A finance expert is advising UK residents to take a specific action ahead of their January payday to potentially unlock savings amounting to £1,164.
Rajan Lakhani, who heads the Money division at the financial management app Plum, is promoting the establishment of an “autosave” rule within banking applications.
The “autosave” rule is a functionality in banking apps that automatically shifts funds into a savings account or investment portfolio at predetermined intervals.
The purpose is to eliminate the need for manual transfers to allocate money to savings.
Based on Plum’s analysis, on average, individuals utilized auto-saving tools to save £97 per month in 2025.
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By initiating this process in January, individuals could accumulate £1,164 by year-end. By transferring the funds to a high-interest savings account with a rate exceeding 4%, the savings could grow to approximately £1,210.
Several popular digital banks offering “autosave” capabilities include Monzo, Starling, Revolut, and Chase.
Rajan Lakhani from Plum stated, “Implementing a payday autosave feature can facilitate effortless monthly saving, promoting consistency and aiding in achieving long-term financial objectives.
“This simple action before January payday helps build savings almost passively.
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