Brits running out of time to save £700 through 1p challenge

Savers are being given a final opportunity to participate in a new 2025 challenge that automatically accumulates savings each day, amassing nearly £700 by year's end. Monzo has announced it as the first UK bank to launch a fully automated 1p Savings Challenge, but with the sign-up deadline of January 31 looming, time is ticking for those wishing to join the over one million participants already involved this year.

With just a few days remaining, now is the ideal moment to join the one in 43 adults across the UK (aged 16-64) who are already participating. According to Monzo, these savers have collectively amassed over 111 million pennies and counting (£1,111,000), in January alone, demonstrating how small, consistent steps can yield impressive savings results.

The challenge, open to both new and existing Monzo customers, offers an enjoyable and effortless way to save £667.95 over 365 days - beginning with just 1p on the first day, 2p on the second day, and so forth. Whether you're new to saving or seeking a novel way to boost your finances, Monzo's Challenge provides a straightforward, stress-free, and engaging method to save money throughout the year.

More than 228,000 customers new to saving with Monzo have taken up the challenge, reinforcing the notion that it's never too early - or too late - to embark on your savings journey.

Monzo has introduced an automated daily savings feature within its app, allowing customers to seamlessly transfer small amounts from their personal or joint accounts into a Challenge Pot without any manual intervention. The challenge spans 365 days from the initial deposit, and users can opt to withdraw their savings, pause, or stop the challenge at any time, reports the Daily Record.

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