Monzo customers can get paid a day early by following a simple step as the festive season kicks off. With Christmas bringing extra expenses such as gifts, festive gatherings and travel costs, many households feel a greater strain on their finances. Accessing money sooner can provide some welcome breathing room at a time when the cost of living remains a challenge for many people.
The feature is available through the Monzo app, which will notify eligible customers and provide the option to claim the payment early once it becomes available.
How the Get Paid Early feature works
The customers who meet the eligibility criteria can benefit from the bank's free Get Paid Early feature, which may also allow them to access their salary sooner. To qualify, wages must be paid into a Monzo account via the Bacs system, the payment network widely used for Direct Debits, salary payments and other bank transfers.
According to the bank, eligible customers can access their salary or student loan payment from 4pm on the working day before it is due to arrive. For example, if your pay is due on December 18, as is often the case when employers bring payday forward before Christmas, you could access the money from December 17 instead.
Benefits of early payment
Receiving your wages a day early could give you a head start on festive shopping, help you avoid the rush when others are paid, and provide extra time to secure last-minute online deals before stock sells out or special offers come to an end.
Getting paid early isn't the sole benefit. Monzo reveals: "We could double your salary if you get paid into your Monzo account. There are 10 lucky customers every month."
Eligibility and customer base
Eligibility requires UK residency and being aged 18 or over. This means if your take-home salary is £500, Monzo will deposit an additional £500 into your account. It states: "It's yours to spend, save, or invest, and you won't pay tax on your winnings."
Monzo now serves around 16 million customers, including more than 15 million personal account users and in excess of one million business banking clients. The digital bank's customer base has grown rapidly in recent years, making it one of the UK's largest challenger banks.
