Major online bank with 11million customers launching new feature to help you save £700 in 2025 ‘effortlessly’
Share:
A MAJOR online bank is unveiling a new feature on its app to help customers stash away nearly £700 in 2025. Monzo will launch the 1p Savings Challenge in the New Year so savers can build up a cashpot with "no effort". It comes after research carried out by the online-only bank, with 11million customers, revealed 39% of Brits find it hard to save on a consistent basis.
![[Monzo is launching a new feature which will automatically save people's cash]](https://www.thesun.co.uk/wp-content/uploads/2024/12/monzo-online-financial-banking-logo-669550709.jpg?strip=all&w=960){kind=logo}
The new feature will move money from customers' personal accounts to a Challenge Pot each day. Bankers will start by saving 1p on January 1, with the amount added increasing by 1p each day over all 365 days of 2025. So, on January 3, 3p will be added and on January 7, 7p will be transferred from your personal account.
If customers stick with the challenge for all 365 days of 2025, they'll end up with a pot worth £667.95. New and existing customers can sign up via www.monzo.com/features/1p-saving-challenge. The savings challenge isn't currently live but customers will be notified via their apps when it is in the New Year.
Monzo also said it will offer one customer who completes the full 365 days a chance to win a £10,000 prize – while other prizes will be on offer for customers who pay for its monthly plans. One other bank offers customers an automated 1p Saving Challenge feature - Plum.
However, they have to sign up to an Ultra plan to access the feature which currently costs £2.49 per month. This 12-month savings challenge encourages you to save one lump sum every month. Savers begin with £10 and gradually increase each month. Multiply the month by ten to calculate the savings you need to set aside.
