Bank offers people last chance to earn nearly £700 doing 1p savings challenge in 2025
Savers have one last chance to join a new 2025 challenge which automatically saves money for them each day, building a cash pot of nearly £700 by the end of the year. Monzo said it is the first UK bank to create a fully automated 1p Savings Challenge, however, time is running out to join over one million people already taking part this year as the deadline to sign up is January 31.
With just days left, now is the perfect time to join the one in 43 adults across the UK (aged 16 - 64) already on board. Monzo said that collectively, they have already saved over 111 million pennies and counting (£1,111,000), in January, showing how small, simple steps can lead to extraordinary savings results.
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Open to both new and existing Monzo customers, this fun and effortless challenge helps save £667.95 over 365 days - starting with just 1p on day one, 2p on day two, and building from there. Whether you're a savings newbie or looking for a fresh financial boost, Monzo's Challenge makes it simple, stress-free, and exciting to save money all year long.
Over 228,000 customers brand new to saving with Monzo have taken the plunge, proving it’s never too early - or too late - to start your savings journey.
The 2025 1p Saving Challenge
How it works
Monzo’s app automates daily savings, moving small amounts from customers' personal or joint accounts into a Challenge Pot with no manual effort required. The Challenge will last for 365 days from the day you save your first penny. You can withdraw your savings or pause or stop your challenge anytime.
How to join the Monzo challenge
Visit the Monzo website for more details on how to sign up and join by January 31, 2025.
Prizes
Monzo will gift a £10,000 grand prize to one lucky customer who completes the challenge, with 10 additional £100 monthly prizes available exclusively for Monzo Extra, Perks, and Max customers, T&C’s apply.
Commenting on the savings challenge, AJ Coyne, VP of Marketing at Monzo said: “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.”
