Savvy savers say they’re being ‘bankrupted’ by Monzo’s ‘1p a day’ saving challenge: ‘No one is getting Christmas presents at this rate’
Savers, who started an ‘easy’ struggle at the beginning of the year, complained that they were ‘bankrupt’ by trying to catch up in December.
At the start of 2025, UK-based digital bank Monzo launched its 1p savings challenge for the second year in a row, and by the end of January more than a million people had joined the programme.
The Monzo 1p challenge was first launched in 2024 to help users save pennies for 365 days, resulting in a total of £667.95 at the end of the year.
The bank, which operates only through an app, is especially popular among the younger generation.
Challenge participants take 1p from their balance on the first day of the year and put it into savings, then 2p on the second day, 3p on the third day, etc. income.
But while some were initially sold on the idea of squirreling away small amounts of money, many are now taking to TikTok to complain about the increasing number they have to commit to every day.
With just over 30 days until the end of 2025, savers are complaining that they are putting more than £3 a day into their savings pots every day.
Londoner @queencecy_ joked that the challenge was ‘bankrupting’ her.
A TikTok user captured by @queencecy_ took to the platform to share his complaints about the Monzo 1p savings challenge, joking that it had left him “bankrupt”
“So there’s a difference between me and Monzo, right?” he said.
‘Has anyone made it 1p by saving a penny for a year? Unbelievable! I can save a penny for a day. Huh.
‘Anyway, that’s what I thought. Initially 1p, 5p, 10p, whatever. Good morning my baby.
‘£3 and 9p left my account this morning. £3.10 will be deducted from my account tomorrow. £3.11, etc, etc.
‘In what world, in this economic crisis, can I afford to spend £3 or so? [pence] Will it be deposited into the savings account daily?’
The London-based creator admitted he would end the challenge with £667.95, but that didn’t stop him from complaining about Monzo ‘sneaking in here’, among other accusations such as Transport for London.
‘I understand, I’m happy and I save, I’m young and I save,’ he added.
‘But damn, there has to come a point, and maybe I’ve reached that point because at this rate, no one’s going to be getting Christmas presents.’
Others have also discussed this challenge in the comments; One person admitted they were still in the challenge as they hoped to win the £10,000 prize draw, which Monzo automatically signs users up for if they enter.
Another content creator, Tasha Penney, also shared her struggles with the savings issue, as the amount of money put aside each day has risen to over £3.
‘It’s £3.24 today, I’m on my way here, it’s very close and [delusional] ‘I think I’ll get £10,000 for sticking with this challenge,’ they wrote.
Another admitted: ‘The only thing keeping me going is the £10,000 prize I believe I will win (I have £16 until payday).’
TikTok content creator Tasha Penney also shared a photo of herself with a thousand-yard stare and the following text over the image: ‘This Monzo 1p savings challenge is getting a little too serious.’
‘What makes you think I have £3 to give them every day? [crying emoji]’ he added to his caption.
Tasha’s post also attracted hundreds of people who both enjoyed her struggle and found it relatable because they had experienced it themselves.
‘The first week was so sweet. One commenter noted that Monzo claimed my kidneys.
Another wrote: ‘Honestly it always stalls because I never have enough money and when I get paid I always catch up.’
Other TikTok users complained about their difficulties in the 1p savings challenge, but many were still happy to save money
‘I’m on the £3 a day part and [your] girl is FIGHTING,’ while a third added: ‘Glad I’m not the only one in the trenches.’
Many people have said they wish Monzo would implement a reverse challenge, starting with a higher daily savings figure and gradually reducing it to 1p as the year progresses.
But there is actually a way to do exactly this that many people don’t know about.
Although Monzo doesn’t offer an automatic reverse 1p savings challenge, the bank he said on his website Users can create one for themselves through the If This Then That (IFTTT) app.
By downloading the IFTTT app and searching for ‘Reverse 1p Savings Challenge’ you can link this to your Monzo account and create a savings pot that will start at £3.65 on the first day you launch it and end at 1p after 365 days.
In the end, you’ll save £667.95 too, but it won’t feel like such a big hassle every day as the year draws to a close.
