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How does Auto-save work?
How does Auto-save work?

Penfold Auto-save helps you calculate your optimum pension contribution. Discover how Auto-save works with this short, jargon-free guide.

Ellie Lister avatar
Written by Ellie Lister
Updated over a week ago

Auto-save is the faff-free savings tool that calculates the amount you should save each month, based on your in and outgoings.

Simply select a percent of your excess income that you'd like to save, and we'll calculate the amount for you. We'll send you a message to let you know what this calculation is, and then you can amend or confirm the amount.

  1. Select the Auto-save tile and connect your current account. We use bank-level security and encryption to protect your data.

  2. Set your Auto-save percentage - which is the percent of your excess income that you want to save each month - and a payment day.

  3. Check our recommended payment notification. We’ll send a notification asking if you’re happy with the recommended amount. You’ll have three days to confirm or amend the amount.

  4. Payment successful!

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