Monzo has reintroduced its fully automated savings challenge for the year 2026.
The savings challenge involves starting on January 1 by saving just 1p, then increasing the saved amount by 1p each day. For instance, you would save 2p on January 2, 3p on January 3, and so forth.
Upon signing up for the challenge via the Monzo app, Monzo will establish a Challenge Pot and automatically transfer your savings for you.
Completing the challenge, starting on January 1, 2026, will result in savings of £667.95 by December 31, 2026. Additionally, Monzo will reward £10,000 to one individual who finishes the challenge by January 31, 2027.
Your challenge extends for 365 days from the day you save your first penny, and the deadline to opt in is January 31, 2026. If you participate for half the year, you could save £168.36.
Extra, Perks, and Max customers can access new features this year. They have the option to enhance their savings challenge by choosing to save 2p or 4p on day one, then 4p and 8p on day two, and so on.
Monzo suggests the potential to save £2,671.80 annually by accelerating your savings. Extra, Perks, and Max customers can also earn 5% interest on their Challenge Pot and enter a monthly prize draw to win £100, with 100 winners per month.
This year, 1.7 million Monzo customers participated in the savings challenge, collectively saving over £360 million by November.
Marc Sfeir, Product Director at Monzo, stated, “Most of us commence the year with significant financial resolutions – save thousands, clear debts, revamp budgets. However, research indicates that these grand goals often falter due to feeling overwhelming. Engaging savings challenges offer an alternative approach.”
“The key to success lies in the science of micro-habits: start small, maintain consistency, and allow progress to accumulate over time. By saving a mere penny on day one, two pennies on day two, and so on, individuals hardly perceive the money leaving their account – yet by year-end, they’ve saved £667.95. Now, with the opportunity to level up, they could save up to £2,671.80 in a year.”
“In 2025, 1.7 million individuals joined our Savings Challenge, demonstrating that small steps indeed lead to significant victories. Our objective is straightforward: make saving easily accessible and enjoyable. When saving becomes effortless, it evolves into habit-forming behavior – and that’s how genuine financial transformation occurs.”