Monzo is set to introduce an innovative banking feature that offers customers the opportunity to potentially double their monthly salary. Known as Double Payday, this feature requires customers to have their salary deposited into their Monzo account. Each month, Monzo will randomly select ten customers to have their salary doubled.
For instance, if you earn £2,500 per month, Monzo will credit an additional £2,500 into your account, tax-free. However, there is a maximum cap of £10,000. Therefore, if your take-home pay exceeds £10,000, Monzo will top up your account to reach that limit.
It is important to note that the doubled payment is based on your net income deposited into your account via BACS by your employer, not your gross salary. To qualify for the Double Payday draw each month, your salary must be received in your Monzo account by the end of the calendar month. The launch date for Double Payday is scheduled for December 8, 2025.
Richard Cadman, Monzo’s Senior Product Director, expressed enthusiasm about this new feature, highlighting how it enhances the customer experience by offering the chance to double their salary monthly, just in time for the holiday season. This initiative represents another pioneering step by Monzo within the industry.
In addition to Double Payday, Monzo has introduced other beneficial features for its customers. Monzo Flex, the latest update to its credit card service, allows customers to split the cost of purchases over time. This feature enables eligible purchases to be divided into interest-free monthly installments, spanning three months or with interest over six or twelve months.
Previously, Monzo Flex users had to pay the full amount upfront and then choose to spread the cost through the banking app. However, with the recent update, customers can now split payments for both online and in-store purchases. This enhancement provides greater flexibility and convenience for Monzo account holders.
In conclusion, Monzo continues to lead the way in providing innovative banking solutions, catering to the evolving needs of its customers.