Monzo Saving Challenge 2026 launches following over £360 million saved this year

by London-TV in Business

Monzo – the UK’s leading digital bank – announces the return of the fully automated Saving Challenge 2026, following phenomenal customer savings in 2025. After 1.7 million Monzo customers took part this year, collectively saving over £360m by November, the UK banking first feature Saving Challenge will be back on 1st January 2026 where customers can start the challenge anytime until 31st January 2026 for free. And customers that complete the challenge have the chance to win £10,000 – now that’s one way to get your money moving in the New Year.

How it works

When you sign up to the challenge, Monzo will create your Challenge Pot. Then, starting with 1p on day one, Monzo will move an extra penny each day from your personal account account into your Challenge Pot – 2p on day two, 3p on day three, and so on. Fully automated with no effort required, the Monzo Saving Challenge helps you put away your small change to build a habit that sticks, making saving simple.

By day 30, you will have £4.64, and halfway through you’ll have £168.36. By day 365, you’ll have saved £667.95 – all without the hassle of spreadsheets, piggy banks or paperwork! Your challenge will last for 365 days from the day you save your first penny and if you complete the challenge you will be in with a chance of winning £10,000 – too! You can withdraw your savings or pause or stop your challenge anytime.

This year, Extra, Perks, and Max customers can unlock new features:
Level Up Your Challenge: Choose 2x or 4x savings levels to save up to £2,671.80 in a year. That means you’ll save 2p or 4p on day one, 4p or 8p on day two and so on.
Earn Interest: Enjoy 5% interest on your Challenge Pot.
Monthly Prize Draws: Chance to win £100 every month, with 100 winners monthly.
Flexibility: Paid users can join the challenge at any time but must join the challenge by 31st January to be eligible for prize draws.
Marc Sfeir, Product Director at Monzo said: “Last year, we saw over a million people take part in the Saving Challenge, proving that small steps can lead to big wins. For 2026, we’ve made it even more rewarding – with new levels, higher interest on savings, and of course, we had to bring back the chance to win that £10,000. It’s all part of our mission to help people grow their money with confidence and build habits that make their money work harder.”