Monzo is set to introduce a new banking feature that offers customers the opportunity to potentially double their salary every month. Known as “Double Payday,” this feature 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.
For example, if a customer’s monthly take-home pay is £2,500, Monzo will add an additional £2,500 to their account, tax-free. The doubled payment is calculated based on the take-home pay received in the account, not the gross salary, and must be paid by the employer via BACS.
To be eligible for the Double Payday draw, customers must have their salary credited to their Monzo account by the end of each calendar month. The feature is scheduled to launch on December 8, 2025. Richard Cadman, Senior Product Director at Monzo, expressed excitement about this innovative offering, stating that it takes the concept of getting paid early to a new level and offers customers the chance to double their salary monthly, just in time for the festive season.
In addition to Double Payday, Monzo recently enhanced its Monzo Flex credit card feature, allowing customers to split the cost of purchases over time. With Monzo Flex, eligible purchases can be divided into interest-free monthly installments or spread over six or 12 months with interest. Previously, customers had to pay in full and then choose to split the cost in the banking app; now, this feature is available for both online and in-store purchases.
Monzo users can also benefit from the salary sorter feature, which allocates incoming funds to different pots designated for savings, bills, or spending. This feature requires the user to have their salary deposited into their Monzo account and pots set up in advance for the app to distribute the funds accordingly.