Monzo has introduced its automated savings challenge for the year 2026. The savings challenge begins on January 1 by saving 1p, then increasing the saved amount by 1p each day. By January 2, you would save 2p, and on January 3, 3p, continuing in this manner.
Upon enrolling through the Monzo app, a Challenge Pot is created, and your savings are automatically transferred. If you commence on January 1, 2026, and successfully complete the challenge, you will have saved £667.95 by December 31, 2026. Additionally, Monzo is granting £10,000 to one individual who finishes the challenge by January 31, 2027.
The challenge spans 365 days from your initial saved penny, and the deadline to opt in is January 31, 2026. If you partake for half of the year, you would have saved £168.36.
Customers with Extra, Perks, and Max memberships can access new features this year, enhancing their savings challenge by opting to save 2p or 4p on the first day, followed by 4p and 8p on the second day, and so forth.
Monzo highlights the opportunity to save £2,671.80 annually with accelerated savings. Customers with Extra, Perks, and Max memberships can earn 5% interest on their Challenge Pot and be entered into a monthly draw to win £100, with 100 winners each month.
This year, 1.7 million Monzo customers participated in the savings challenge, collectively saving over £360 million by November.
Marc Sfeir, Product Director at Monzo, emphasized the effectiveness of starting small with savings challenges to achieve significant financial goals. The approach is based on the concept of micro-habits, encouraging consistency and gradual progress. By saving small amounts daily, individuals can accumulate substantial savings without feeling a significant impact on their finances. The aim is to make saving enjoyable and effortless, fostering a habit that leads to meaningful financial changes.