Monzo has unveiled a new banking feature that offers customers the opportunity to double their salary each month. Known as Double Payday, this feature requires individuals to have their salary deposited into their Monzo account. Every month, Monzo will randomly select ten customers to have their salary doubled, tax-free. The maximum amount that can be doubled is £10,000, meaning if your take-home pay exceeds this, Monzo will cap the bonus at £10,000.
The doubled payment is calculated based on the actual take-home pay deposited into the account via BACS by the employer. To qualify for the next month’s draw, your salary must be credited to your Monzo account by the end of the calendar month. The Double Payday initiative is set to launch on December 8, 2025.
Richard Cadman, Senior Product Director at Monzo, expressed excitement about the new feature, emphasizing that it allows customers to potentially double their salary every month, just in time for the festive season. This innovative offering is part of Monzo’s commitment to enhancing the banking experience for its users.
In addition to Double Payday, Monzo has introduced other convenient features for its customers, such as the ability to request early payment of salaries and a salary sorter tool that helps users allocate funds to different savings pots or expenses. The digital bank continues to innovate, with recent updates including enhancements to its Monzo Flex credit card, which now enables customers to split the cost of purchases over time, offering flexibility in payment options both online and in-store.