This UK Bank Launches Scheme To Double 10 Customers' Salaries Every Month

In a bold move to shake up the competitive banking sector, Monzo has unveiled a UK-first initiative that could make Christmas significantly brighter for some of its customers, according to The Metro. The digital-only bank has introduced ‘Double Payday', a monthly draw that will match the salaries of ten eligible account holders, effectively doubling their take-home pay.

From December 8, any Monzo user who receives their salary directly into their account via Bacs will automatically be entered into the draw. No additional sign-up is required. If selected, the bank will match their monthly or weekly wage, up to a cap of 10,000 Pounds, and deposit the bonus on their usual payday. For instance, a customer earning 2,000 Pounds could suddenly see 4,000 Pounds land in their account without doing a thing, as per the news report.

Richard Cadman, Senior Product Director at Monzo, described the initiative as an evolution of the bank's popular early-payment feature. “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,” he said. “With Double Payday, we're giving customers the chance to literally double their salary every month, just in time for the festive season.”

The offer builds on Monzo's existing ‘Paid Early' service, which allows users to access Bacs payments, including salaries of up to 20,000 Pounds, at 4pm the day before they are due. The new scheme marks another step in Monzo's strategy to enhance the payday experience as it continues rapid growth.

The bank recently crossed 13 million customers, surpassing rival Starling Bank, although it still trails behind fintech leader Revolut, which boasts around 50 million users.

To be eligible for Double Payday, customers must ensure their employer pays their salary directly into their Monzo account by the final day of each month. Ten winners will then be chosen at random on the first working day of the following month, with each qualifying payment between 300 Pounds and 20,000 Pounds included in the draw.

For those dreaming of a festive financial boost, Monzo may just be playing Santa this season.