An expert in personal finance is advising individuals in the UK to take a specific action before their January salary to potentially access savings of up to £1,164.
Rajan Lakhani, who heads the Money division at Plum, a money management app, is recommending the establishment of an “autosave” rule within their banking applications.
The “autosave” function is a tool found 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 to savings accounts, streamlining the saving process.
According to a study conducted by Plum, on average, individuals utilized auto-saving mechanisms to save £97 per month in 2025.
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By starting this process in January, individuals could accumulate £1,164 in savings by the end of the year. If these funds are placed in a high-interest savings account with a rate exceeding 4%, the total savings could increase to approximately £1,210.
Several popular digital banks offering “autosave” functionalities include Monzo, Starling, Revolut, and Chase.
Rajan Lakhani from Plum stated, “Implementing a payday autosaver can present a hassle-free method to save regularly, aiding in maintaining consistency and achieving long-term financial objectives.
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