Monzo has introduced its fully automated savings challenge for the year 2026. This initiative involves starting with a minimal amount of 1p on January 1 and gradually increasing the daily savings by 1p consecutively. By signing up for the challenge on the Monzo app, a Challenge Pot is created for participants, and their savings are automatically transferred.

If one commences the challenge on January 1, 2026, and successfully completes it, they will have accumulated savings of £667.95 by December 31, 2026. Additionally, Monzo is offering a £10,000 reward to one individual who finishes the challenge by January 31, 2027.

The challenge spans 365 days from the first day of saving, with a deadline of January 31, 2026, to opt in. Halfway through the year, participants would have saved £168.36.

Exclusive benefits await Extra, Perks, and Max customers this year, as they can enhance 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 forth.

Monzo highlights the potential to save £2,671.80 annually by accelerating savings. Moreover, Extra, Perks, and Max customers are entitled to 5% interest on their Challenge Pot and will be included in a monthly draw to win £100, with 100 winners each month.

A significant number of 1.7 million Monzo customers participated in the savings challenge this year, collectively amassing over £360 million by November.

Marc Sfeir, Product Director at Monzo, emphasized the effectiveness of small savings habits, citing the success of the Savings Challenge in 2025. By embracing incremental savings, individuals can achieve substantial financial progress without feeling overwhelmed, fostering a positive savings culture for long-term financial well-being.