A finance expert is advising Brits to take a specific action before their January payday that could result in unlocking up to £1,164 in potential savings.
Rajan Lakhani, the Head of Money at the money management app Plum, is suggesting individuals activate an “autosave” function on their banking application.
The “autosave” feature in a banking app automatically moves funds into a savings account or investment portfolio at predetermined intervals.
The purpose is to eliminate the manual task of transferring money into a savings fund.
Plum’s analysis reveals that on average, workers used auto-saving tools to save £97 per month in 2025.
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Starting in January could result in having £1,164 saved by the end of the year. By moving these funds into a high-interest savings account with a rate exceeding 4%, the savings could grow to approximately £1,210.
Popular digital banks offering “autosave” functionalities include Monzo, Starling, Revolut, and Chase.
Rajan Lakhani from Plum stated, “Initiating a payday autosaver can be a hassle-free way to save monthly, ensuring consistency and progress towards long-term financial objectives.
“Taking this simple step before January payday can help in building savings almost effortlessly