Monzo Introduces Automated Savings Challenge for 2026
Monzo has unveiled the comeback of its fully automated savings challenge for the year 2026.
The savings challenge kicks off on January 1, where participants begin by saving just 1p. Subsequently, the saved 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 generated by Monzo to effortlessly transfer your savings.
If you embark on the challenge on January 1, 2026, and successfully complete it, you will have amassed £667.95 by December 31, 2026. Furthermore, Monzo is granting £10,000 to one individual who finishes the challenge by January 31, 2027.
The challenge spans 365 days from the initial saving day, with a deadline to opt in by January 31, 2026. For those completing half a year of the challenge, savings amount to £168.36.
Exclusive to Extra, Perks, and Max customers this year are new features. They can elevate their savings challenge by opting to save 2p or 4p on the first day, followed by 4p and 8p on the subsequent day, and so on.
Monzo suggests that by boosting your savings, there is a potential to save £2,671.80 annually. Extra, Perks, and Max customers also have the opportunity to earn 5% interest on their Challenge Pot and participate in a monthly prize draw where 100 winners can secure £100 each month.
A total of 1.7 million Monzo customers engaged in the savings challenge this year, collectively accumulating over £360 million by November.
Marc Sfeir, Product Director at Monzo, expressed, “Most of us commence the year with grand financial resolutions – saving thousands, clearing debts, revamping our budgets. However, research indicates that such ambitious goals often falter due to their overwhelming nature. Enjoyable savings challenges offer an alternative strategy.”
“The key to success lies in the science of micro-habits: commencing with modest steps, maintaining consistency, and allowing progress to compound over time. By starting with a single penny on day one, two pennies on day two, and so forth, individuals hardly notice the funds leaving their account. Yet, by year-end, they have saved £667.95. With the opportunity to advance, they could potentially amass up to £2,671.80 in a year.”
“In 2025, 1.7 million individuals embraced our Savings Challenge, demonstrating that small actions indeed lead to significant victories. Our objective is simple: make saving accessible and enjoyable. When saving becomes seamless, it evolves into a habit – and that’s how genuine financial transformation occurs.”