Monzo Launches Automated 1p Savings Challenge

Monzo, a UK digital bank with over 11 million customers, is launching a fully automated 1p saving challenge for 2025, allowing users to save incrementally each day, ultimately amassing nearly £700 by year's end. The challenge starts with saving 1p on the first day, increasing by 1p daily, resulting in a total of £667.95 saved by December 31. This initiative, endorsed by money-saving expert Martin Lewis, is designed to help customers easily manage their savings through Monzo's banking app, enabling tracking and the option to pause and catch up on missed days. New and existing customers can opt into the challenge by January 31, 2025. Monzo aims to encourage habitual saving behaviors, particularly appealing to those looking to make financial resolutions in January. Additionally, participants will have a chance to win prizes, including £10,000 for completing the challenge.