Monzo's 2026 saving challenge: how it works and whether it's worth it

The challenge runs through a dedicated Challenge Pot in the Monzo app. Once you start, money moves from your Monzo personal account into the Pot every day, rising by 1p a day, and saving stops automatically after 365 days. Monzo has also run a prize draw linked to the challenge; the rules are on Monzo's website.

On the standard level you save 1p on day one, 2p on day two, and so on up to £3.65 on day 365, which adds up to £667.95 over the year. Monzo plan customers can choose a 2x level (2p rising by 2p a day, £1,335.90 in total) or a 4x level (4p rising by 4p a day, £2,671.80), and can switch level at any time.

You cannot add extra money to the Pot during the challenge, but you can withdraw at any time. If your account does not have enough money, the transfer is retried for three days and then the challenge pauses until you restart it; you can choose whether to make up missed days. At the end, you have 30 days to decide where the money goes, after which it moves to your personal account and the Pot closes.

Anyone aged 18 or over with a Monzo personal account could open a Challenge Pot up to 31 January 2026. From 1 February 2026 you need to be on a paid Monzo plan (Extra, Perks, Max or Max + family, not a free trial). If you are not on a plan, you can run the same 1p Challenge yourself with any savings account; see our 1p Challenge guide.

Starting tiny removes friction: 1p a day is painless, and by the time the amounts grow you have built the habit. Because the transfers are automatic, you do not need willpower each day, and the progress in the app gives you a sense of achievement.

The daily amount is highest at the end of the challenge. If you started in January, that falls in December, the most expensive month for many families. The total is also modest unless you choose a higher level, and paying for a Monzo plan to get interest or the higher levels can cost more than the interest earns on a small balance. Some people prefer to run the challenge in reverse (largest amounts first) to front-load the saving, which you can do manually in any account.

If you already bank with Monzo and struggle to save consistently, the Challenge Pot is a low-effort way to build a habit. If not, you can get the same result without switching banks: set up the 1p Challenge or the 52-Week Challenge with your own savings account, or use SYM, which tells you how much to put aside each day and lets you log it with one tap. Once the pot builds up, move it to a competitive easy access account or Cash ISA.