Monzo has introduced its automated savings challenge for the year 2026. The savings challenge entails commencing on January 1 by saving just 1p, then progressively increasing the daily savings by 1p each day. For instance, 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 to facilitate automatic transfer of your savings. By successfully completing the challenge starting on January 1, 2026, you could accumulate £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 saving the initial penny, with an opt-in deadline of January 31, 2026. Halfway through the year, participants could amass savings amounting to £168.36.
This year, Extra, Perks, and Max customers can access enhanced features. They have the option to elevate their savings challenge by opting to save 2p or 4p on day one, followed by 4p and 8p on day two, and so on.
Monzo highlights the potential to save £2,671.80 annually by accelerating savings. Extra, Perks, and Max customers are eligible for a 5% interest rate on their Challenge Pot and entry into a monthly draw to win £100, with 100 winners selected each month.
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, emphasized the effectiveness of starting small with savings challenges to achieve significant financial gains. Research indicates that incremental progress through micro-habits can lead to substantial savings without overwhelming individuals. The approach of gradually increasing savings each day has proven successful, with millions of participants in 2025 demonstrating the effectiveness of small steps towards financial stability. The objective is to make saving effortless and enjoyable to establish sustainable financial habits that drive lasting change.
