Monzo is set to unveil an innovative banking feature that allows customers the opportunity to potentially double their salary each month. To qualify for the Double Payday scheme, individuals must have their salary deposited into their Monzo account. Subsequently, Monzo will select ten customers at random monthly to have their salary doubled. For example, if your monthly take-home pay is £2,500, Monzo will supplement it with an additional £2,500, tax-free. However, there is a limit of £10,000 – so if your take-home pay exceeds £10,000, Monzo will cap the additional payment at that amount.
The doubled payment is calculated based on your net earnings deposited into your account, not your gross salary, and it must be transferred by your employer through BACS. To be eligible for the following month’s draw, your salary must be credited to your Monzo account by the last day of the current month. The launch date for Double Payday is scheduled for December 8, 2025.
Richard Cadman, Senior Product Director at Monzo, expressed excitement about the new feature, emphasizing that it builds on the popular early payment service that customers appreciate. He highlighted that with Double Payday, customers have a unique chance to double their salary every month, especially during the festive season, offering an exclusive experience only available with Monzo.
This initiative follows the successful introduction of Monzo’s get paid early feature, allowing users to request early salary deposits into their accounts without any additional fees. Moreover, Monzo provides a salary sorter function that helps allocate incoming funds into different designated pots, such as savings, bills, or spending money, once the salary is deposited in the Monzo account and pots are pre-set in the app.
In addition, Monzo recently rolled out 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 eligible purchases to be divided into three interest-free monthly installments or over extended periods with interest. Previously, customers had to pay in full when using the Monzo Flex credit card, later opting to split the purchase cost within the banking app. Now, this option has been expanded to cover in-store purchases as well, enhancing flexibility for consumers.
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