An expert in personal finance is advising individuals in the UK to take a specific action before their January payday to potentially unlock savings of up to £1,164.
Rajan Lakhani, the Money Head at Plum, is recommending that people activate an automatic savings feature, known as an “autosave” rule, on their banking application.
This function within a banking app transfers money into a savings account or investment fund at scheduled intervals without the need for manual intervention.
The purpose of this feature is to streamline the process of saving by eliminating the necessity to manually move funds into a savings account.
Based on a study conducted by Plum, the average worker utilized auto-saving tools to stash away £97 per month into savings during 2025.
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By starting in January, individuals can potentially accumulate £1,164 in savings by the year’s end. If these funds are placed into a high-interest savings account with a rate exceeding 4%, the savings could increase to approximately £1,210.
Some of the popular digital banks offering “autosave” functionalities include Monzo, Starling, Revolut, and Chase.
Rajan Lakhani, the Money Head at Plum, emphasized, “Establishing a payday autosaver can present a hassle-free path to saving each month, aiding in maintaining consistency and achieving long-term financial objectives.
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