Monzo has reintroduced its fully automated savings challenge for the year 2026.
The savings challenge involves starting on January 1 by saving just 1p and then increasing the saved amount by 1p each day. This means saving 2p on January 2, 3p on January 3, and so forth.
Upon signing up for the challenge through the Monzo app, a Challenge Pot is created by Monzo, which automatically transfers the saved funds.
If you commence the challenge on January 1, 2026, and successfully complete it, you will have saved £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 day you save your first penny, and the deadline to opt in is January 31, 2026. Should you participate for half the year, you would have saved £168.36.
Extra, Perks, and Max customers have the opportunity to access new features this year. They can enhance their savings challenge by opting to save 2p or 4p on the initial day, followed by 4p and 8p on the next day, and so forth.
By turbocharging their savings, individuals have the potential to save £2,671.80 annually, as stated by Monzo. Additionally, Extra, Perks, and Max customers can earn 5% interest on their Challenge Pot and are automatically entered into a monthly prize draw to win £100, with 100 winners selected each month.
A total of 1.7 million Monzo customers participated in the savings challenge this year, collectively saving over £360 million by November.
Marc Sfeir, Product Director at Monzo, emphasized the effectiveness of starting small with savings challenges, citing the science of micro-habits. By gradually increasing savings amounts daily, individuals can save substantial amounts without feeling the impact on their accounts, fostering a habit of saving effortlessly for long-term financial change.