Plum launches Spend Tracker feature

According to Plum’s officials, the launch of the new features intends to support individuals in better managing their budgets in the current economy. While descending, inflation in the UK is still high and increases the cost of everyday consumer goods and services. The Spend Tracker feature comes as an addition to the bill tracker that automatically detects recurring payments and shows what was paid and what is left to pay. The company introduced the Spend Tracker to allow its customers to visualise a breakdown of their spending and help them in removing the issues that come with budgeting.

By merging the redesigned Spend tab with the feature, Plum focuses on enabling its customers to better understand their finances and make informed decisions about their spending and savings. Moreover, the launch supports the company’s commitment to maximise its customers’ wealth and assist them in budgeting their finances. The newly launched savings feature follows the introduction of several wealth-building products from Plum, including the launch of Plum Interest  in September 2023. Plum Interest is a product aimed to allow customers to benefit more directly from higher central bank rates and to increase returns on cash. At that time, the solution could be leveraged by customers in the UK, France, Spain, Italy, the Netherlands, and Ireland, with them being able to hold their funds in government-backed assets that reflect the respective interest rates provided by central banks. The company designed Plum Interest to offer a location for individuals to hold their money rather than remain dormant in low-interest accounts, as it merged higher rates with daily returns.

Furthermore, Plum plans to continue to expand its ISA offering with both a Cash ISA and a Lifetime ISA later in 2024.

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