A major bank has introduced a « double payday » initiative which will see 10 customers have their salary doubled every month. It will launch on Monday, December 8 with the winnings paid tax-free.
Monzo has announced the initiative in the build up to Christmas as there’s often a longer gap before Brits get paid in January. Most employers pay employees early in December to cover the often expensive costs of the festive season. The Double Payday scheme will randomly select 10 Monzo customers and pay their salary times two. If your monthly pay is £2,500, then the bank will add another £2,500 tax-free.
All customers have to do to be eligible is have their weekly or monthly salary paid via BACS directly into their Monzo account. The prize is capped at £10,000 which means someone earning £11,000 will get paid £10,000.
Richard Cadman, Senior Product Director at Monzo said « 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.
« With Double Payday, we’re giving customers the chance to literally double their salary every month — just in time for the festive season. It’s yet another industry first – that you can only do with Monzo. »
Monzo also offers a feature that allows customers to receive their salary a day early at 4pm. You can choose whether to take the payment early each month through the app and do not have to use it every time.
The Monzo « Billsback » feature gives customers the chance to get their bills paid for them up to £150. To be eligible, customers must have a paid Monzo account and pay a bill of £1 or more from an agreed provider list via Direct Debit or card payment.
According to the bank, at least 1,000 bills are selected every month. If you bill is chosen, you will be automatically paid back.
