Monzo has unveiled a new banking feature that offers customers the opportunity to potentially double their salary each month. Known as Double Payday, this perk is accessible to individuals who have their paychecks deposited into their Monzo accounts. Each month, Monzo will randomly select ten customers to receive a salary doubling benefit.
For example, if your monthly take-home pay is £2,500, Monzo will add an extra £2,500 to your account tax-free. However, there is a maximum cap of £10,000. So, if your salary exceeds £10,000, Monzo will provide a maximum bonus of £10,000.
It’s important to note that the bonus is calculated based on your net pay directly deposited into your account via BACS by your employer. To qualify for the following month’s draw, your salary must be credited to your Monzo account by the end of the calendar month. The Double Payday feature is set to launch on December 8, 2025.
Richard Cadman, Senior Product Director at Monzo, expressed enthusiasm for the new feature, emphasizing the company’s commitment to enhancing customer experience. He stated, “We understand the value our customers place on early payments at Monzo, and with Double Payday, we’re elevating that experience by offering the chance to double your salary every month, just in time for the holiday season. This innovation is another industry first that sets Monzo apart.”
This initiative follows the successful introduction of Monzo’s early payment feature, allowing users to request early salary deposits with no additional fees. Furthermore, Monzo offers a salary sorter function that enables users to allocate incoming funds to various designated pots within the app.
Additionally, Monzo recently introduced 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 for interest-free monthly installments or extended payment plans with interest. Previously, customers were required to pay the full amount upfront and then choose to split payments through the banking app.
The digital bank’s continuous enhancements now allow customers to split payments for in-store purchases using the Monzo Flex credit card, expanding on the initial online purchase functionality introduced in September 2024.
