Monzo has reintroduced its fully automated savings challenge for the year 2026.
The savings challenge involves starting on January 1 by saving just 1p, then increasing the saved amount by 1p each day. For example, you would save 2p on January 2, 3p on January 3, and so forth.
Upon signing up for the challenge via the Monzo app, a Challenge Pot is created, and Monzo will automatically transfer your savings.
Completing the challenge starting on January 1, 2026, will result in 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 duration is 365 days from your first saved penny, and the deadline to opt in is January 31, 2026. Half-year participation would yield savings of £168.36.
Extra, Perks, and Max customers can access new features this year, allowing them to enhance their savings challenge by opting to save 2p or 4p on the first day, then doubling the amount each subsequent day.
Monzo highlights the potential to save £2,671.80 annually by maximizing savings. Moreover, Extra, Perks, and Max customers can earn 5% interest on their Challenge Pot and participate in a monthly prize draw to win £100, with 100 winners chosen monthly.
A total of 1.7 million Monzo customers engaged in the savings challenge this year, collectively saving over £360 million by November.
Marc Sfeir, Monzo’s Product Director, emphasized the effectiveness of starting small with savings challenges to achieve significant financial milestones. The success lies in the concept of micro-habits, where consistent small savings accumulate over time, leading to substantial savings without feeling burdensome. The aim is to make saving effortless and enjoyable, fostering long-term financial habits and positive change.