In a bold move to attract and retain customers, the digital challenger bank Monzo has announced a lucrative new prize draw that will see it match the monthly salary of ten lucky account holders.
How the 'Double Payday' Scheme Works
The initiative, dubbed 'Double Payday', is a random draw open to eligible Monzo customers. To qualify, individuals must have their weekly or monthly salary paid directly into their Monzo account by their employer using the Bacs payment system. The scheme is set to begin on 8 December 2025.
Monzo has stated that customers who had their salary paid into their account by 30 November 2025 will be automatically included in the draw. The ten winners will have their prize – a matching amount of their salary – deposited directly into their accounts. However, there is a maximum cap of £10,000 on the matched sum, meaning any salary above this threshold will not be doubled.
Monzo's Competitive Strategy in UK Banking
This promotional drive is a clear attempt by Monzo to deepen its competition with traditional high-street banks by enhancing the core 'payday' experience for users. The digital bank has been steadily building a suite of features aimed at making salary payments more rewarding and flexible for its customer base.
Alongside the new draw, Monzo continues to offer popular existing services such as early pay access, which allows customers to receive their salary a day early, and the 'Billsback' offer, which provides cashback on specific household bill payments.
What This Means for Consumers and the Market
The launch of the Double Payday draw signals an intensification of the battle for current account customers in the UK. By directly targeting the emotional and financial high point of the month – payday – Monzo is leveraging a key moment to boost engagement and loyalty.
For consumers, it represents another potential benefit of switching to a digital-first banking provider, though participation is contingent on using Monzo as the primary destination for their salary. The scheme underscores the growing trend of banks using gamified incentives and instant rewards to differentiate themselves in a crowded marketplace.
