An expert in personal finance is advising individuals in the UK to take a specific action before their January salary to potentially unlock savings of up to £1,164.
Rajan Lakhani, who serves as the Head of Money at Plum, is promoting the establishment of an “autosave” rule within banking applications.
The “autosave” rule is a functionality available in banking apps that automatically moves funds into a savings account or investment portfolio at predetermined intervals.
The purpose of this feature is to eliminate the need for manual transfers of money into savings accounts, streamlining the process.
Plum’s analysis reveals that on average, workers utilized auto-saving tools to save £97 per month in 2025.
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This means that individuals starting in January could have saved £1,164 by the year’s end. If these funds are transferred to a high-interest savings account with a rate exceeding 4%, the savings could potentially increase to around £1,210.
Several popular digital banks, such as Monzo, Starling, Revolut, and Chase, offer “autosave” functionalities.
Rajan Lakhani emphasized, “Establishing a payday autosaver can offer a hassle-free method to save each month, aiding in maintaining consistency and achieving long-term financial objectives.
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