Monzo Bank Launches Revolutionary 'Double Payday' Scheme: 10 UK Customers to Receive Matched Salaries Monthly

Monzo, the digital-only bank, has introduced an unprecedented initiative in the UK banking sector that could transform the holiday season for some fortunate customers, according to The Metro. This innovative program, called 'Double Payday,' will match the monthly income of ten randomly selected account holders, effectively providing them with twice their normal salary.

Beginning December 8, all Monzo customers who receive their wages directly into their accounts via Bacs will be automatically entered into this monthly drawing. No additional registration is necessary. Winners will receive a payment matching their salary, up to a maximum of 10,000 Pounds, deposited on their regular payday. For example, someone earning 2,000 Pounds monthly could unexpectedly find 4,000 Pounds in their account without any extra effort.

Richard Cadman, Senior Product Director at Monzo, explained that this initiative expands upon their already 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," Cadman stated. "With Double Payday, we're giving customers the chance to literally double their salary every month, just in time for the festive season."

This new program builds on Monzo's existing 'Paid Early' service, which already allows users to access Bacs payments, including salaries up to 20,000 Pounds, at 4pm the day before they are scheduled. The Double Payday scheme represents another strategic move by Monzo to enhance customers' payday experience while continuing its impressive growth trajectory.

The bank has recently surpassed 13 million customers, overtaking competitor Starling Bank, though it remains behind fintech giant Revolut, which currently serves approximately 50 million users worldwide.

To qualify for the Double Payday drawing, customers must have their salary paid directly into their Monzo account by the end of each month. Ten winners will be randomly selected on the first working day of the following month, with any qualifying payment between 300 Pounds and 20,000 Pounds eligible for the draw.

For those hoping for an unexpected financial windfall this holiday season, Monzo might indeed be playing the role of Santa Claus.