You can now automatically save £5 every time it rains

THOSE struggling to get into the habit of saving money may want to consider using new technology, which could automatically transfer cash every time it rains.

Alternatively, you can also choose to move money every time you browse for flights or hotels for your next holiday.

Save money in the rain
New technology is making saving less of a chore
Getty – Contributor

This is possible thanks to the so-called “If This, Then That” (IFTTT) plans. IFTTT is a free platform that gets your apps and devices communicating with each other.

Users of the system set up “if, then” rules called “applets”. These consist of a “trigger” on one app and an “action” on another.

The trigger is an event that happens to set off your applet, like tweeting or making a purchase on your card. The action is something you would like to happen as a result of the trigger, like transferring money.

It’s often used for boring repetitive tasks, but you can also use it to boost your savings.

How does it work?

Saving cash may seem like a chore but thanks to IFTTT, it can actually be quite fun.

By setting up an applet with rainy weather as the “trigger” and saving £5 as the “action”, every time it rains where you are, a fiver is transferred from your account.

This is thanks to the Weather Underground – a real-time weather service also connected to the system – which will communicate with IFTTT when it rains in your location and the service will then transfer the money from your account.

Or if you’re a fan of social media, you can set up an applet that saves an amount of your choice every time you upload a new picture.

Rainy day fund
The platform allows you to easier build up a rainy day fund
Getty – Contributor

The system connects with more than 600 different apps, devices, and services including Facebook, Twitter, Instagram and Fitbit.

So far, it’s only connected to challenger bank Monzo and money platform Dozens – but the latter doesn’t yet have a UK banking license, so carefully consider the risks before you sign up.

To get started, you’ll need to create an account on IFTTT through its website. It only requires an email, username and a password, or you can sign up via Facebook and your Google account.

You’ll then need to connect it with your account at Monzo or Dozens, and afterwards you’ll be able to select pre-built applets, or design new ones.

If you’re not already a customer with either of the two, you can create an account with Monzo here and register your interest with Dozens here.

What happens to the money?

Monzo lets users create so-called “pots” of money with the cash transferred through IFTTT.

The pot is not an account and it doesn’t accrue interest, but you also can’t directly use it with your Monzo card, meaning you won’t be tempted to spend the cash on something else.

If you don’t have enough money in your account when an action is triggered, IFTTT will be stopped by Monzo from moving money out of your account.

Monzo has pre-built some applets that users can sync with their accounts, such as saving a set amount when you exercise or charging yourself a fast food “tax” whenever you go to McDonald’s.

Monzo Bank
Monzo is the only UK bank that’s so far allows customers to use the system

You can also use IFTTT to easily take part in the penny savings challenge, or rounding up card purchases to the nearest 50p or £1 – just to mention a few.

Dozens’ instant access savings account doesn’t pay interest either as it instead offers savers the chance to win cash prizes, but it offers similar pre-built applets as Monzo.

Yet due to the accounts not paying interest, keep in mind that while IFTTT helps you build up cash and increase your savings habits, you’re usually better off putting that money into an account with higher interest.

We’ve made a round-up of the best easy-access savings accounts currently on the market below.

These are typical accounts that let you pay money in and withdraw it when you want – usually without being penalised.

Rates on the accounts are normally lower than fixed-rate ones but you’ll want to check them out if you know you might need to access your cash.

Best easy-access savings accounts

HERE are the best savings accounts that gives you easy access to your cash.

Minimum investment: £1

Rate: 1.50 per cent

Interest earned on £1,000: £15

  • Virgin Money Double Take E-Saver – Apply Here

Minimum investment: £1

Rate: 1.50 per cent

Interest earned on £1,000: £15

Keep in mind you’ll only be allowed two cash withdrawals per year.

Minimum investment: £1,000

Rate: 1.50 per cent

Interest earned on £1,000: £15

  • Yorkshire Building Society Online Single Access Saver – Apply Here

Minimum investment: £100

Rate: £1.46 per cent

Interest earned on £1,000: £14.60

Or if you’re looking to set up IFTTT with your account, you also need to be realistic about the actions you set up.

Rachel Springall, finance expert at comparison site Moneyfacts, told The Sun: “As consumers would set up automatic ‘trigger’ transactions they need to be make sure they review these every so often.

“As an example, someone could have a weekly transaction to save if they make larger than usual purchases, they may end up moving too much cash out of their bank account and hit their overdraft.

“IFTTT is basically artificial intelligence, it’s not a human being so it is only as efficient as the rules put in place by the user.

“However, if used effectively, it can help customers save more, cut down their electricity use, create helpful reminders for sales items and can even help people track their business expenses.”

Last year, Monzo was voted the best bank while TSB toppled to the bottom of the table.

From the best ways save a few pounds here and there to tips from the experts, here are also 50 ways to save money.

These are currently the top apps to help you save money.

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