Monzo has unveiled its automated savings challenge for the year 2026. The initiative involves starting on January 1 by saving just 1 penny and gradually increasing the daily savings by 1 penny each day. By participating through the Monzo app, a Challenge Pot is created for users, with savings automatically transferred.
Those who commence the challenge on January 1, 2026, and complete it will have accumulated £667.95 by December 31, 2026. Additionally, Monzo is offering a £10,000 prize to one individual who finishes the challenge by January 31, 2027. The challenge spans 365 days from the initial deposit date, and the deadline to join is January 31, 2026. Participants who complete half of the challenge will have saved £168.36.
Exclusive features are available for Extra, Perks, and Max customers this year, allowing them to enhance their savings challenge. They can opt to save 2p or 4p on the first day, followed by 4p and 8p on the subsequent day, and so forth. Monzo suggests the potential to save £2,671.80 annually by accelerating savings. These customers can also earn 5% interest on their Challenge Pot and qualify for a monthly prize draw to win £100, with 100 winners monthly.
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 and being consistent with savings to achieve significant financial goals. The company aims to make saving enjoyable and effortless, fostering a habit that leads to substantial financial improvements.