Monzo has introduced its automated savings challenge for the year 2026. This initiative involves starting on January 1 by saving just 1 penny, then increasing the amount by 1 penny daily. For instance, on January 2, you would save 2p, and on January 3, 3p, and so forth.
Upon signing up for the challenge via the Monzo app, a Challenge Pot is created, and your savings are automatically transferred. 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 offering £10,000 to one individual who finishes the challenge by January 31, 2027.
The challenge spans 365 days from your first saved penny, and the deadline to opt in is January 31, 2026. Halfway through the year, participants would have saved £168.36.
Exclusive to Extra, Perks, and Max customers this year are enhanced features. They 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 maximizing your savings, there is potential to save £2,671.80 annually. Moreover, Extra, Perks, and Max customers can earn 5% interest on their Challenge Pot and are entered into a monthly prize draw to win £100, with 100 winners each month.
In the previous year, 1.7 million Monzo customers participated in the savings challenge, collectively saving over £360 million by November.
Marc Sfeir, Product Director at Monzo, highlighted the effectiveness of fun savings challenges in achieving financial goals by starting small and being consistent. The approach leverages the science of micro-habits to make saving effortless and habitual, leading to significant financial changes.