, or sometimes a mixed bag of options. The convenience is obvious, but it is worth reading the details: interest rates, fees and protection levels vary between providers.

Plum, Moneybox and Chip: a side-by-side comparison

Quick verdict

• Choose Plum if you want one app that saves, invests and analyses your bills.
• Choose Moneybox if you are new to investing and want round-ups to build an ISA or pension.
• Choose Chip if your main goal is a strong interest rate on easy-access-style savings.

Plum review: the AI money assistant

Plum started as a chatbot and has grown into a full financial assistant. Its headline feature is auto-saving: the app looks at your income, bills and spending, then moves what it thinks you can afford into a Plum pocket. You can also set rules, such as rounding up transactions or depositing a fixed amount every payday.

Plum now holds its own UK banking licence, which means eligible deposits can be protected up to £85,000 under the FSCS. It also offers a stocks and shares ISA, a self-invested personal pension (SIPP) and themed investment funds. If you want to pay down debt faster, Plum has tools to help you overpay credit cards and loans.

Plum fees and plans

The basic Plum account is free. Paid tiers add features such as higher interest pockets, cashback on spending, more investment options and advanced savings rules. In 2026, paid plans range from about £2.99 to £8.99 per month depending on the package.

If you only want the basics — round-ups and occasional auto-savings — the free version is enough. If you want interest on savings pockets and investing, a paid plan usually pays for itself if you use the features.

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Moneybox review: investing without thinking

Moneybox is best known for round-ups. When you buy a coffee for £2.60, Moneybox rounds it up to £3.00 and puts the 40p into your savings or investment account. Over a year, those small amounts add up without you noticing.

You can also set weekly deposits, use a stocks and shares ISA, open a Lifetime ISA (LISA) for first-home or retirement savings, or start a pension. The app invests your money into tracker funds, so it is designed for people who do not want to pick individual stocks.

Moneybox fees

Moneybox charges £1 per month for its simple savings and investment accounts, plus a 0.45% annual platform fee. Fund fees are extra. The £1/month fee makes it cheap if you invest a few hundred pounds, but expensive if you only save tiny amounts. Always do the maths on whether the fees eat into your returns.

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Chip review: chasing the best savings rates

Chip positions itself as a savings app first. It connects to your bank, moves money automatically into savings accounts with partner banks, and aims to offer competitive easy-access rates. This is useful when high-street banks are paying far less than newer digital providers.

The app also supports stocks and shares ISAs and other savings goals, but its main appeal is rate-chasing without the admin of opening accounts at several banks. The ChipX subscription unlocks the best rates and extra features.

Chip fees and protection

Chip itself is not a bank, but deposits are held with partner banks that are FSCS protected. Check the app to see which bank is holding your money at any time, because protection depends on the partner institution. The basic Chip app is free; premium features require ChipX.

Pros and cons of each app

Plum

Pros

• Free basic auto-saving with AI
• Own UK banking licence and FSCS protection for deposits
• Savings, investing, bill management and debt tools in one place
• Higher interest pockets available on paid plans

Cons

• Best features locked behind monthly subscriptions
• Investment choices are narrower than dedicated platforms
• AI savings amounts can occasionally be over-cautious

Moneybox

Pros

• Round-ups make investing painless
• Great for first-time investors and Lifetime ISA users
• Simple funds mean no stock-picking stress
• Clear, beginner-friendly app design

Cons

• £1/month fee plus platform charge makes small balances costly
• Limited control over investment choices
• Not designed for high-interest cash savings

Chip

Pros

• Strong focus on competitive savings rates
• Automatic saving across partner banks
• Easy-access-style accounts without opening multiple apps
• FSCS protection via partner banks

Cons

• Not a bank itself, so features depend on partners
• Best rates usually require ChipX subscription
• Investment options are less developed than Plum or Moneybox

Which automatic savings app is right for you?

Pick based on your main goal, not the app with the most features.

• If you want effortless investing, start with Moneybox.
• If you want all-in-one money management, try Plum.
• If you want top savings rates with minimal effort, use Chip.

Many people actually combine two apps: a savings app for cash and an investing app for long-term growth. Just make sure you are not paying for features you never use.

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FAQ

Are Plum, Moneybox and Chip safe?

All three are regulated in the UK. Plum has its own banking licence, so eligible deposits are FSCS protected up to £85,000. Moneybox and Chip hold customer money with FSCS-protected partner banks. Investments can fall as well as rise, so they are not covered by the FSCS in the same way.

Can I lose money with an automatic savings app?

Cash savings held with FSCS-protected banks are protected up to £85,000 per person, per institution. Investments are not guaranteed: their value can go down as well as up.

Which app pays the highest interest?

Rates change frequently. As of 2026, Chip and Plum have historically competed on headline savings rates, but you should check the app on the day you open the account. Do not forget to subtract any subscription fees when comparing.

Do I need a paid plan to save automatically?

No. Plum, Moneybox and Chip all let you auto-save on a free or basic plan. Paid plans add perks such as higher interest, investing options and advanced rules.

Can I have more than one automatic savings app?

Yes. Many people use one app for cash savings and another for investing. Just keep track of fees and which provider holds your money.

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