Is Anyone Doing The Monzo 1p Challenge?

[MintBiscuit65]

Just wondering if anyone here is doing the Monzo 1p Challenge? I'm on day 291 and finding it tough going. Getting to day 365 at this time of year is going to be a struggle!

I’d never heard of this before but thank you for sharing it, I have a couple of family members who are financially struggling and this might be great for them.

I don’t think it’d be suitable for me but I think it’s a great idea for saving.

Yes, me!!! It’s really stacking up but I’ve had to reduce the amount I send to my “normal” savings pot to keep this up- I think it’s worth it though as the odds of people making it into the prize draw must mean there’s actually a fair shot at the prize!

I tried doing this one year, (not through Monzo though, just by moving the money over myself), but forgot about it one day and just never started doing it again. I do love the idea.

My bank does a save the change thing where every transaction rounds up to the nearest pound and the 'change' goes into your savings account. That's quite good although not as good if you are trying not to spend too much on little bits here and there

I broke it down monthly and did it that way when I got paid. Not with Monzo though as i wouldn’t touch them with a ten foot pole

I’m doing the 1p challenge! Love it and am really enjoying quite a few of the Monzo features - pulling my wages down “early” is a great feeling.

Me too! I've had to do that this month, but I figure it will go in my normal savings when the challenge is done, so it's only a little bit of interest I'm losing out on. But yes, I'm totally motivated by that £10K prize...!

@ExhaustedAndProbablyDrunk I started mine in January, when Monzo were running a £10K draw for people who complete all 365 days. Monzo might do that again in January 2026, so it might be worth hanging on until then if they are motivated by the prize draw. Otherwise I think you can start at any time.

If you have Facebook look up ‘monzo stole our money’.

Yes, it's stacking up now! Save the change is also handy. I have missed some of the monzo days when ive not had money in that account, if I pay them now will I still be eligible for the prize draw?

Why? Most banks have a horror story or two, that’s why they’re governed by the FCA.

I do a 1p a day challenge into 2 savings accounts. I start at £3.65 on day 1 and work down to 1p. Looked at doing the Monzo but looked like it was only available with the paid for account.

Oh, that's strange @Librariesrule - I have the free account and I have the challenge.

@BoyMama37 I'm not sure, but I think there's an option in the challenge to catch up on the days you've missed?

I’m doing it , I have the free account
I’ve missed a few days , but there’s an option to catch up , it’s all up to date
( Having just checked , I started on 13th January , and have £442.53 )

I started but had to stop after around £45 - but I can’t for the life of me find out how to move this back to my normal account?? I’ve googled and clicked on every button going but I can’t seem to do it - has anyone else had this problem?

I'm on day 300 now - in the home straight!

Congrats OP! I'm on day 312.

I do my normal savings monthly, but it's good to just have this ticking away in the background. I don't have the upgrade to earn interest, so it's a bit of a gamble on whether I should have just put it in a savings account as such, but I like to see how it adds up!

Also love the Save the Change function, although the Monzo easy/instant access saver interest rate is awful, so regularly transfer that out. I did like it 6 months or so ago when the interest was a bit better, as I could see all the accounts in one place. I found that easier than having them scattered hither and tither.

Day 313 for me. My icon at the bottom is lit up to suggest I’ll be eligible for the draw, I did miss a few days and catch up a while ago.

I started doing it in August so currently saved £44.73!

I gave up in September so well done to you guys sticking with it!! I’ll try again next year!!

I thought that as well, I got a note in the app about it but when I looked into it I am sure I had to upgrade my account first

I am! Haven't checked it yet, I just see it ticking along when I open the App. It'll be a nice little treat when it finishes.

I don't have the upgraded account. On my app it shows open to anyone, but it doesn't earn interest (unless you upgrade!).

I'm on day 311.

It's a bit daft as most of the money gets deposited in the last 3 months but I do like a prize draw (I also have a small pot in a chip prize account).

I'm going to put it in my 'beauty' pot for guilt free facials and expensive skincare when it's finished.

I know this is supposed to be a bit of fun, but beyond that it seems to set people up to fail because the majority of the money is saved within the last few weeks when people will be busy spending on Christmas, so most will give up before they've saved much.

It's also incredibly faffy compared with just setting up a DD for £30 a month or whatever it averages out at across the year. You'd get more interest that way too as you have more money in the account for longer. Plus if anyone is receiving UC they'd be better with a Help to Save account as they'd get the 50% bonus.