Our NEW 1p Saving Challenge - It's here - Join by 31 January 2025 🪙 🪙 🪙

Monzo Chat
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Hey everyone :wave:

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) :tada:

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 2025 1p Saving Challenge
The 2025 1p Saving Challenge1780×867 277 KB

*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.

Read more here

Thanks
Abhi

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I really like this, will it be its own pot or will it just go in an existing saving pot if we already have an instant access one with the higher rate?

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@Rotweilerc67 Glad you like! It will be it’s own “Challenge Pot”, so you can keep building these savings in their own space. That way you can track your progress and manage your challenge seamlessly.

And if you’ve got Extra, Perks or Max, you’ll earn our best rate 4.10% AER (variable) on your challenge savings.

When you finish the challenge, you can move the money anywhere you’d like, including your existing Instant Access Saving Pot or Investment Pot.

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Hi @abhimonzo ,will Plus customers benefit from interest on savings and entry into the monthly £100 draw too?

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Does it work with Joint ac…

No point continuing

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Hey @caribo! As a Plus user, you can do the challenge as long as you sign up by 31 January 2025. The interest and £100 prize draws are benefits of our Extra, Perks and Max plans only.

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I assume the chance of winning £100 in a month or the chance to win £10K at the end of a 365-day term which meets the criteria, means this is a prize-draw/gamble and therefore you have to be 18+ to participate.

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@michaelw90 For this launch you’ll only be able to deposit the money from your personal account. But we’d like to iterate on this feature and depositing from Pots is definitely on our mind!

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It’s more regulatory/legal issues then a MVP feature design issue.

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@jo You’ll need to be aged 18 or over to participate in our new challenge. You can still use our IFTTT integration to do the challenge.

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I can wait for a year for the £10K - I’ll just chill in my Lake District mega-crib thanks to Omaze.

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Is right? As an Extra customer I only get 3.6% interest. Does the challenge pot come with an enhanced interest rate?

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@MalaiseForever Eagle eyes :eagle: - you got that right! Even as an Extra user, your challenge savings will earn 4.10% AER (variable) interest.

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That’s a nice little bonus - cheers.

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You can. You’ve already been told how you can still do the challenge.

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I love this!!!
A nice wee challenge will help me (hopefully!) stick to my savings plans lol

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Thanks @N26throwaway! That’s the plan indeed. Lots of users have already been using the IFTTT integration, so we wanted to build on that and make the challenge accessible to even more users.

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You can do this yourself fairly easily, it’s not hard to do.

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Will we be able to make a monthly deposit as opposed to an individual daily deposit?

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