Digital bank Monzo is set to inject some festive excitement into its customers' finances with the launch of a groundbreaking new prize draw. Dubbed 'Double Payday', the feature offers a select group of users the chance to have their monthly salary doubled, with potential winnings of up to £10,000.
How Does Monzo's Double Payday Work?
To be in with a chance of winning, customers must have their salary paid directly into their Monzo account. Each month, the bank will randomly select ten eligible customers to receive a bonus matching their take-home pay for that month. The crucial launch date for this innovative scheme is December 8, 2025.
The bonus payment is calculated on the net salary deposited, not the gross amount, and the salary must be paid by an employer via the BACS (Bankers' Automated Clearing Service) system. To qualify for the following month's draw, your salary must land in your Monzo account by the last calendar day of the preceding month.
Getting Your Money Early with Monzo
This new feature builds on Monzo's existing popular service, which allows customers to access their salary up to one business day early. If your employer pays via Bacs, Monzo can typically make your funds available from 4pm the day before your official payday. Setting this up is straightforward within the Monzo app by using the 'Add Money' feature to register your salary details.
Richard Cadman, Senior Product Director at Monzo, commented on the launch: "We know how much our customers love getting paid early with Monzo, and we’re doing payday the Monzo way, taking that feeling to the next level. With Double Payday, we’re giving customers the chance to literally double their salary every month - just in time for the festive season. It’s yet another industry first."
Safety and Eligibility Details
It's important to note that there is no need to sign up for the draw each month; eligibility is automatic for qualifying customers. As with all Monzo accounts, deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person.
This move represents a significant and novel customer engagement strategy in the competitive UK digital banking sector, directly rewarding users for using Monzo as their primary bank account for salary payments.
