Monzo is set to introduce an innovative banking feature that offers customers the opportunity to potentially double their monthly salary. Known as “Double Payday,” this new feature requires individuals to have their salary deposited into their Monzo account. Each month, Monzo will randomly select ten customers whose salaries will be doubled.
For instance, if your monthly take-home pay is £2,500, Monzo will add an additional £2,500 to your account, tax-free. The maximum cap for this doubling feature is £10,000. Therefore, if your take-home pay exceeds £10,000, Monzo will still provide you with the maximum bonus amount.
It is important to note that the doubled payment will be based on your actual take-home pay deposited into your account, rather than your gross salary. Additionally, your salary must be paid by your employer through BACS to qualify for the Double Payday feature.
To be eligible for the following month’s draw, you must ensure that your salary is credited to your Monzo account by the end of the calendar month. The official launch date for Double Payday is scheduled for December 8, 2025.
Richard Cadman, Monzo’s Senior Product Director, expressed enthusiasm about this new feature, emphasizing the company’s commitment to enhancing customer experiences. Cadman highlighted that the Double Payday initiative aims to provide customers with the unique opportunity to potentially double their income each month, just in time for the festive season, setting Monzo apart as an industry trailblazer.
Notably, this announcement follows the recent introduction of Monzo’s “get paid early” feature, allowing users to request early salary deposits into their accounts without any additional fees. Furthermore, Monzo offers a salary sorter function that enables users to allocate their income into various designated pots, such as savings, bills, or discretionary spending.
Moreover, Monzo has enhanced its Monzo Flex credit card with a new update that allows customers to split the cost of purchases over time. With Monzo Flex, eligible purchases can be divided into interest-free monthly installments over three months or extended periods with interest. Previously, customers were required to pay in full and then manually split the cost through the banking app.
The recent expansion of the Monzo Flex feature now enables users to split payments not only for online purchases, as introduced in September 2024, but also for in-store transactions. This enhancement further enhances the flexibility and convenience offered by Monzo to its customers in managing their finances effectively.
