Monzo has unveiled a novel banking feature that offers customers the chance to potentially double their salary each month through a program called Double Payday. To qualify, individuals must have their salary deposited into their Monzo account, following which ten lucky customers will be randomly selected to have their pay doubled by Monzo.
If, for instance, your monthly take-home pay amounts to £2,500, Monzo will add an additional £2,500 to your account, tax-free. The maximum cap for this benefit is £10,000. Therefore, if your take-home pay exceeds £10,000, Monzo will top it up to reach the cap.
It is essential to note that the payment will be based on the net pay credited to your account, not your gross salary, and the salary must be transferred by your employer through BACS. To participate in the monthly draw, your salary must be received in your Monzo account by the final day of the calendar month. The official launch date for Double Payday is scheduled for December 8, 2025.
Richard Cadman, Senior Product Director at Monzo, expressed enthusiasm about the initiative, highlighting how customers enjoy early payment options with Monzo and how Double Payday elevates this experience. He emphasized that Double Payday offers customers the extraordinary opportunity to double their salary regularly, particularly during the festive season, showcasing Monzo’s commitment to innovative banking solutions.
In a related development, Monzo 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. Eligible purchases can be divided into three interest-free monthly installments or extended over six or twelve months with interest charges.
Previously, Monzo Flex users had to make full payments upfront and then choose to spread the cost through the banking app. Following an update in September 2024 that enabled splitting payments for online purchases, Monzo has expanded this feature to facilitate splitting payments for in-store purchases as well.