Monzo now lets you get paid a day early, for free

Yeah :joy: This is a feature which might drive sign ups. I guess the unfinished features are seen as less important.

The best part of all of this is the date of the blog post…:eyes:

24 Likes

Cool. I won’t complain about more flexibility and options.

1 Like

No one wants to get paid on a Monday, really like this! :+1:

2 Likes

The one massive benefit to this being out now is that this is the same team that’s working on the committed spend pot.

Now this is out hopefully more resource will go on that and it can be released sooner :grimacing:

4 Likes

I’d like to take this opportunity to apologise in advance to all my coworkers who don’t get paid into a Monzo account.

3 Likes

Can anyone confirm that this is live for BACS payments into joint accounts?

1 Like

It is, yes.

1 Like

Yeah, I think I am with you on that view. I don’t mind it’s existence… But what I would hate to see happen is for someone who is in financial difficulty relying on this feature, rathing than closing out the gaps in their finances.

Like if a it is a genuine “I don’t have money to do X but this feature helps me” - it becomes a solution to the symptom, not treating the root cause.

Either way I’m going to be spamming the heck out of the button when pay day comes this month, and I hope no one gets caught out in a future month.

1 Like

If this is on purpose it’s a stroke of genius!

3 Likes

Absolutely huge and incredible news that we’ve launched this to everyone! So happy about this!

I personally feel this will make an absolute massive difference in encouraging people to go #FullMonzo :blush:

12 Likes

Me too.

Are there any public statistics for how many accounts are #fullmonzo? There was a graph shared once :thinking:

I have gone full monzo today.
I get paid on 28th.
On 27th after 8am it’s shows up as upcoming payment for the following day at 1am
Will I receive a notification on the 27th at 4pm that I can cash the money now or will I have to do it myself at 4pm

Bit of a nothing feature for me as ultimately you’re just moving everything forward a day and all of my DDs and standing orders are already set to my “real” pay day.

No doubt this really is a big deal to someone but personally I find it disappointing that development time is being spent on what I would consider to be a “marketing feature” rather than actual functionality which could benefit everyone.

5 Likes

If a marketing feature works (as a marketing feature) it should bring money into the business, which will eventually benefit everyone. I expect.

4 Likes

The ‘marketing features’ are this year’s well publicised priority for Monzo so this shouldn’t be a surprise.

2 Likes

Most banks choose not to

Out of interest which other banks also do this does anyone know?

Or potentially up to 3 days.

It’s not just your payday, it’s any BACs payment. For example I recently got some cashback from Quidco 3 days early which was brilliant.

2 Likes

Great spot! I’m sure the portrait of you on Tom’s back is in the post!

1 Like