Monzo makes viral ‘1p challenge’ official with £668-a-year feature – but it pays no interest

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Monzo, which recently hit 11million customers in the UK, was ranked the number one bank by customers for overall satisfaction this year, followed closely by Starling and Chase.

Appy days: The 1p savings challenge can be set up using the Monzo smartphone app

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The challenge can see savers build up a pot of £168.36 at the half-year point and £667.95 if they complete every day of the 365-day period.

The decades-old 1p challenge sees savers put aside 1p on the first day of the year, 2p on the second, 3p on the third, and so on.

Additionally, Monzo will pay £10,000 to one saver who completes 365 days of the saving scheme.

Now the digital bank has launched a new feature to let its customers automatically take part in the challenge.

Financial planning can help you grow your wealth and ensure your finances are as tax efficient as possible.

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