The Monzo 1p Saving Challenge
Ditch the pen and paper and let the Monzo app do the saving. Start with a penny and save your way to £667.95.
Exclusive to Monzo Extra, Perks & Max. UK residents aged 18+ (18-69 for Max). Challenge Ts&Cs apply
How the 1p Saving Challenge works
You'll need MonzoExtra,PerksorMaxto use this feature. Start a challenge whenever you want. It'll last for 365 days and you’ll earn interest along the way. You can stop, pause or withdraw money anytime.
Set and forget
On day 1, we’ll move 1p from your personal account to your Challenge Pot. Day 2, 2p. Day 3, 3p. You get the picture.
Halfway through, go you!
It's day 183. Ping! £1.83 just dropped in, so you've saved £168.36. Just 6 months to go until £667.95.
Challenge complete
Is that a superhero cape you’re wearing? Because you’ve just saved your way to £667.95.
Pause or withdraw
Pause your daily savings at any point, then add money to catch up for missed days. You can also stop anytime, and access your savings whenever you need to.
Saving can feel big and scary. So start small with the 1p Saving Challenge. We'll put a little aside each day until you have £667.95 saved. And you'll earn interest paid monthly in your Challenge Pot along the way.
Join Monzo
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Upgrade your current account, and your piggy bank
We’re the first UK bank to launch an automated 1p saving challenge. If you upgrade your personal account to Extra, Perks, Max or Max + family, you get exclusive access to it all year round. So ditch the pen, paper and piggy bank.
Let the app do the saving
Track your progress
Pause or withdraw whenever
Doable daily saving
Start a savings habit that’ll stick
'Quit this.' 'Cut back on that'. Saving's hard enough without everyone's 'hot takes'. So instead of stopping something for a bit, try a habit that'll stick.
Get into the rhythm
There’s a rhythm to saving. It’s less ‘BISH, BASH!’, more ‘clink, clink, click’. So save a bit today, a bit more tomorrow. Keep the beat, and you'll be on a roll.
Every penny’s a win
Wedding do. A new loo. Everyone's on a savings quest. If you don't get there, treat every penny saved as a win. If you do? That’s the cherry on top.
Your eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (FSCS) up to a value of £85,000 per person.
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It takes just 10 minutes to apply for a free Monzo current account.
Questions, meet answers
When can I start a 1p Saving Challenge?
Our 1p Saving Challenge is exclusive to Monzo Extra, Perks, Max and Max + family. You can start, pause or end it whenever you want.
How much money will I save?
If you keep at it for 365 days, £667.95 (excluding interest).
We'll move 1p from your personal account to your Challenge Pot on day one of your challenge. Then 2p on day two, 3p on day three, and so on. On day 30, you'll have £4.65. Halfway through, you'll have £168.36. Make it to day 365 of your challenge and you'll £667.95.
How long does the challenge last?
Your challenge will last for 365 days from the day you start it. You can pause your daily savings and catch up later by adding money for missed days. And you can end your challenge anytime, too.
You can also take money out of your Challenge Pot whenever you want and add it back later.
Can I withdraw money from my challenge Pot?
Yes, anytime. And you can add money later to get back on track.
Can I pause or end the challenge?
Yes, you can pause your daily savings and catch up later by adding money for missed days. You can also end your challenge anytime.
Will I earn interest on my challenge savings? How does it work?
Yes, you'll earn undefined% AER (variable) interest on your Challenge Pot savings.
We’ll pay the interest into your Challenge Pot on the 1st of every month, as long as it’s 1p or more.
The rate is variable, which means that we can change it.
At the end of your challenge, you can keep saving, invest or move it to your personal account.
Is my money protected in the Challenge Pot?
Yes. Your eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (FSCS) up to a value of £85,000 per person.
Can I enter the £10,000 and £100 prize draws I’ve been hearing about?
Not if you started your challenge on or after 1 February 2025.
To be eligible for our prize draws, you will have needed to started your challenge before 31 January 2025.