Monzo has introduced its automated savings challenge for the year 2026. The savings challenge entails starting on January 1 by saving just 1p, then incrementally increasing the saved amount by 1p each day. For example, on January 2, you would save 2p, on January 3, 3p, and so forth.
Upon signing up for the challenge through the Monzo app, a Challenge Pot is created by Monzo, which automatically transfers your savings. If you commence on January 1, 2026, and successfully complete the challenge, you will have accumulated 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 spans 365 days from the initial penny saved, with a deadline for opting in by January 31, 2026. Halfway through the year, completing the challenge would result in savings of £168.36.
Extra, Perks, and Max customers can access new features this year, enabling them to enhance 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 the potential to save £2,671.80 annually by turbocharging your savings. Extra, Perks, and Max customers can also earn 5% interest on their Challenge Pot and participate in a monthly prize draw for a chance to win £100 each month, with 100 winners monthly.
This year, 1.7 million Monzo customers engaged in the savings challenge, collectively saving over £360 million by November.
Marc Sfeir, Monzo’s Product Director, emphasized the effectiveness of small savings habits, citing the success of the Savings Challenge in helping individuals save gradually and consistently. The aim is to make saving enjoyable and achievable, fostering a habit that leads to impactful financial changes.