Monzo Introduces Automated Savings Challenge for 2026
Monzo has unveiled the revival of its fully automated savings challenge for 2026. The savings challenge kicks off on January 1, where participants begin by saving a mere 1p and incrementally increase their savings by 1p each day. For instance, on January 2, they would save 2p, followed by 3p on January 3, and so forth.
Upon enrolling in the challenge via the Monzo app, a Challenge Pot is set up by Monzo, automatically transferring the saved amounts. By starting on January 1, 2026, and successfully completing the challenge, participants can amass savings of £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 first saved penny, and the deadline to opt in is January 31, 2026. Those who complete half of the challenge year would have saved £168.36.
Exclusive benefits are in store for Extra, Perks, and Max customers this year. They have the opportunity to enhance their savings challenge by opting to save 2p or 4p on the initial day, then increasing to 4p and 8p on the subsequent day, and so on.
Monzo highlights the potential to save £2,671.80 annually by turbocharging savings. Extra, Perks, and Max customers can also earn 5% interest on their Challenge Pot and stand a chance to win £100 each month through a prize draw, with 100 winners monthly.
A staggering 1.7 million Monzo customers participated in the savings challenge this year, collectively amassing over £360 million by November.
Marc Sfeir, Product Director at Monzo, remarked, “Most of us commence the year with grand financial resolutions – saving thousands, clearing debts, restructuring budgets. However, studies reveal that such lofty goals often falter due to their overwhelming nature. Engaging savings challenges offer a different approach.
“The key to success lies in the science of micro-habits: initiate with modest steps, maintain consistency, and witness progress compound over time. By saving a penny on day one, two pennies on day two, and so forth, individuals barely feel the funds leaving their account – yet by year-end, they have amassed £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 embraced our Savings Challenge, underscoring that small strides indeed lead to significant victories. Our objective is straightforward: make saving convenient and enjoyable. When saving becomes effortless, it evolves into a habit – and that’s when authentic financial transformation occurs.”