Monzo has introduced a new banking feature that enables customers to potentially double their salary every 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 maximum of £10,000. This means that if a customer’s monthly take-home pay is £2,500, Monzo will add an extra £2,500 to their account, tax-free.
The doubled payment is calculated based on the net salary deposited into the account via BACS transfer. To participate in the monthly draw, customers must have their salary credited to their Monzo account by the end of the calendar month. The Double Payday initiative is set to launch on December 8, 2025.
Richard Cadman, Monzo’s Senior Product Director, expressed excitement about the new feature, emphasizing that it offers customers the opportunity to double their salary each month, enhancing the festive season experience. This innovative service builds upon Monzo’s existing features, such as the ability for customers to receive their salary a day early and a salary sorter function that divides incoming payments into different categories like savings and bills.
Additionally, Monzo has made enhancements to its Monzo Flex credit card, allowing users to split the cost of purchases over time. With Monzo Flex, customers can divide eligible purchases into interest-free monthly installments, ranging from three to twelve months. Previously, customers had to pay in full before opting to spread the cost of a purchase. The digital bank has now expanded this capability to include in-store purchases, building on the initial online payment splitting feature introduced in September 2024.