Monzo Launches Automated Savings Challenge for 2026
Monzo has reintroduced its fully automated savings challenge for the year 2026. The savings challenge entails starting on January 1 by saving just 1p and incrementally increasing the savings by 1p each day. This means saving 2p on January 2, 3p on January 3, and so forth.
Upon signing up for the challenge via the Monzo app, Monzo will set up a Challenge Pot and automatically transfer your savings into it. 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 a prize of £10,000 to one individual who finishes the challenge by January 31, 2027.
The challenge spans 365 days from the day you save your initial penny, and the deadline for opting in is January 31, 2026. If you participate in the challenge for half a year, you will have saved £168.36.
Customers with Extra, Perks, and Max accounts can access new features this year. They have the option to enhance their savings challenge by selecting to save 2p or 4p on the first day, followed by 4p and 8p on the second day, and so on.
Monzo highlights 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 have the chance to win £100 monthly through a prize draw, with 100 winners selected each month.
This year, 1.7 million Monzo customers participated in the savings challenge, collectively saving more than £360 million by November.
Product Director at Monzo, Marc Sfeir, emphasized the effectiveness of starting small with savings challenges. He stated, “Research shows those big financial goals often fail because they feel overwhelming. Fun savings challenges take a different approach by focusing on micro-habits. By saving small amounts daily, people barely notice the money leaving their account, leading to significant savings by year-end. Our aim is to make saving accessible and enjoyable, fostering lasting financial habits.”
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