Monzo has introduced a unique banking feature that offers customers the opportunity to potentially double their salary each month. To qualify for the “Double Payday” program, individuals must have their salary deposited into their Monzo account. Each month, Monzo will randomly select ten customers to have their salary doubled, up to a cap of £10,000. For instance, if a customer’s monthly take-home pay is £2,500, Monzo will add an additional £2,500 tax-free to their account.
The doubled payment is based on the net salary received in the account via BACS transfer from the employer, not the gross salary. To be eligible for the following month’s draw, customers must have their salary credited to their Monzo account by the end of each calendar month. The launch date for the Double Payday initiative is set for December 8, 2025.
Richard Cadman, Senior Product Director at Monzo, expressed enthusiasm about the new feature, stating that customers who enjoy early payment with Monzo will now have the chance to double their salary monthly, enhancing the festive season experience. This offering, known as Double Payday, is exclusive to Monzo and represents another pioneering move in the industry.
In addition to Double Payday, Monzo recently rolled out an update for users of its Monzo Flex credit card. Monzo Flex enables customers to split the cost of purchases over time, allowing for interest-free installment plans for eligible purchases. Previously, customers had to make full payments and then opt to split the cost within the app. Now, Monzo has expanded this feature to include in-store purchases as well, building on their online payment splitting capability introduced in September 2024.