Hey everyone
I’m Abhi from the Subscriptions team, and I’m back with exciting news! We’ve been building another feature to keep making daily saving even easier.
When speaking to customers in 2024 we found that 41% struggle to save each month. And since January’s full of people telling you to ‘quit this’ or ‘cut back on that’, we wanted to build on a popular way to help you save a little each day, without making drastic changes to how you manage your money.
So in January, we’re launching a 1p Saving Challenge entirely in the Monzo app. I’ll share the launch date closer to the time, but we can’t wait for you to try it out and make saving easier.
How it works
The app automates the daily deposits, moving 1p from your personal current account to your “Challenge Pot” on day one. 2p on day two, 3p on day three, and so on. This way, the savings build up progressively – £4.65 on day 30, and £168.36 halfway through, until you reach £667.95 on day 365 (the last day)
Those who keep going every day for 365 days and save £667.95 will enter into a £10,000 prize draw.*
You can withdraw your savings or pause or stop your challenge at any time.
Already doing an IFTTT (If This Then That) 1p Saving Challenge?
You can now take on the 1p Saving Challenge all within the Monzo app.
Your Monzo Challenge Pot will be separate to your IFTTT 1p Saving Challenge. You’ll still be able to use your IFTTT Applets as you currently do.
Remember, if you start the Monzo challenge by 31 January 2025 and complete it, you’ll be eligible for the £10,000 prize draw.*
Even more with Monzo Extra, Perks or Max
As a Monzo Extra, Perks and Max customer, you’ll also:
- Earn 4.10% AER (variable) interest on Challenge Pot savings (paid monthly into your Challenge Pot)
- Get the chance to win one of ten £100 prizes every month (this is on top of the £10,000 prize draw)*
*The prize draw rules
- You can’t start our new 1p Saving Challenge or enter the prize draws yet. I’ll be back with an update in January when it’s live.
- For a chance to win our prizes, you’ll need to start by 11:59:59pm (GMT) on 31 January 2025, and have £667.95 in your Challenge Pot at 11:59pm on the 365th day of your challenge. One entry per person.
- You’ll also need to be a UK resident and aged 18+.
- The £10,000 prize. You’ll need to have £667.95 in your Challenge Pot at 11:59pm on the 365th day of your challenge. One entry per person. You must have a Monzo personal account.
- The £100 monthly prize (available with Extra, Perks and Max only). Ten £100 prizes are up for grabs each month between February 2025 to January 2026. To be in with a chance, you’ll need to have caught up on all your daily savings by the end of the month.
- Challenge and Prize Ts&Cs apply - full details coming soon.
Thanks
Abhi