Monzo customers can get their salary or student loan paid up to one business day early, and 10 lucky account holders each month can have their pay doubled tax-free.
The Get Paid Early feature is available to Monzo customers who receive their salary via Bacs, the payment system mainly used for Direct Debits and credits. Bacs payments usually take three working days to clear, but Monzo lets eligible customers access the money from 4pm one business day early.
How Get Paid Early Works
For example, if you are due to be paid on September 25, you can expect the money on September 24. To activate the early payment, open the Monzo app at 4pm and swipe to get paid.
The perk also helps over the festive and New Year period. If your salary is due on Monday, January 25, 2027, you would receive it the week before on Friday, January 22, avoiding a wait over the weekend during an expensive time of year.
Double Payday Prize
Monzo also offers a Double Payday promotion. The bank states: "We could double your salary if you get paid into your Monzo account. There are 10 lucky customers every month." Entrants must be UK residents aged 18 and over.
If your take-home pay is £500, Monzo will add an extra £500 to your account. The bank says: "It’s yours to spend, save, or invest, and you won’t pay tax on your winnings."
Eligibility and How to Enter
To be eligible, you need your salary paid into a Monzo personal or joint account via Bacs or Faster Payments. Weekly and monthly salaries between £300 and £20,000 count, and eligibility is based on the previous month’s salary. Winning payments are capped at £10,000.
To qualify for the next month’s Double Payday, your salary must be paid into your Monzo account by the last day of the month. You get one entry per month. On the first working day of the next month, 10 winners are picked at random from everyone who qualifies.
There is no need to opt in manually. As long as your salary is paid into your Monzo account, you are automatically eligible. You can opt out in the app if you wish.
