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

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 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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Can we elect for the 1p to come from a separate pot?

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Sigh :face_exhaling:

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Does it work with Joint ac…

No point continuing

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Also, can I just make sure I’m seeing this right.

People without Extra, Perks, Max, or Max + Family DON’T get access to any interest on the challenge…

What about your 16-17’s users? We can’t purchase a plan, which means this is completely useless to us 16-17’s

I’m fine about the £10k, but missing interest seems a bit poor.

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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Yeah. That part I’m fine with. But I’m still missing out on a year’s interest, just because I’m not allowed to purchase a Monzo plan. Seems not fully thought out…

Unless I just do it separately with a 3.6% pot. Just would like it to be automatic though.

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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’d imagine as it’s tied to the prize draw.

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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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Yeah it seems that way. It’d a shame they can’t “detach” the offer from 16-17’s accounts, so we can still do the challenge, but just not being eligible for the prize. Idk. It’s giving Starling Bank easy saver ngl.

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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?

@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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