Monzo has unveiled the revival of its automated savings challenge for the year 2026.
The savings challenge involves starting on January 1 by saving a mere 1p, then gradually increasing the savings amount by 1p each day. This means saving 2p on January 2, 3p on January 3, and so forth.
Upon enrolling in the challenge via the Monzo app, a Challenge Pot will be set up by Monzo, automatically transferring your savings for you.
If you commence the challenge on January 1, 2026, and successfully complete it, you will have accumulated £667.95 by the end of December 31, 2026. Additionally, Monzo is offering a £10,000 prize to one individual who finishes the challenge by January 31, 2027.
Your challenge duration spans 365 days from the day you save your initial penny, and the deadline to opt in is January 31, 2026. Should you partake in the challenge for half a year, your savings will amount to £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 day one, followed by 4p and 8p on day two, and so on.
Monzo suggests that by maximizing your savings, there is a potential to save £2,671.80 annually. Furthermore, Extra, Perks, and Max customers can earn 5% interest on their Challenge Pot and are automatically entered into a monthly draw to win £100 each month, with 100 winners selected monthly.
A total of 1.7 million Monzo customers participated in the savings challenge this year, collectively saving over £360 million by November.
Marc Sfeir, Product Director at Monzo, stated, “At the beginning of each year, many of us set significant financial goals such as saving large sums, clearing debts, or revamping our budgets. However, research indicates that these lofty objectives often falter due to their overwhelming nature. Engaging in enjoyable savings challenges offers a different approach.”
“The key to success lies in leveraging the concept of micro-habits: starting small, maintaining consistency, and allowing progress to accumulate over time. By saving just a penny initially, two pennies the next day, and so on, individuals may hardly notice the money exiting their accounts. Yet, by year-end, they could have saved £667.95. With the option to level up, they could potentially save up to £2,671.80 in a year.”
“In 2025, 1.7 million individuals joined our Savings Challenge, demonstrating that small steps indeed lead to significant accomplishments. Our aim is simple: to make saving easy and enjoyable. When saving becomes effortless, it transforms into a habit – and that’s how genuine financial transformation occurs.”