Monzo is set to introduce a novel banking feature that allows customers the opportunity to potentially double their monthly salary. This feature, known as Double Payday, requires individuals to have their salary deposited into their Monzo account. Each month, Monzo will randomly select ten customers to have their salary doubled, up to a maximum of £10,000 tax-free. For instance, if a customer’s take-home pay is £2,500, Monzo will add an additional £2,500 to their account.

The eligibility criteria for Double Payday stipulate that the salary must be received via BACS transfer from the employer into the Monzo account by the end of the calendar month to qualify for the following month’s draw. The launch date for Double Payday is slated for December 8, 2025.

Richard Cadman, the Senior Product Director at Monzo, expressed excitement about the new feature, emphasizing how it aligns with the bank’s commitment to innovative financial solutions. He highlighted that Double Payday offers customers a unique opportunity to double their salary monthly, enhancing the festive season experience in a way that is exclusive to Monzo.

In addition to Double Payday, Monzo has previously introduced services such as getting paid early and a salary sorter feature. The get paid early service allows customers to receive their salary a day in advance without any fees. Furthermore, the salary sorter feature enables users to allocate their income into different pots for savings, bills, or discretionary spending, provided their salary is directed to their Monzo account.

Moreover, Monzo has enhanced its Monzo Flex credit card by introducing a new feature that enables customers to divide the cost of purchases over time. With Monzo Flex, eligible purchases can be split into three interest-free monthly installments or extended over six or 12 months with interest. This update builds on Monzo’s previous enhancement, allowing customers to split payments for online purchases, now extending the capability to in-store transactions.

Overall, Monzo continues to evolve its banking services to provide customers with convenient and innovative financial solutions tailored to their needs and preferences.