Monzo is set to introduce a new banking feature that allows customers 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, tax-free. The maximum amount that can be doubled is £10,000, regardless of the individual’s actual salary amount.
To be eligible for Double Payday, customers must ensure that their salary is paid via BACS by their employer into their Monzo account by the last day of the month. The feature is scheduled to launch on December 8, 2025. Richard Cadman, Senior Product Director at Monzo, expressed excitement about this innovative offering, emphasizing how it enhances the experience of getting paid with Monzo.
In addition to Double Payday, Monzo offers other convenient features like getting paid early and salary sorting. With the get paid early feature, customers can request to receive their salary one day in advance without any extra fees. Moreover, the salary sorter feature allows users to allocate their income into different categories such as savings, bills, and spending money, making budget management easier.
Monzo has further enhanced its services with an update to its Monzo Flex credit card. The Monzo Flex now enables customers to split the cost of purchases over time. Eligible purchases can be divided into three interest-free monthly installments or extended over six or twelve months with interest. This update builds on a previous improvement that allowed customers to split payments for online purchases and now extends the same functionality to in-store transactions.