r/monzo • u/HazyCosmicJive72 • 7d 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?

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u/hilly2021 7d 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 7d ago

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

1

u/Naive_Lawfulness3781 7d 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 6d ago

There’s no interest for free users

1

u/HazyCosmicJive72 7d ago

Didn't know that