Bank's new money-saving 1p challenge automatically saves you almost £700
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Monzo customers can make use of an innovative challenge introduced by the digital bank to stash away £700 effortlessly by end of year. Boasting over 11 million users, Monzo claims to be the pioneer in establishing a fully automated penny-saving adventure within UK banking.
Beginning with a modest 1p on day one and incrementally increasing by a penny daily, participants see their pot grow progressively. By the time savers hit the 30-day mark, they'll have pocketed £4.64, soaring to £168.36 at the halfway milestone, and culminating in a substantial £667.95 by the end of 365 days.
The tactic is a long-time favourite amongst savvy savers, with experts like Martin Lewis endorsing it for years. However, 2025 marks the first occasion Monzo makes it possible to engage in this automatic saving spree directly via its app. Clients - both new and current - are invited to jump on board by January 31st, setting up their accounts for small daily transfers into a designated "challenge pot". Save-tracking is seamless, with freedom to pause any time and make up for any lost time.
Previously also active in the micro-saving scene, Monzo enabled users to join such challenges through external apps that managed rule-based fund movements. This move aims to simplify the process, reports Lancs Live. AJ Coyne, the vice president of marketing at Monzo, has highlighted the benefits of their new "automated solution" set for 2025, which aims to boost savings by accumulating small change. "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," he explained.
