Monzo introduces its automated savings challenge for the year 2026. The savings challenge kicks off on January 1 where participants begin by saving just 1p. Subsequently, the savings amount increases by 1p each day, meaning 2p on January 2, 3p on January 3, and so forth.
Upon enrolling in the challenge via the Monzo app, a Challenge Pot is set up by Monzo, which automatically transfers the saved funds. By completing the challenge starting on January 1, 2026, participants can accumulate £667.95 in savings 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 initial saved penny, and participants have until January 31, 2026, to opt in. Those who partake in half of the challenge will have saved £168.36. Extra, Perks, and Max customers have the opportunity to access new features this year, allowing them to opt for a higher savings challenge by choosing to save 2p or 4p on the first day, followed by 4p and 8p on the second day, and so on.
Monzo suggests that turbocharging savings could potentially result in saving £2,671.80 annually. Furthermore, Extra, Perks, and Max customers can earn 5% interest on their Challenge Pot and will be entered into a monthly draw to win £100, with 100 winners chosen each month.
This year, 1.7 million Monzo customers engaged in the savings challenge, collectively saving over £360 million by November.
Marc Sfeir, Product Director at Monzo, commented, “Many of us kick off the year with ambitious financial goals – saving substantial amounts, reducing debt, reworking our budgets. However, research indicates that these lofty objectives often falter due to their overwhelming nature. Engaging in enjoyable savings challenges approaches this differently.”
He added, “The key to success lies in leveraging micro-habits: starting small, maintaining consistency, and allowing progress to compound gradually over time. By incrementally saving a nominal amount daily, people hardly feel the financial impact, yet by year-end, they have saved significantly. With the option to elevate the challenge, they could potentially save up to £2,671.80 annually.”
Sfeir concluded, “In 2025, 1.7 million individuals participated in our Savings Challenge, highlighting that small steps indeed lead to significant achievements. Our objective is clear: to make saving accessible and enjoyable. When saving becomes effortless, it evolves into a habit – catalyzing genuine financial transformation.”