Monzo has introduced a new banking feature that allows customers the opportunity to double their salary each month. To qualify for the Double Payday program, individuals must receive their salary directly into their Monzo account. Every month, Monzo will randomly select ten customers to have their salary doubled, tax-free. The maximum amount that can be doubled is £10,000, regardless of the actual salary amount.
The payment is calculated based on the net pay deposited into the account via BACS transfer by the employer. To be eligible for the following month’s draw, the salary must be received in the Monzo account by the end of the calendar month. The launch date for Double Payday is set for December 8, 2025.
Richard Cadman, Senior Product Director at Monzo, expressed enthusiasm for the program, stating that it elevates the joy of early payment experienced by customers. With Double Payday, customers have the chance to double their salary monthly, just in time for the holiday season, a unique offering that sets Monzo apart in the industry.
In addition to this new feature, Monzo has enhanced its Monzo Flex credit card by allowing customers to split the cost of purchases over time. Users can now divide eligible purchases into interest-free monthly installments, with the option to extend the payment period to six or 12 months with interest. This update builds on the previous model where shoppers had to pay in full before choosing to split the purchase cost within the banking app.
Moreover, Monzo has expanded the capability to split payments beyond online purchases, enabling customers to split payments for in-store transactions as well. This enhancement provides users with more flexibility in managing their expenses and payments through the Monzo platform.