Monzo has introduced a new feature called Double Payday, allowing customers to potentially double their monthly salary. To qualify for Double Payday, individuals must have their salary deposited into their Monzo account, after which the bank will randomly select ten customers each month to receive a doubled salary. The additional payment, up to a maximum of £10,000, is tax-free and based on the individual’s take-home pay received in their account via BACS transfer from their employer.
To be eligible for the next month’s draw, customers must have their salary credited to their Monzo account by the last day of the month. The Double Payday initiative is set to commence on December 8, 2025.
Richard Cadman, Monzo’s Senior Product Director, expressed excitement about the new feature, stating that it provides customers with the opportunity to double their salary every month, just in time for the festive season. Monzo aims to enhance the payday experience for its users with this innovative offering.
In addition to Double Payday, Monzo recently unveiled an update for users of its Monzo Flex credit card. The Monzo Flex feature enables customers to split the cost of purchases over time, allowing them to divide eligible transactions into interest-free monthly installments or opt for payment plans with interest over six or twelve months.
Previously, Monzo Flex cardholders had to pay the full amount upfront and then choose to spread the cost via the banking app. However, following an update in September 2024 that allowed splitting payments for online purchases, Monzo has expanded this functionality to enable in-store purchases as well.