Monzo has unveiled a new banking feature that allows customers the opportunity to double their salary every month. To qualify for the Double Payday promotion, individuals must have their salary deposited into their Monzo account. Each month, Monzo will randomly select ten customers to have their salary doubled, tax-free, up to a maximum of £10,000.
The additional payment will be based on the net income deposited into the account through BACS by the employer. To participate in the following month’s draw, the salary must be received in the Monzo account by the end of the calendar month. The Double Payday initiative is set to launch on December 8, 2025.
Richard Cadman, Senior Product Director at Monzo, expressed excitement about the new feature, emphasizing the opportunity for customers to double their salary monthly during the festive season. He highlighted that this initiative is a unique offering by Monzo, building on the success of their existing early payment feature.
In addition to Double Payday, Monzo has introduced Monzo Flex for credit card users, enabling them to split the cost of purchases over time. This feature allows customers to divide eligible purchases into interest-free monthly installments or opt for longer-term payment plans with interest. Initially available for online purchases, Monzo Flex has now been expanded to include in-store transactions, providing users with more flexibility in managing their expenses.