Monzo has unveiled a new banking feature that allows customers the opportunity to double their salary every month. To participate in Double Payday, individuals must have their salary deposited into their Monzo account, and each month, Monzo will randomly select ten customers to have their salary doubled.
If a customer’s monthly take-home pay is £2,500, Monzo will add an additional £2,500 to their account, tax-free. However, there is a limit of £10,000, meaning if a customer’s take-home pay exceeds £10,000, Monzo will provide a maximum of £10,000.
The doubled payment is based on the net salary deposited into the account, not the gross salary, and it must be paid by the employer via BACS. To qualify for the next month’s draw, the salary must be received in the Monzo account by the end of the calendar month. The Double Payday feature is set to launch on December 8, 2025.
Richard Cadman, the Senior Product Director at Monzo, expressed excitement about the new feature, stating that it takes the concept of early payday to a new level. This initiative, called Double Payday, offers customers the chance to double their salary each month, adding a festive touch to their finances. Cadman emphasized that this unique opportunity is exclusive to Monzo.
This announcement follows the successful introduction of the get-paid-early feature by Monzo, enabling customers to receive their salary one day in advance without any extra charges. Additionally, Monzo offers a salary sorter feature that divides incoming payments into different categories like savings, bills, and spending, provided the salary is deposited into the Monzo account and pots are set up in advance.
Moreover, Monzo has 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 three interest-free monthly installments or spread over six or twelve months with interest. Previously, customers had to pay the full amount upfront and then opt to split the cost later within the banking app. Now, this capability has been extended to both online and in-store purchases, providing more flexibility to users.