Monzo is set to unveil an innovative banking feature that offers customers the opportunity to double their salary each month. To qualify for the Double Payday program, individuals must have their salary deposited into their Monzo account. Subsequently, Monzo will select ten customers randomly every month to have their salary doubled, tax-free. The scheme has a cap of £10,000, ensuring that individuals with a take-home pay exceeding this threshold will receive the maximum bonus.
The doubled payment will be calculated based on the net salary deposited into the account via BACS. Eligibility for the next month’s draw requires that the salary is credited to the Monzo account by the final day of the month. The launch date for Double Payday is scheduled for December 8, 2025.
Richard Cadman, Senior Product Director at Monzo, expressed excitement about the new feature, emphasizing the company’s commitment to enhancing customer experience. He highlighted the unique opportunity for customers to double their salary monthly, adding a festive touch to their finances. Cadman noted that this initiative reflects Monzo’s innovative approach to banking services.
In addition to the Double Payday program, Monzo recently introduced updates to its Monzo Flex credit card. The Monzo Flex feature enables customers to split the cost of purchases over time, with options for interest-free installment plans. Previously, users were required to pay the full amount upfront and then opt to spread the cost through the banking app. Now, customers can split payments for both online and in-store purchases using Monzo Flex, providing greater flexibility in managing expenses.
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