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Your support makes all the difference.People will now have the chance to join a new 2025 challenge which automatically saves money for them each day, building a cash pot of £700 by the end of the year.
Online bank Monzo, which has more than 11 million customers, said it is the first UK bank to create a fully automated 1p saving challenge.
The year-long challenge works by saving 1p on the first day, then 2p on the second day, 3p on the third day, and so on.
By day 30, savers will have £4.64, halfway through the challenge they will have £168.36, and by day 365, they will have saved £667.95.
The money trick has been advocated by Monzo and money-saving experts, including Martin Lewis, for several years.
But the digital bank said that 2025 will be the first year that its customers can participate in a fully automated challenge through their banking app.
New and existing Monzo customers will be able to opt into the challenge, by January 31, and see small change automatically moved from their personal account to a “challenge pot” each day.
People can track the progress of their savings, and also have the option to take a break at any time, and catch up on missed days.
The bank, which is the seventh largest in the UK, has previously let its customers participate in the challenge but only by downloading a separate app which allows people to set up rules to move money around automatically.
AJ Coyne, vice president of marketing at Monzo, said the new “automated solution” for 2025 will help people turn small change into bigger savings.
“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,” he said.
“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.”
Monzo also revealed that it would be offering one customer who completes the full 365 days a chance to win a £10,000 prize – while other prizes will be on offer for customers who pay for its monthly plans.
Many UK banks have introduced automated savings options which use technology to help people save small amounts each time they spend.
This includes round-ups, a popular feature which automatically rounds people’s spending to the nearest pound and transfers the change to a separate savings account.
Monzo said this feature helped its customers put away a total of £229 million in 2024.