Monzo has reintroduced its fully automated savings challenge for the year 2026.
The savings challenge entails beginning on January 1 by saving just 1p, then increasing the saved amount by 1p daily. For instance, on January 2, you save 2p, on January 3, you save 3p, and so forth.
Upon enrolling in the challenge via the Monzo app, Monzo sets up a Challenge Pot and handles the automatic transfer of your savings.
By embarking on the challenge on January 1, 2026, and successfully completing it, you would have accumulated £667.95 by December 31, 2026. Additionally, Monzo is awarding £10,000 to an individual who finishes the challenge by January 31, 2027.
The challenge spans 365 days starting from the day you save your initial penny, and the deadline to opt in is January 31, 2026. If you partake in the challenge for half a year, you will have saved £168.36.
Extra, Perks, and Max customers have the opportunity to access new features this year. They can elevate their savings challenge by opting to save 2p or 4p on the first day, followed by 4p and 8p on the subsequent day, and so on.
Monzo anticipates that by maximizing your savings, you could potentially save £2,671.80 annually. Moreover, Extra, Perks, and Max customers are eligible to earn 5% interest on their Challenge Pot and stand a chance to win £100 monthly in a prize draw, 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, stated that the Savings Challenge employs micro-habits to promote financial success. By initiating with small savings increments that compound over time, individuals can save without feeling the impact on their accounts. The aim is to make saving enjoyable and effortless, fostering a habit that leads to significant financial improvements.