Monzo has introduced a new banking feature that offers customers the opportunity to double their salary each month. To qualify for Double Payday, individuals must have their salary deposited into their Monzo account. Every month, Monzo selects ten customers at random to have their salary doubled, up to a maximum of £10,000. For example, if your monthly take-home pay is £2,500, Monzo will add an additional £2,500 to your account, tax-free.

The doubled payment is based on your take-home pay as deposited in your account, not your gross salary, and it must be paid by your employer through BACS. To be eligible for the next month’s draw, your salary must be received in your Monzo account by the last day of the calendar month. The Double Payday feature is set to launch on December 8, 2025.

Richard Cadman, Senior Product Director at Monzo, expressed excitement about the new feature, stating that it enhances the experience of getting paid early with Monzo and offers customers a unique opportunity to double their salary monthly. This initiative aligns with Monzo’s commitment to innovation and customer satisfaction.

In addition to Double Payday, Monzo recently unveiled an update for users of its Monzo Flex credit card. Monzo Flex now allows customers to split the cost of purchases over time, offering flexible payment options. Customers can choose to split eligible purchases into three interest-free monthly installments or extend the payment period over six or 12 months with interest.

Previously, users had to pay in full when using the Monzo Flex credit card and then opt to spread the cost through the banking app. However, Monzo has expanded this feature to enable customers to split payments for in-store purchases as well, in addition to online transactions. This enhancement provides greater flexibility and convenience for Monzo Flex users.