Monzo recently unveiled the revival of its fully automated savings challenge set for 2026. The savings challenge involves starting on January 1 by saving a mere 1p, then progressively increasing the daily saved amount by 1p. For instance, one would save 2p on January 2, 3p on January 3, and so forth.
Participants opting in through the Monzo app will have a Challenge Pot created for them and their savings will be automatically transferred. If one commits to the challenge from January 1, 2026, until its completion, a total of £667.95 will be saved by December 31, 2026. Moreover, a prize of £10,000 awaits one lucky individual who finishes the challenge by January 31, 2027.
The duration of the challenge spans 365 days from the day of the first penny saved, and the deadline for enrollment is January 31, 2026. Should one partake in half of the challenge duration, a sum of £168.36 will be saved.
Exclusive benefits are in store for Extra, Perks, and Max customers this year. These customers can elevate their savings challenge by opting to save 2p or 4p on day one, followed by 4p and 8p on day two, and so on.
Monzo suggests that by turbocharging savings, individuals have the potential to amass £2,671.80 a year. Additionally, Extra, Perks, and Max customers stand to earn 5% interest on their Challenge Pot and are automatically entered into a monthly draw to win £100, with 100 winners each month.
This year saw a notable participation of 1.7 million Monzo customers in the savings challenge, collectively accumulating over £360 million by November.
Marc Sfeir, Product Director at Monzo, emphasized the significance of starting small for lasting financial change. The micro-habits approach encourages consistency and gradual progress, ensuring that saving becomes a seamless and rewarding habit.
