Take the Plum 52-Week Saving Challenge!

Nick Saving Money events, reviews 1 Comment

I have written about Plum a few times on Pounds and Sense. Today I am spotlighting their new Plum 52-Week Saving Challenge. This is designed to help you set aside a handy lump sum of up to £1,378 in a year, while making the whole process as quick and easy as possible 🙂

Let’s start with the basics for those who may be new to Plum, though…

What is Plum?

Plum is a smart money app designed to help you automate setting money aside for any purpose – from holidays to major purchases or simply for a ‘rainy day’ fund. It uses AI to analyze your spending and then makes suggestions about saving and investing.

NOTE: Capital is at risk if you invest. The value of investments can go down as well as up.

Plum is one of a range of apps that make use of Open Banking. This allows third-party apps to access your financial information – as long as you provide the necessary authorization, of course – and perform certain transactions on your behalf (if you choose to set up a direct debit). Plum uses Open Banking to access your financial information with your authorization. Ensure you are comfortable with this before proceeding.

Plum offers three levels of account. These are the free Plum Basic and paid-for Pro and Premium. 

The Basic account is (as stated) free of charges. Fees apply for Pro and Premium accounts. Plum Pro costs £2.99 a month and Premium costs £9.99 a month. The Pro and Premium accounts offer a wider range of features and higher interest rates in interest-bearing ‘Pockets’. It’s important to note that these are not traditional savings accounts. This is further discussed on the main Plum website.

The current challenge is specifically for people who have a Pro or Premium account 

The 52-Week Saving Challenge

The Plum 52-Week Saving Challenge is designed to help you set aside up to £1.378 in one year. Here’s how it works. 

You start by setting aside  £1 in the first week. Then each week you add £1 more than the previous week. So in the second week, you set aside £2, in the third week £3, and so on.

Week 1: £1

Week 2: £2

Week 3: £3 . . .

Week 51: £51

Week 52: £52

By the end of the challenge year, you will have set aside a total of £1,378. Before you start you can check out a special calendar in the app that shows exactly how much money you’ll be setting aside each week.

How to Get Started

As mentioned above, holders of Plum Pro or Premium accounts have access to a built-in feature that makes the whole challenge as easy and painless as possible. Just follow these few simple steps below… 

• Open the Plum app and find the Brain.
• Tap on the 52-week challenge to activate it.
• You can turn it on or off like a light switch. Before you turn it on, you’ll be able to see the calendar mentioned above, which shows exactly how much money you’ll be saving each week.
• Plum say that if they aren’t able to create a deposit for a specific week, the amount for that week won’t be skipped. They will deposit that amount the following week instead, so you won’t miss out.

Closing Thoughts

In my view the Plum 52-Week Savings Challenge represents a great opportunity to save a handy lump over a 12-month period. You could use this to pay for a well-deserved holiday or other one-off purchase, or even put it towards Christmas 2025! 

Using the app automates the whole process, making it as quick and painless as possible. But of course you can switch it off any time if your circumstances change.

As always, if you have any comments or questions about this blog post, please do leave them below.

Disclosure: This is a sponsored post. If you click through any of my links and set up an account with Plum, I may receive a modest commission for introducing you. This will not affect in any way the terms you are offered. 

Plum is the trading name of Plum Fintech Limited, which is registered with the FCA (FRN 836158) to carry out payment services activities as a Registered Account Information Service Provider, to carry out payment services activities. Plum is a distributor of Modulr FS Ltd and an agent of PayrNet Ltd for the purposes of the Plum Card. Modulr (FRN 900573) and PayrNet (FRN 900594) are regulated and authorised as Electronic Money Institutions by the FCA. Plum Money is the trading name of Saveable Ltd, which is authorised and regulated by the FCA (FRN 739214) to carry out investment and credit broking services. T&Cs apply. Visit www.withplum.com.