Monzo has introduced its automated savings challenge for the year 2026. The savings challenge kicks off on January 1 with a minimal 1p contribution, gradually increasing by 1p each day. By participating through the Monzo app, a designated Challenge Pot is set up to manage your savings automatically.
For those embarking on the challenge on January 1, 2026, and successfully completing it by December 31, 2026, a total savings sum of £667.95 is expected. Additionally, Monzo is offering a £10,000 prize to one lucky individual who finishes the challenge by January 31, 2027.
The challenge spans 365 days from the initial savings date, giving participants until January 31, 2026, to enroll. Halfway through the year, participants can expect to have saved £168.36.
Exclusive benefits await Extra, Perks, and Max customers this year, offering the option to amplify their savings challenge by opting to start with 2p or 4p and doubling the amount each subsequent day.
Monzo highlights the potential to amass £2,671.80 annually through accelerated savings. Moreover, Extra, Perks, and Max customers stand to earn 5% interest on their Challenge Pot and qualify for a monthly prize draw with a chance 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, emphasizes the effectiveness of small, consistent steps in achieving significant financial milestones. The approach of incremental savings, starting with a penny and progressively increasing, aims to make saving effortless and habitual, fostering real financial progress.