Automating your savings: Set it and forget it

Why automate your savings?

Automating your savings takes the pressure off, so you don’t have to remember to save every month. No more putting it off or feeling tempted to skip saving for something important. It’s all about paying yourself first — saving before you spend.

Here’s why it’s great:

• Consistency: Even small, regular deposits add up.
• Peace of mind: You don’t have to think about it.
• Less stress: Let the system do the hard work for you.

And the best part? Automating your savings helps you feel more in control of your money, building your confidence and taking away some of the financial stress.

Learn How to manage money day to day.

How to automate your savings step-by-step

Setting up automated savings is easier than you think. Follow these simple steps to get started:

1. Set a savings goal: Whether it’s for a holiday, emergency fund, or a new gadget, having a target helps you stay motivated.
2. Use Auto Balancer on your current account: The auto balancer transfers money from your Savings account to your Current account. Learn more about it here.
3. Open a separate savings account: Choose one with useful features linked to your current account.
4. Decide how much to save: Even £10 per month adds up over time.
5. Use savings pots: Keep different savings goals organised. You could create pots for holidays, Christmas, or emergencies.
6. Review and adjust: As your income or budget changes, review your savings plan and adjust accordingly.

Setting up automated savings is a quick and effective way to stay on track with your financial goals.

Tools that make automatic saving even easier

TSB offers some excellent tools to help you automate your savings:

Save the Pennies: Round up your debit card transactions to the nearest pound and transfer the difference to your savings.

Standing orders: Set up recurring transfers so you don’t have to remember each month.

Savings Pots: Keep your savings organised by goal, such as saving for holidays or emergencies.

ISAs (Individual Savings Accounts): Grow your money tax-free by saving or investing in an ISA. Choose from options like Cash ISAs for easy access or Stocks & Shares ISAs for potential higher returns.

Savings challenges: Set up fun challenges like saving £7 in 7 days or triggered savings through apps.

For example, you could set up a standing order to save £20 per month, then add £10 more using round-ups. It’s a simple way to save regularly without much effort.

These tools are designed to make saving easy, even if you’re not able to save large amounts every month.

What should I consider with automatic savings?

While automating your savings is a great tool, it’s important to be aware of some considerations:

• Risk of insufficient funds: If the timing of your standing orders doesn’t align with your spending, you may risk going into the overdraft on your account.
• Feeling "locked in": You might think you’re stuck with your set amount — but you can change it anytime. Automated savings plans are flexible. You can pause, change, or adapt them as needed. It’s all about starting small, finding what works, and scaling up over time.

Looking for more savings help?

Don’t worry, you’re not on your own. There are plenty of resources and options available to help you reach your savings goals.

• Explore more about TSB Savings Accounts.
• Check out other helpful savings guides in our Help and Support section.

Remember, building good money habits doesn’t happen overnight, but with the right tools and support, you can make steady progress towards your financial goals.

You need to be 16+ and UK resident to open most of our savings accounts with the exception of Savings Pots and TSB ISAs.

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