Monzo has unveiled a new banking feature that offers customers the opportunity to potentially double their salary each month through the “Double Payday” program. To qualify for this benefit, individuals must have their salary deposited into their Monzo account. Every month, Monzo will select ten random customers to receive a salary boost, effectively doubling their take-home pay. For example, if a customer’s monthly salary is £2,500, Monzo will add an extra £2,500 to their account tax-free, with a maximum cap of £10,000. This additional payment is calculated based on the net salary credited to the account via BACS transfer by the employer.
To participate in the monthly draw for the Double Payday scheme, customers must ensure that their salary is credited to their Monzo account by the end of each calendar month. The feature is set to launch on December 8, 2025. Richard Cadman, Senior Product Director at Monzo, expressed enthusiasm for the new program, emphasizing that it enhances the customer experience by offering a unique opportunity to double their salary on a regular basis.
In addition to the Double Payday feature, Monzo also introduced the Monzo Flex credit card update, which allows customers to split the cost of purchases over time. With Monzo Flex, eligible purchases can be divided into interest-free monthly installments, ranging from three months to twelve months with interest. Previously, customers were required to pay in full and then opt to split the cost in the banking app. Following an update in September 2024 enabling online purchase splits, Monzo has expanded this capability to in-store transactions as well.
