Monzo has announced the launch of a new banking feature that offers customers the opportunity to potentially double their monthly salary. To qualify for the Double Payday feature, individuals 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 maximum of £10,000. For example, if a customer’s take-home pay is £2,500, Monzo will add an additional £2,500 to their account, tax-free.
The doubled payment will be based on the net pay received in the account, with the requirement that the salary is transferred by the employer via BACS. Customers must ensure their salary is credited to their Monzo account by the last day of the month to be eligible for the following month’s draw. 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, emphasizing that it allows customers to potentially double their salary each month, enhancing the festive season experience. He highlighted that this initiative is another first in the industry that sets Monzo apart from traditional banking services.
In addition to the Double Payday feature, Monzo recently introduced an update for users of its Monzo Flex credit card. The Monzo Flex feature enables customers to split the cost of purchases over time. Eligible transactions can be divided into three interest-free monthly installments or spread over six or twelve months with interest. Previously, users had to pay the full amount upfront and then choose to split the cost within the banking app. This update now extends the ability to split payments to both online and in-store purchases.
Furthermore, Monzo offers a salary sorter feature that allows users to allocate incoming funds into different categories such as savings, bills, or spending, provided that the salary is deposited into the Monzo account and the appropriate pots are set up within the app.