Monzo has unveiled a novel banking feature that offers customers the opportunity to double their monthly salary. To qualify for the Double Payday program, individuals must have their salary deposited into a Monzo account. Each month, Monzo will select ten customers at random to have their salary doubled, up to a maximum of £10,000. For instance, if a customer’s take-home pay is £2,500, Monzo will add an extra £2,500 tax-free to their account.
The doubled payment amount is based on the net pay credited to the account via BACS by the employer, not the gross salary. To be eligible for the following month’s draw, individuals must have their salary deposited into their Monzo account by the last day of the calendar month. The Double Payday initiative is set to launch on December 8, 2025.
Richard Cadman, Monzo’s Senior Product Director, expressed excitement about the new feature, emphasizing how it elevates the customer experience by offering the chance to double their salary monthly, just in time for the holiday season. He highlighted that this innovative opportunity is exclusive to Monzo.
In addition to this groundbreaking feature, Monzo recently introduced enhancements to its Monzo Flex credit card, allowing customers to split the cost of purchases over time. The Monzo Flex feature enables users to divide eligible purchases into interest-free monthly installments or choose to pay over six or twelve months with interest. Previously, customers had to pay in full and then opt to split the cost through the banking app. Now, this capability has been extended to in-store purchases as well.
Monzo continues to innovate and enhance its services to provide unique and beneficial financial solutions to its customers.