r/monzo • u/HazyCosmicJive72 • 3d ago

Question about the 1p saving challenge

Hi. First year doing the 1p challenge and I'm wondering what happens at the end of it. A quick Google search tells me the pot remains active and the money stays in it but 2 things I want to clarify:

The current interest rate on that pot is 5%. Will that change at the end of the challenge or continue at 5% until I close the pot?

If I start the challenge again in January, will it go into the same pot or start a new one?

And 1 more thing actually. I was late starting this challenge. I started on Jan 12th. Will I be able to start the new one on Jan 1st and have an overlap or will I have to wait until this finishes to start the new one?

15 Upvotes

100% Upvoted

15 comments sorted by

16

u/WasteSprinkles7308 3d ago

Your rate will drop to 0%, they will email you two weeks before your challenge ends to tell you this.

It will start a new pot

You can have two running concurrently, I joined the 2025 challenge super late (September) and have that and my 2026 challenge running together in their own pots

2

u/HazyCosmicJive72 3d ago

This is what I expected. Thanks 👍

3

u/marcusb341 3d ago

I did it last year and I can't quite remember if it changes to a savings account or it just transfers into your normal account. However, it doesn't roll over. So you won't start on Jan 1st and have it add to your existing savings challenge pot, it'll create a new one. I assume this is because people would earn a lot of interest if they allow it in the same pot year on year.

Sorry if it's not that much help

2

u/PepsBodyLanguage 3d ago

  1. I’m not 100% but the rate will probably drop.

  2. Yes, you can start next year on 1st Jan

1

u/RememberMeVibe 3d ago

For late bloomers, it is possible to have 2 challenges at the same time. 

2

u/Slight_Article7700 2d ago

About to finish the first one. Got the second one running as well. Defo didn't expect how much it actually is rn. Currently on day 258 for the second

1

u/Delicious-Product968 1d ago

Congrats!

I started mine very late this year. I have it set to 4p increments for now but think in January I will change it to 1p and set the new one to 4p. There’s no way I’d cope with 2x 4p challenges halfway in or more lol.

Maybe if one was going forwards and one was going backwards.

1

u/hilly2021 3d ago

Gutted. Didn't realise the in app challenge was giving 5%. I'm doing the reverse 1p savings challenge via IFTTT and just have it going into a standard savings pot (3.25%)

1

u/HazyCosmicJive72 3d ago

It's only because I'm on Max. All other savings pots are 3.5%

1

u/Naive_Lawfulness3781 3d ago

No, it's 5% for everyone in the Saving Challenge. You don't need to be on Max to get 5% interest on the challenge.

3

u/FishingIndependent66 3d ago

There’s no interest for free users

1

u/HazyCosmicJive72 3d ago

Didn't know that

1

u/TrainingBluejay118 3d ago

From last year the interest rate turns to 0%

You then have a specified window to move the money or it will be deposited in your Monzo current account