Monzo has introduced its automated savings challenge for the year 2026. The savings challenge entails starting on January 1 by saving just 1p and gradually increasing the daily saving amount 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, a Challenge Pot will be created by Monzo to seamlessly transfer and manage your savings. If you embark on the challenge on January 1, 2026, and successfully complete it, you will have accumulated £667.95 by December 31, 2026. Additionally, Monzo is awarding £10,000 to one individual who completes the challenge by January 31, 2027.
The challenge will last for 365 days from the date of your initial saving, and the deadline to opt in is January 31, 2026. Should you participate in the challenge for half a year, you would have saved £168.36.
This year, Extra, Perks, and Max customers have the opportunity to unlock new features for the challenge. They can enhance their savings challenge by opting to save 2p or 4p on the first day, followed by 4p and 8p on the second day, and so on.
Monzo indicates that the potential annual savings could reach £2,671.80 if customers boost their savings. Furthermore, Extra, Perks, and Max customers have the chance to earn 5% interest on their Challenge Pot and participate in a monthly prize draw to win £100, with 100 winners selected each month.
In the previous year, 1.7 million Monzo customers engaged in the savings challenge, collectively saving over £360 million by November.
Marc Sfeir, Product Director at Monzo, expressed, “Many of us kick off the year with ambitious financial goals like saving large sums, clearing debt, or revamping our budgets. However, research highlights that these lofty goals often falter due to their overwhelming nature. Fun savings challenges offer a different approach.”
“The key to success lies in leveraging micro-habits: starting small, maintaining consistency, and allowing progress to compound over time. By saving just a penny on the first day, two pennies on the second day, and so on, individuals hardly perceive the money leaving their accounts. Yet, by year-end, they would have saved £667.95. With the new opportunity to level up, they could potentially save up to £2,671.80 in a year.”
“In 2025, 1.7 million participants joined our Savings Challenge, underscoring that small steps can lead to significant accomplishments. Our objective is clear: to make saving accessible and enjoyable. When saving becomes effortless, it becomes a habit – and that’s where genuine financial transformation occurs.”