Brits could save £100s with the help of one bank (Image: Getty Images)
Savers are being offered a last chance to join a new 2025 challenge that automatically builds up savings each day, accumulating nearly £700 by the end of the year. Monzo has introduced it as the first UK bank to launch a fully automated 1p Savings Challenge.
However, with the sign-up deadline of January 31 fast approaching, time is running out for those wishing to join the over one million participants already involved this year. With just a few days left, now is the perfect time to join the one in 43 adults across the UK (aged 16 – 64) who are already participating.
According to Monzo, these savers have collectively gathered over 111 million pennies and counting (£1,111,000), in January alone, showing how small, consistent steps can lead to impressive savings results. The challenge, open to both new and existing Monzo customers, offers a fun and effortless way to save £667.95 over 365 days – starting with just 1p on the first day, 2p on the second day, and so on.
Whether you’re new to saving or looking for a fresh way to boost your finances, Monzo’s Challenge provides a simple, stress-free, and engaging way to save money throughout the year. Over 228,000 customers, new to saving with Monzo, have taken up the challenge, reinforcing the idea that it’s never too early – or too late – to start your savings journey.
The 2025 1p Saving Challenge: How it works
Monzo is shaking things up in the banking world with its newest offering, an innovative automated daily savings feature. This clever tool, embedded within their app, lets Monzo customers effortlessly shift small sums from their personal or joint accounts directly into a Challenge Pot.
Ideal for the hands-off saver, it requires no manual effort as it runs a 365-day saving streak starting with the first deposit. Customers can retain full flexibility to draw from their savings, pause, or entirely stop the challenge any time they wish, according to the
Those eager to join the Monzo savings challenge should hustle over to the bank’s website, where they can find all the instructions necessary to get on board before the January 31, 2025, cut-off date. At the end of the money-saving marathon, one lucky participant will bag themselves a hefty £10,000 grand prize.
On top of that, Monzo Extra, Perks, and Max customers have the chance to win one of ten exclusive £100 monthly rewards, all in line with certain terms and conditions.
AJ Coyne, the VP of Marketing at Monzo, shares insights: “We know our customers love saving with us; this year they racked up over £220m alone in automated round-ups! 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. That’s why we’re now offering another automated solution that turns small change into big savings. This challenge is a great entry point for those at the start of their journey, and a fun competition for those who are already in the habit.”