Monzo has unveiled a fresh banking feature that allows customers to potentially double their salary each month. Known as Double Payday, this perk is available to those who have their salary deposited into their Monzo account. Every month, Monzo will randomly select ten customers to receive double their salary, tax-free, up to a maximum of £10,000.
The doubled payment is calculated based on the individual’s take-home pay as received in their account, not their gross salary. To qualify, your salary must be transferred by your employer through BACS, and you must have received your salary in your Monzo account by the last day of the month to participate in the following month’s draw. The launch date for Double Payday is set for December 8, 2025.
Richard Cadman, Senior Product Director at Monzo, expressed excitement about this initiative, stating that it offers customers the opportunity to double their salary monthly, enhancing the festive season experience. This innovative feature is exclusive to Monzo, reflecting the company’s commitment to pioneering new industry standards.
In addition to Double Payday, Monzo has introduced various other beneficial features for its customers, including the option to receive their salary a day early and a salary sorter function. The salary sorter allows users to allocate their incoming funds into different categories such as savings, bills, or spending, provided that their salary is directed to their Monzo account and the relevant pots are set up in advance.
Furthermore, Monzo has enhanced its Monzo Flex credit card service by enabling customers to divide the cost of purchases over time. With Monzo Flex, eligible purchases can be split into interest-free monthly installments or extended repayment periods with interest. This update builds upon the previous capability that allowed customers to split payments for online purchases, now extending to in-store transactions as well.