So in Spain, there is a unique system whereby you receive your salary not in 12 instalments, but in 14, with a double paycheck arriving in one summer, and one in December - the idea being to help families with times of the year where spending is high but where pay would not otherwise correlate.
One idea I had is that Monzo could actually automate this:
- Select the months you wish to receive an increased salary (say, June and December)
- Select how much you want your salary to be increased by in each of these months (say receive 1.5x in June, 2x in December)
- Monzo displays how much lower your salary will be in the remaining months of the year to make up for these increased payments
Any thoughts on this as a feature? I’d imagine it’s fairly feasible from a technical perspective. There would be problems to solve should a customer e.g. decide in October that they want their December salary to be doubled, but those shouldn’t be showstoppers by any means.
Is this something people would like to see? From my perspective, the Spanish payroll system seems really appealing, but implementing it here with current banks would require a lot of faff and manually setting things up.