Monzo customers in Birmingham and across the UK are eligible for the bank's Double Payday initiative, which matches monthly salaries for a select group of customers. Since the scheme launched last year, over £146,000 has been returned to customer accounts, with the average payout reaching £1,870.
Each month, 10 customers who receive their regular salary into a Monzo current account have their paycheck doubled. The highest single payout so far has been £8,111.84, according to the bank. Entry is automatic and fee-free for anyone receiving a regular salary between £300 and £20,000 via Bacs or Faster Payments.
How Double Payday Works
The promotion requires no opt-in or additional fees. Customers with eligible salary payments between £300 and £20,000 are automatically entered into the monthly draw. The bank selects 10 winners each month, who receive a payment equal to their monthly salary.
Monzo described the scheme as a way to provide customers with an unexpected financial boost. The bank said in a statement: "We built Double Payday because we know just how much of a lift an extra payment can make - and since launching last year, we've put over £146,000 straight back into our customers' pockets."
Customer Impact and Reactions
The bank highlighted how the extra payment can be used, noting it could go "towards finishing a home project, treating the family to a weekend away, or simply having a little more breathing room at the end of the month." Monzo described the initiative as "a nice surprise that can make a real difference to everyday life."
The promotion is part of Monzo's broader efforts to engage customers with their finances. Jo Phillips, general manager for Wealth at Monzo, also offered advice to savers, urging them to make full use of their annual ISA allowance.
Investment Advice and Tools
Phillips said: "My advice to savers is to keep making full use of your annual ISA allowance where you comfortably can - it remains a vital way to earn tax-free interest on your hard-earned savings." She noted that those under 65 can still use the full £20,000 limit this tax year, but recommended getting ahead of changes due next April.
Phillips also addressed barriers to investing, stating: "Millions leave money sitting in cash simply because they lack the confidence or support to invest. That's why at Monzo, we've really focused on lowering the barriers to investing." Customers can start investing with Monzo with as little as £1, and automated tools are available to help build investments.
