Monzo has revealed the relaunch of its fully automated savings challenge for the year 2026.
The savings challenge kicks off on January 1 with a minimal 1p deposit, incrementing by 1p daily. For instance, on January 2, you save 2p, followed by 3p on January 3, and so forth.
Upon enrollment via the Monzo app, a Challenge Pot is set up to automate your savings transfer. Completing the challenge initiated on January 1, 2026, will result in savings of £667.95 by December 31, 2026. Additionally, Monzo offers a £10,000 reward to one successful participant by January 31, 2027.
The challenge spans 365 days from your initial penny saved, with an opt-in deadline of January 31, 2026. Half-year participation equates to savings of £168.36.
Exclusive benefits await Extra, Perks, and Max customers this year, allowing them to enhance their savings challenge by opting to save 2p or 4p on day one, doubling each subsequent day.
Monzo projects potential savings of £2,671.80 annually for customers who maximize their savings. Furthermore, Extra, Perks, and Max account holders can earn a 5% interest on their Challenge Pot and stand a chance to win £100 monthly in a prize draw, with 100 winners every month.
In the previous year, 1.7 million Monzo customers engaged in the savings challenge, collectively amassing over £360 million by November.
Marc Sfeir, Product Director at Monzo, emphasized the effectiveness of starting small with savings challenges, citing the science of micro-habits for success. The approach focuses on gradual progress, making savings inconspicuous until substantial amounts are accumulated over time. The aim is to make saving enjoyable and effortless, fostering long-term financial habits.