A financial expert is advising UK residents to take a specific action before their January salary to potentially unlock savings of up to £1,164.
Rajan Lakhani, who heads the Money division at financial management app Plum, is suggesting individuals set up an automatic savings rule within their banking application.
An automatic savings rule is a functionality within a banking app that moves funds into a savings account or investment portfolio at predetermined intervals.
The concept behind this feature is to eliminate the need for manual transfers to your savings account, streamlining the process.
Plum’s analysis reveals that on average, individuals used auto-saving tools to save £97 per month in 2025.
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By starting in January, individuals can have £1,164 saved by the end of the year. If these funds are put into a high-interest savings account with a rate exceeding 4%, the total savings could grow to approximately £1,210.
Some of the popular digital banks offering auto-save functionalities include Monzo, Starling, Revolut, and Chase.
Rajan Lakhani, the Head of Money at Plum, stated: “Implementing a payday autosaver can simplify monthly saving, aiding in consistency and achieving long-term financial objectives.
“This single action
