Monzo has unveiled a new banking feature that offers customers the opportunity to double their monthly salary. To qualify for the Double Payday feature, customers must have their salary deposited into their Monzo account. Each month, Monzo will randomly select ten customers to have their salary doubled, up to a cap of £10,000.
For example, if a customer’s monthly take-home pay is £2,500, Monzo will add an additional £2,500 to their account, tax-free. The salary doubling is based on the net pay received in the account, not the gross salary, and the salary must be deposited by the employer through BACS.
To be eligible for the monthly draw, customers must have received their salary in their Monzo account by the last day of the calendar month. The Double Payday feature is set to launch on December 8, 2025.
Richard Cadman, Senior Product Director at Monzo, expressed excitement about the new feature, stating that it provides customers with the unique opportunity to double their salary each month, just in time for the festive season. He emphasized that this initiative sets Monzo apart in the industry.
In addition to Double Payday, Monzo recently introduced enhancements to its Monzo Flex credit card. Monzo Flex now enables customers to split the cost of purchases over time, offering interest-free monthly installments for eligible purchases. Customers can choose to split payments over three, six, or twelve months with interest.
Previously, customers were required to pay in full when using the Monzo Flex credit card and then opt to split the purchase cost in the banking app. Now, customers can split payments for both online and in-store purchases using the Monzo Flex credit card.
Monzo continues to innovate and provide unique financial solutions for its customers, reinforcing its commitment to enhancing the banking experience.