Monzo has announced a new banking feature that allows customers to potentially double their salary each month. The 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, up to a cap of £10,000.
If a customer’s take-home pay is £2,500, Monzo will add an additional £2,500 to their account tax-free. The maximum amount that can be doubled is £10,000. The doubled payment is based on the take-home pay deposited into the account via BACS by the employer.
To be eligible for the Double Payday feature, customers must have their salary credited to their Monzo account by the last day of the calendar month for participation in the next 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 the new feature, stating that it offers customers the opportunity to double their salary each month, enhancing the festive season experience. Monzo’s commitment to innovation continues with this new industry-first feature.
In addition to Double Payday, Monzo recently introduced enhancements to its Monzo Flex credit card. The Monzo Flex feature now allows customers to split the cost of purchases over time. Eligible purchases can be divided into three interest-free monthly installments or extended over six or 12 months with interest. Previously, customers had to pay in full and then choose to split the cost using the banking app. The update now enables splitting payments for in-store purchases as well.
Furthermore, Monzo offers other useful features such as early access to salary payments and a salary sorter feature that organizes incoming funds into different pots for savings, bills, or spending purposes.