Monzo has reintroduced its fully automated savings challenge for the year 2026. The initiative involves starting on January 1 by saving just 1p, then gradually increasing the daily savings amount by 1p each day. By participating in the challenge through the Monzo app, a Challenge Pot is created, and savings are automatically transferred.
Those who embark on the challenge from January 1, 2026, and successfully complete it will have accumulated savings of £667.95 by December 31, 2026. Additionally, Monzo is awarding £10,000 to one individual who finishes the challenge by January 31, 2027. The challenge spans 365 days from the first saved penny, with an opt-in deadline of January 31, 2026. Halfway through the year, participants will have saved £168.36.
Exclusive perks are available for Extra, Perks, and Max customers this year. These customers have the option to enhance their savings challenge by starting with 2p or 4p on day one, doubling the amount each subsequent day. Monzo suggests that by maximizing their savings, customers could potentially save £2,671.80 annually. Moreover, these customers can earn 5% interest on their Challenge Pot and stand a chance to win £100 monthly through a prize draw, with 100 winners each month.
In the previous year, 1.7 million Monzo customers engaged in the savings challenge, collectively amassing over £360 million in savings by November.
Marc Sfeir, Product Director at Monzo, emphasized the significance of starting small with financial goals to achieve success. The approach of incremental savings, starting with as little as 1p and gradually increasing, aims to make saving effortless and habitual, leading to real financial changes.