Join the 1p Saving Challenge this
January
Start with 1p. Save your way to £667.95 and a chance to win £10,000.
How the 1p Saving Challenge works
You'll need to have a Monzo personal account.Your challenge will last for 365 days from the day you start saving. 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. And because you stuck at it, you could win £10,000.
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 in January. We’ll put a little aside each day until you have £667.95 saved.
Join Monzo for free
Tap me
Ditch your piggy bank
And the pen and paper – because we're the first UK bank to launch an automated 1p saving challenge.
Let the app do the saving
Track your progress
Pause or withdraw whenever
Just a few of the 2025 moments people are saving for.
Keep saving for a shot at £10,000
Vet bills? Travel thrills? Whatever you're saving for, think of every penny as a small step toward it. And if you have £667.95 by the end of your challenge, you’ll be in with a chance to win £10,000.
Want to be in the £10,000 prize draw?
You’ll need to:
Have a Monzo personal current account (Ts&Cs apply)
Be 18+
Be a UK resident
Start the 1p Saving Challenge by 11:59:59pm (GMT) on 31 January 2025
Have £667.95 (excluding interest) in your Challenge Pot at 11:59pm on the 365th day of your challenge.
Upgrade your Monzo. Boost your penny challenge.
Upgrade your personal account to Monzo Extra, Perks or Max to unlock more savings and prizes.
UK residents aged 18+ (18-69 for Max). Ts&Cs apply.
*Start your challenge by 11:59:59pm on 31 January 2025. Ten £100 prizes are up for grabs each month between February 2025 to January 2026. To be in with a chance, you'll need to have caught up on all your daily savings by the end of the month. UK resident. Aged 18+. You must have Monzo Extra, Perks, Max or Max + family (excluding free trials). Ts&Cs apply.
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.
Open a free Monzo account to start the challenge
It takes just 10 minutes to apply for a free Monzo current account.
Questions, meet answers
Do I have to start the penny savings challenge by 31 January 2025?
If you want to be eligible for our £10,000 prize draw, you’ll need to start your challenge by 31 January 2025, and have £667.95 (excluding interest) in your Challenge Pot by 11:59pm on the 365th day of your challenge.
You can do a 1p Challenge in the app from 1 February 2025, but only if you’ve got Monzo Extra, Perks, Max or Max + family. The £10,000 prize draw won’t be available from that date.
How do I enter the £10,000 prize draw?
For a chance to win £10,000 you'll need to start your challenge by 31 January 2025, and have £667.95 (excluding interest) in your Challenge Pot by 11:59pm on the 365th day of your challenge. We'll automatically add you into our draw and announce the winner on 2 February 2026. Read the full prize draw terms and conditions.
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.
Can I start another challenge after 1 February 2025?
Yes, but only if you’ve got Monzo Extra, Perks, Max or Max + Family. You won't be able to enter the £10,000 prize draw or the £100 prize draws. But you will earn interest on your Challenge Pot savings.
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.