Monzo has announced the launch of a new banking feature that offers customers the opportunity to potentially double their monthly salary. Known as “Double Payday,” this feature requires individuals to have their salary deposited into their Monzo account. Each month, Monzo will randomly select ten customers to have their salary doubled, up to a maximum of £10,000. For instance, if a customer’s monthly take-home pay is £2,500, Monzo will add an additional £2,500 to their account, tax-free.
To qualify for the Double Payday feature, customers must ensure that their salary is transferred to their Monzo account by their employer using the BACS payment system by the end of the calendar month. The feature is set to launch on December 8, 2025.
Richard Cadman, the Senior Product Director at Monzo, expressed excitement about the initiative, highlighting how it aligns with the company’s commitment to providing innovative financial solutions. He emphasized that the Double Payday feature offers customers the unique opportunity to double their salary each month, enhancing their financial well-being, especially during the festive season.
In addition to this new feature, Monzo has previously introduced the “get paid early” option, allowing customers to receive their salaries a day in advance without any fees. Moreover, the digital bank offers a salary sorter feature that enables users to allocate their incoming funds to different designated pots within the app for various purposes like savings, bills, or discretionary spending.
Furthermore, Monzo recently upgraded its Monzo Flex credit card, enabling customers to split the cost of purchases over time. With Monzo Flex, eligible purchases can be divided into interest-free installments over three months or longer durations with applicable interest charges. This enhancement follows Monzo’s earlier update that allowed customers to split payments for online purchases and has now been expanded to include in-store transactions as well.
