Monzo has rolled out a new banking feature that offers customers the opportunity to potentially double their monthly salary. Eligibility for the Double Payday feature requires customers to have their salary deposited into a Monzo account. Each month, Monzo will randomly select ten customers to have their salary doubled.
For example, if a customer’s monthly take-home pay is £2,500, Monzo will add an additional £2,500 to their account without any tax deductions. However, there is a cap of £10,000, meaning if a customer’s take-home pay exceeds £10,000, Monzo will only double up to that amount.
The doubled payment is based on the actual take-home pay deposited into the account via BACS transfer by the employer, not the gross salary. To be eligible for the following month’s draw, the salary must be received in the Monzo account by the last day of the calendar month. The Double Payday feature is set to launch on December 8, 2025.
Richard Cadman, Monzo’s Senior Product Director, expressed the company’s aim to enhance customer satisfaction by offering innovative services. He highlighted the excitement around the Double Payday feature, emphasizing the opportunity it provides for customers to double their salary monthly, especially during the festive season.
Monzo has been expanding its range of services, including the recent introduction of Monzo Flex for credit card users. Monzo Flex enables customers to split the cost of purchases over time, allowing for interest-free monthly installments for selected purchases. Previously, customers had to pay in full and then opt to spread the cost through the banking app. The recent update now allows customers to split payments for both online and in-store purchases using Monzo Flex.
In addition to these new features, Monzo also offers a salary sorter feature that helps customers allocate their incoming funds into various designated pots for savings, bills, or discretionary spending. To utilize this feature, customers must have their salary paid into their Monzo account and have preset pots ready for fund distribution within the app.