Monzo has announced the launch of a new banking feature that allows customers to potentially double their monthly salary. This feature, called 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. The payment is based on the net salary received via BACS transfer.
To be eligible for Double Payday, customers must have their salary deposited into their Monzo account by the last day of the month preceding the draw. The feature will commence on December 8, 2025. Richard Cadman, Senior Product Director at Monzo, expressed excitement about Double Payday, emphasizing how it enhances the customer experience by offering a unique opportunity to double their income monthly, especially during the festive season.
In addition to Double Payday, Monzo introduced the ability for customers to split the cost of purchases using the Monzo Flex credit card. This feature allows eligible purchases to be split into interest-free monthly installments, ranging from three months to twelve months with interest. Previously, customers had to pay in full and then opt to spread the cost through the banking app. The recent update extends this flexibility to in-store purchases as well.
Moreover, Monzo offers various other features such as getting paid early, salary sorting into different pots for savings, bills, and spending, enhancing the overall banking experience for its customers.
