Monzo customers may want to check if they qualify for a 'double' bonus scheme, as participants have received an average £1,800 payout. The Monzo Double Payday offer sees 10 customers get their salaries paid into their Monzo account doubled for a month. The scheme launched last year, with the average person pocketing around £1,870.
Who is eligible for the bonus scheme?
The lowest salary to be doubled was £300.25, while the biggest double payout was £8,111.84. Anyone who gets their regular salary paid into their Monzo current account through Bacs or Faster Payments is automatically eligible. You will qualify if your income is between £300 and £20,000, although the maximum payout is capped at £10,000. There is no entry fee to be eligible.
'Extra payment'
Monzo said: "We built Double Payday because we know just how much of a lift an extra payment can make - and since launching last year, we’ve put over £146,000 straight back into our customers' pockets. Whether that unexpected boost goes towards finishing a home project, treating the family to a weekend away, or simply having a little more breathing room at the end of the month, it’s a nice surprise that can make a real difference to everyday life."
The bank also recently shared guidance for customers ahead of major changes to ISAs. From next April, the ISA allowance is being reduced. Currently, you can make deposits up to £20,000 however you choose, split between cash ISAs or stocks and shares ISAs. But from April 2027, you will only be able to use £12,000 of this however you want. The remaining £8,000 will only be available for deposits into stocks and shares accounts. These new rules will only apply to people aged under 65, as older savers will retain the current allowance.
Make the most of it
Jo Phillips, general manager for Wealth at Monzo, said: "My advice to savers is to keep making full use of your annual ISA allowance where you comfortably can - it remains a vital way to earn tax-free interest on your hard-earned savings. If you're under 65, you can still make the most of the full £20,000 limit this tax year. But it’s worth getting ahead of next April's changes today."
For people who want to get into investing, Monzo offers a stocks and shares ISA, as well as a general investment account. Ms Phillips said: "Millions leave money sitting in cash simply because they lack the confidence or support to invest. That's why at Monzo, we've really focused on lowering the barriers to investing." You can start investing with Monzo with as little as £1, and there are automated tools to help you build your investments.
