Monzo has unveiled a new banking feature that offers customers the chance to double their salary each month. This feature, called Double Payday, requires customers to have their salary deposited into their Monzo account. Every month, Monzo will randomly select ten customers to have their salary doubled. For example, if your monthly take-home pay is £2,500, Monzo will add an extra £2,500 to your account, tax-free. The maximum amount that can be doubled is £10,000. The payment is based on the net salary deposited into your account via BACS by your employer.
To be eligible for the Double Payday draw, you must have received your salary in your Monzo account by the last day of the calendar month. The launch date for Double Payday is set for December 8, 2025. Richard Cadman, Senior Product Director at Monzo, expressed excitement about this new feature, stating that it takes the concept of getting paid early to the next level and offers customers the opportunity to double their salary each month, just in time for the holiday season.
In addition to Double Payday, Monzo has introduced other useful features for its customers. The Monzo Flex credit card now allows customers to split the cost of purchases over time. Eligible purchases can be divided into three interest-free monthly installments, or over six or 12 months with interest. Previously, customers had to pay in full and then choose to split the cost in the banking app. This feature has been expanded to allow splitting payments for in-store purchases as well.
Monzo continues to innovate and provide unique banking solutions for its customers, enhancing their financial management experience.