Monzo has introduced its fully automated savings challenge for the year 2026. The savings challenge kicks off on January 1 with a humble 1p saving, progressively increasing by 1p each day. By opting in through the Monzo app, a Challenge Pot will be created to manage your savings automatically.
Participants commencing the challenge on January 1, 2026, and successfully completing it by December 31, 2026, will have accumulated savings of £667.95. Additionally, Monzo is awarding £10,000 to one lucky individual who finishes the challenge by January 31, 2027.
The challenge spans 365 days from the initial saving date, with a deadline for opting in by January 31, 2026. Halfway through, participants will have accrued £168.36 in savings.
Extra, Perks, and Max customers are privy to enhanced features this year. These customers can elevate their savings challenge by opting to save 2p or 4p on day one, doubling the amount each subsequent day.
Monzo highlights the potential to save up to £2,671.80 annually by maximizing savings efforts. Moreover, Extra, Perks, and Max customers have the opportunity to earn 5% interest on their Challenge Pot and are 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 amassing over £360 million in savings by November.
Marc Sfeir, Product Director at Monzo, emphasized the efficacy of small, consistent savings habits over grand financial resolutions. The incremental approach of the savings challenge enables individuals to save effortlessly, with the prospect of significant savings over time. The success of the 2025 Savings Challenge, with 1.7 million participants, underscores the impact of gradual progress in achieving substantial financial goals. Monzo aims to foster a culture where saving is not only accessible but enjoyable, facilitating lasting financial transformations.