Monzo has rolled out an innovative feature that allows customers to potentially double their monthly salary. This feature, known as Double Payday, requires customers to have their salary deposited into their Monzo account. Each month, Monzo will randomly select ten customers to have their salary doubled, tax-free. The maximum amount that can be doubled is £10,000. For instance, if a customer’s take-home pay is £11,000, Monzo will add £10,000 to their account.
To qualify for Double Payday, customers must have their salary paid via BACS into their Monzo account by the end of the month to be eligible for the following month’s draw. The launch date for Double Payday is set for December 8, 2025.
Richard Cadman, Senior Product Director at Monzo, expressed excitement about this new feature, emphasizing how it enhances the customer experience by offering the opportunity to double their salary each month. This initiative aligns with Monzo’s commitment to providing innovative and customer-centric financial solutions.
In addition to Double Payday, Monzo has introduced other beneficial features for its customers. One such feature is Monzo Flex, a service that enables customers to split the cost of purchases over time. With Monzo Flex, eligible purchases can be split into interest-free monthly installments or over a period of six or 12 months with interest.
Previously, customers using Monzo Flex had to pay the full amount upfront and then choose to split the cost in the banking app. However, Monzo has enhanced this service, allowing customers to split payments not only for online purchases but also for in-store transactions, providing added flexibility and convenience.
Overall, Monzo continues to innovate and enhance its services to meet the evolving needs of its customers, offering unique financial solutions that set it apart in the industry.