Monzo has introduced a new offer that could bring extra cheer to customers during the festive season. The bank has launched Double Payday, a monthly draw that gives ten users the chance to receive double their salary.
The scheme begins on December 8. Any customer who receives their salary through Bacs into a Monzo account joins the draw automatically. There is no extra sign-up. If selected, the bank matches their usual pay, up to £10,000. For example, someone earning £2,000 could receive £4,000 on their normal payday.
Richard Cadman, Senior Product Director at Monzo, said the offer builds on the early-payment feature many customers already enjoy. He noted that Monzo wants to make payday feel better and more exciting. He also said that the new offer fits with the bank’s wider plan to grow and improve its services.
Monzo already lets customers access Bacs payments a day early at 4 p.m., and this includes wages up to £20,000. Now, with Double Payday, users have an extra chance to boost their income.
Monzo recently crossed 13 million customers, moving ahead of Starling Bank. However, Revolut still leads the fintech sector with around 50 million users. To join the draw, customers must receive their salary by the last day of each month. Winners are chosen on the first working day.
