Monzo urges users to take part in its ‘Summer Savings Challenge’
The Summer Savings Challenge means saving £2 every time the temperature goes above 20°C.
However, Monzo customers can change the temperature and the amount they want to save. Whenever the weather in the location chosen goes above the number set, Monzo will move a pre-set amount of money into a savings ‘pot’ automatically.
The savings challenge works in conjunction with automation platform IFTTT (If This, Then That).
IFTTT is a web-based platform which gets all your different apps and devices talking to each other. Users set up ‘if, then’ rules called ‘applets’. Applets consist of a ‘trigger’ on one app and an ‘action’ on another.
In the case of the Summer Savings Challenge, the trigger would be a temperature of 20°C or more on a weather app, and the action would be moving cash into a savings pot on the Monzo app.
Monzo’s Summer Savings Challenge is a pre-built applet that users can sync with their accounts. Other Monzo applets include the 1p Savings Challenge (saving 1p on day one, 2p on day two etc), or the £1 Weekly Savings Challenge (saving £1 in week one of the year, £2 in week two etc).
This type of saving – little and often – is often referred to as ‘micro-saving’.
Beatrice Borbon, content manager at Monzo, said: “Saving little and often is one of the most realistic ways to start saving in the first place, and build a savings habit into your day-to-day. Over time, you’ll hopefully see the smaller amounts add up into something significant.
“Staying motivated can be one of the hardest things about saving. But challenges like this one help you save automatically, and make it a little more fun.”
Monzo was named as the most popular bank in a Which? bank satisfaction survey in December last year.