The savings challenge sees you start on January 1 by saving just 1p – you then increase the amount you save by 1p each day
Monzo has announced the return of its fully automated 1p savings challenge for 2026.
The savings challenge sees you start on January 1 by saving just 1p – you then increase the amount you save by 1p each day, so you would save 2p on January 2, then 3p on January 3, and so on.
When you sign up to the challenge through your Monzo app, Monzo will create a Challenge Pot and will automatically move your savings across for you.
If you complete the challenge, you will have saved £667.95 by December 31, 2026. New for this year, Monzo is also giving away £10,000 to one person who completes the challenge at the end of 2026.
Your challenge will last for 365 days from the day you save your first penny and you have until January 31, 2026 to opt in. If you do the challenge for half of the year, you will have saved £168.36.
Extra, Perks, and Max customers can unlock new features this year. They will be able to level up their savings challenge by choosing to save 2p or 4p on day one, then 4p and 8p on day two, and so on.
Monzo says there is the potential to save £2,671.80 a year if you turbo your savings. Extra, Perks, and Max customers can also earn 5% interest on their Challenge Pot, and they will be entered into a monthly prize draw to win £100 every month, with 100 winners monthly.
1.7 million Monzo customers took part in the savings challenge this year, collectively saving over £360million by November.
Marc Sfeir, Product Director at Monzo: “Most of us start the year with big financial resolutions – save thousands, pay off debt, overhaul our budgets. But research shows those big goals often fail because they feel overwhelming. Fun savings challenges take a different approach.
“The secret to success? It’s built on the science of micro-habits: start small, stay consistent, and let progress compound over time. By saving just a penny on day one, two pennies on day two, and so on, people barely notice the money leaving their account – but by the end of the year, they’ve saved £667.95. And now with the chance to level up, they could save up to £2671.80 in a year too.
“In 2025, 1.7 million people joined our Savings Challenge, proving that small steps really do lead to big wins. Our goal is simple: make saving accessible and even fun. Because when saving feels effortless, it becomes habit forming – and that’s how real financial change happens.”
