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

Monzo Chat
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@Lewey02 The 1p Saving Challenge is a daily challenge, running for 365 days from the day you start. You’ll deposit 1p more than previous day, every day. Our challenge will offer you full flexibility to pause and catch up later, should you need to.

If you’d like to make regular monthly deposits, you can do this with our Pots (Regular, Savings & Investments) already. If you head to your Pot, you can schedule deposits to repeat at a frequency that suits you. You can do this alongside our 1p challenge too!

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This is so good. Those screen shots look great. The attention to detail :ok_hand:

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Can’t wait for you to experience the full brand and product design on this, @Paulw. I’m obsessed with these pennies!

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I’m up for a challenge - think I’ll give this a go instead of using round-ups :slightly_smiling_face:

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They’re not random. I’d suggest you have a read up on them first, or do it manually as you mentioned if you can’t be bothered.

I prefer the reverse 1p challenge. I start off with good intentions, then it gets easier as the months go by :innocent: Hopefully this is something that follows :crossed_fingers:

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You’re not giving them full access to your account :see_no_evil:

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:memo:

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This is a very welcomed addition to Monzo natively. Really looking forward to join this. :smiley: :monzooo:

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If I may be pedantic, the display:

Screenshot 2024-12-27 175202
Screenshot 2024-12-27 175202436×105 32.7 KB

Should be a little clearer and say

“… and so on until the final payment of £3.65 on day 365 results in a total of £667.95 saved.”

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I did do a double take when I first saw it, thinking that the final payment would be £667.95!

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Will it work if I’m overdrawn? IFTTT doesn’t

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I’d guess that’ll be a no. It shouldn’t intentionally put you further overdrawn.

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I want my account rounded so I’m not going to do it, but this challenge does feel badly weighted.

£108 in the most expensive month of the year for most people. Maybe by that point you’re used to this and it’s only £13 more than November

Good luck to those trying it. I’d be curious to know the % that complete it.

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This was my thought when I saw this challenge, which of course is not new in financial circles.

It’s definitely not for me. I prefer to divide my target by 12 (months) and put the same sum aside each month.

But then I am currently running to 15 regular savers! :rofl:

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Good to see. It’ll now free up applet on IFTTT

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Hey

Is this ANOTHER thing whereby the joint accounts are excluded ???

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Probably worth doing the tiniest smidge of research.

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Will their be the capilbilty to do the challenge in reverse? December is the most expensive month of the year!

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I’ve completed the 1p challenge (IFTTT) for a good few years now. So there’s at least 0.00001% proof :rofl:

If you want to do this manually, here’s a Google sheet showing the daily, weekly and monthly amounts to put into a (savings) pot - for both forward & reverse 1p challenges:

(The sheet assumes you start on 01-Jan-2025 and never miss a daily/weekly/monthly deposit)

And if you’re a qualifying :monzo: paid-tier subscriber, the final amount would be approaching £700.00 with applied annual interest (at the current rates)

EDIT: I’ve added the Monzo 1p Challenge as a worksheet, with the start date as of today for reference.

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If there was any risk do you think staff would be recommending it to you here?

This is CIFAS paranoia all over again

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