A bank is reminding people that it’s their “last chance” to get on board with a savings challenge that will net them £668 this year. Monzo said more than one million people were already signed up to its automated 1p Saving Challenge.
The deadline to join in is Friday, January 31. Open to both new and existing Monzo customers, the “effortless” challenge helps save £667.95 over 365 days – starting with just 1p on day one, 2p on day two, and building from there. The idea is to make it simple to save money all year long. More than 228,000 customers brand new to saving with Monzo have taken the plunge, the bank said on Monday.
How the 2025 1p Saving Challenge works
Monzo’s app automates daily savings, moving small amounts from customers’ personal or joint accounts into a Challenge Pot with no manual effort required. The challenge will last for 365 days from the day you save your first penny. You can withdraw your savings or pause or stop your challenge anytime. Visit the Monzo website for more details on how to sign up.
Monzo will also gift a £10,000 grand prize to one lucky customer who completes the challenge, with 10 additional £100 monthly prizes available exclusively for Monzo Extra, Perks, and Max customers – conditions apply.
AJ Coyne, VP of marketing at Monzo, said: “We know our customers love saving with us; this year they racked up over £220m alone in automated round-ups. Many of them will also be looking to make habitual changes in January, and we know that putting away smaller amounts over time works well for them.
“That’s why we’re now offering another automated solution that turns small change into big savings. This challenge is a great entry point for those at the start of their journey and a fun competition for those who are already in the habit.”
Learn more at https://monzo.com/features/1p-saving-challenge