Monzo has unveiled a new banking feature that offers customers the opportunity to potentially double their salary every month. This feature, called Double Payday, requires customers to have their salary deposited into their Monzo account. Each month, Monzo will randomly select ten customers to have their salary doubled.
If a customer’s monthly take-home pay is, for example, £2,500, Monzo will add an additional £2,500 to their account, tax-free. There is a maximum cap of £10,000, meaning if a customer’s take-home pay exceeds that amount, Monzo will provide the maximum bonus of £10,000.
The doubled payment is based on the take-home pay received in the customer’s account, not the gross salary, and the salary must be paid by the employer through BACS.
To be eligible for the Double Payday draw each month, customers must have their salary deposited into their Monzo account by the last day of the calendar month. The feature is set to launch on December 8, 2025.
Richard Cadman, Senior Product Director at Monzo, expressed excitement about the new feature, stating that it takes the concept of early payday to the next level. He emphasized that Double Payday gives customers the chance to double their salary each month, providing a unique and festive opportunity that is exclusive to Monzo.
This announcement follows the introduction of Monzo’s early payment feature, allowing customers to request early salary deposits without any fees, typically processed at 4pm one business day prior. Additionally, Monzo offers a salary sorter feature to distribute incoming payments into different designated pots for savings, bills, and discretionary spending, contingent on having the salary deposited into the Monzo account with pots set up in advance.
Furthermore, Monzo has updated its Monzo Flex credit card to enable customers to split the cost of purchases over time. With Monzo Flex, customers can divide eligible purchases into interest-free monthly installments or opt for payment plans with interest over six or 12 months. Previously, customers had to pay in full and then manually split the cost, but now they can split payments both for online and in-store purchases seamlessly.
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