Monzo is set to introduce a fresh banking feature that offers customers the opportunity to potentially double their salary each month. To qualify for the Double Payday program, individuals must have their salary deposited into their Monzo account. Following this, on a monthly basis, Monzo will randomly select ten customers to have their salaries doubled, tax-free. The maximum amount that can be matched is £10,000. For instance, if a customer earns £11,000, Monzo will provide £10,000.
The doubled payment is calculated based on the net income transferred into the account, not the gross salary, and it must be paid by the employer through BACS. To be eligible for the upcoming month’s draw, your salary must be credited to your Monzo account by the final day of the current month. The launch date for Double Payday is scheduled for December 8, 2025.
Richard Cadman, Monzo’s Senior Product Director, expressed excitement about the new feature, stating, “We understand how much our clients appreciate receiving early payments with Monzo, and with Double Payday, we are revolutionizing the payday experience, elevating it to a new level. This initiative gives customers the chance to potentially double their salary every month, just in time for the festive season. It’s another pioneering move in the industry that is exclusive to Monzo.”
This development follows the introduction of Monzo’s early payment feature, enabling users to request early salary deposits into their accounts. This service incurs no fees, and funds are typically credited one business day in advance at 4 pm.
Moreover, Monzo offers a salary sorter function that divides incoming payments into various categories such as savings, bills, and discretionary spending. To utilize this feature, users must have their salary deposited into their Monzo account with pre-set pots for the app to distribute the funds accordingly.
Additionally, Monzo has rolled out an update for Monzo Flex credit card users. Monzo Flex now allows customers to split the cost of purchases over time, offering the flexibility to divide eligible purchases into interest-free monthly installments or opt for longer repayment periods with interest. Previously, users had to settle the full payment upfront and then choose to split the expense through the banking app.
Initially, the option to split payments was only available for online purchases starting in September 2024. However, Monzo has expanded this feature to include in-store transactions as well, providing more flexibility to users in managing their expenses.
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