Using Open Banking to power a smart savings account
Plum is a savings and investment ‘robot’ for your phone that analyzes your spending and automatically saves money for you. Plum decided to make saving money seem less of a chore and easier by allowing people to spend on ‘things they want, rather than things they need’.
What's the Open Banking use case?
It works by linking to your bank account (all major UK banks) using Open Banking and analyzing your cash flows to work out the best amount to put away every week. You determine how much you want Plum to save and ask it to stop saving at any time. To sign up for Plum you must be a UK resident.