Monzo has unveiled a new banking feature that offers customers the opportunity to double their salary each month. To qualify for the Double Payday scheme, individuals must have their salary deposited into their Monzo account. Every month, Monzo will randomly select ten customers to have their salary doubled, tax-free. The maximum doubling limit is £10,000, meaning if a customer’s take-home pay exceeds this amount, Monzo will contribute up to £10,000.
The doubled payment is calculated based on the net pay deposited into the account via BACS from the employer. To participate in the next month’s draw, individuals must have their salary credited to their Monzo account by the last day of the calendar month. The Double Payday initiative is set to launch on December 8, 2025.
Richard Cadman, Senior Product Director at Monzo, expressed the company’s aim to enhance customer satisfaction by offering innovative features like Double Payday, allowing customers to potentially double their salary monthly, just in time for the holiday season.
In addition to the Double Payday feature, Monzo recently introduced an update for users of its Monzo Flex credit card. Monzo Flex enables customers to split the cost of purchases over time. This feature allows eligible purchases to be divided into three interest-free monthly installments or over six or 12 months with interest.
Previously, Monzo Flex users had to pay the full amount at the time of purchase and then decide to spread the cost using the banking app. The recent update now extends this capability to split payments for in-store transactions as well, building on the initial online purchase split introduced in September 2024.
Monzo continues to innovate and provide customers with convenient and flexible financial solutions through its range of features and services.