Monzo introduces an innovative banking feature that allows customers the opportunity to potentially double their monthly salary. 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 receive double their salary, up to a maximum of £10,000.
If a customer’s take-home pay is, for example, £2,500, Monzo will deposit an additional £2,500 into their account tax-free. The doubled payment is based on the net salary received in the account via BACS transfer, not the gross salary.
To participate, customers must have their salary credited to their Monzo account by the last day of the month to be eligible for the following month’s drawing. The Double Payday initiative is set to launch on December 8, 2025.
Richard Cadman, Senior Product Director at Monzo, expressed excitement about this new feature, emphasizing the company’s commitment to enhancing customer experience. He highlighted that with Double Payday, customers have the chance to double their salary every month, providing a unique opportunity, especially during the festive season.
In addition to Double Payday, Monzo recently rolled out an update for users of its Monzo Flex credit card. This new feature, Monzo Flex, enables customers to split the costs of purchases over a period. Eligible purchases can be divided into interest-free monthly installments over three months, or with interest over six or twelve months.
Previously, Monzo Flex users were required to pay in full and then opt to split the cost after the purchase. Following an update in September 2024 to allow online purchases to be split, Monzo has expanded this capability to in-store transactions as well.