Monzo has introduced its automated savings challenge for the year 2026. The savings challenge entails starting on January 1 by saving just 1p, then increasing the daily savings amount by 1p each day. By following this pattern, you would save 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 created by Monzo, and your savings will be automatically transferred for you. If you commence 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 finishes the challenge by January 31, 2027.
The challenge spans 365 days from the date of your initial savings, and the deadline to opt in is January 31, 2026. Participating in the challenge for half a year would result in savings of £168.36.
This year, Extra, Perks, and Max customers have the opportunity to access new features. 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 suggests that by maximizing your savings, there is a potential to save £2,671.80 annually. Extra, Perks, and Max customers can also earn 5% interest on their Challenge Pot and be included in a monthly prize 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, “The key to success lies in the science of micro-habits: starting small, maintaining consistency, and allowing progress to compound over time. By gradually increasing savings from a penny on day one to two pennies on day two and so on, individuals hardly notice the money leaving their account. However, by the end of the year, they will have saved £667.95. Now, with the option to level up, they could potentially save up to £2,671.80 in a year.
“In 2025, 1.7 million people joined our Savings Challenge, demonstrating that small steps indeed lead to significant accomplishments. Our objective is straightforward: to make saving easy and enjoyable. When saving becomes effortless, it forms a habit, leading to genuine financial transformation.”