A financial expert is advising UK residents to take a specific action before their January salary to potentially access savings of up to £1,164..
Rajan Lakhani, who leads the Money division at the financial management app Plum, suggests setting up an “autosave” function on their banking application.
The “autosave” feature automatically moves funds from your account to your savings or investment account at specified intervals.
This eliminates the need for manual transfers into your savings, streamlining the process.
Data from Plum indicates that on average, individuals used auto-saving tools to save £97 per month in 2025.
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This strategy could result in individuals amassing £1,164 in savings by the end of the year. By placing the funds into a high-interest savings account with a rate exceeding 4%, the savings could grow to approximately £1,210.
Several digital banks, including Monzo, Starling, Revolut, and Chase, offer “autosave” functionalities.
Rajan Lakhani from Plum’s Money division stated: “Establishing a payday autosaver can facilitate effortless monthly saving, aiding in maintaining consistency and achieving long-term financial objectives.
“It’s a simple pre-January payday action that can significantly boost savings without much effort.
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