Monzo has unveiled a new banking feature that offers customers the opportunity to potentially double their monthly salary. Known as Double Payday, this feature requires individuals to 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.
For example, if your monthly take-home pay is £2,500, Monzo will credit an additional £2,500 into your account, tax-free. The doubled payment is based on your take-home pay, not your gross salary, and your salary must be transferred by your employer via BACS.
To qualify for the next month’s draw, you must receive your salary in your Monzo account by the end 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 the new feature, stating that it offers customers the opportunity to double their salary monthly, enhancing the festive season experience. This initiative builds on Monzo’s existing services, such as the early payment feature and salary sorter function, which helps users manage their finances effectively.
Additionally, Monzo has introduced an update for users of its Monzo Flex credit card. Monzo Flex now allows customers to split the cost of purchases over time, offering interest-free installment options. Previously, customers had to pay in full and then opt to spread the cost through the banking app. The recent update enables customers to split payments not only for online purchases but also for in-store transactions, providing greater flexibility and convenience.
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