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

Just done this, fantastic, an other service that sets Monzo apart from other banks. Keep up the good work

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The early pay day feature is the whole reason I went full monzo today…and gave my monzo bank details. 9hr early helps…do some shopping, go pub etc…

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Absolutely love to hear that Maximus, thank you so much for going #FullMonzo :tada:

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Do I set my payday as 27th then as I will get it at 4pm or leave it as 28th

Whatever works for you. I’m keeping my usual payday because although I’m claiming it early I won’t be spending it, just moving it into pots

When you get the option at 4pm can you activate it anytime up until the payment would normally come through?

I thought I heard someone say the option expires after a while.

This feature is one of the reasons I’m so glad I went full Monzo. I know some users think it might not be a big deal to get paid 9 hours earlier, but my payments are staggered through the month i.e., I get paid weekly on a Monday and Friday, two weekly on a Wednesday and then once every 4 weeks, which can make paying bills a pain in the arse sometimes, not to mention the food shop etc, so being able to get my money slightly earlier will definitely come in handy!

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I don’t think you are missing anything

Great! I’d rather have my paycheck sitting in my account earning me interest for an extra 1-3 days than stuck in limbo.

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Do business accounts have this too or just personal accounts?

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Presumably, it’s any payment by BACS, regardless of the type of the Monzo account.

This would be great for business accounts, all of our customers pay us by BACS!

I wonder how many Monzo customers are paid by FPS as opposed to BACS?

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Yeah it would be great if it applies to business accounts and would tempt me to switch my business banking over from Starling

There was one time last year a BACS payment hit my starling account on 27th December because of the Christmas period. This feature would have meant I’d got it 3 days earlier

RBS used to do this but changed last year to stop it as it also affected payments e.g paid on Monday got money Saturday however the same was true for payments going out. They stopped it due to complaints.

B bank and its owners Clydesdale and Yorkshire bank currently do the same as RBS used to do. Not sure about others but these are the ones I have had experience with.

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With B payments due in on a Monday show up on Saturday in my experience

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Yeah sorry poss not clear. RBS stopped the practice B and Clydesdale and Yorkshire still do it.

Looks like this blog post also got published a day early, dated 21st August 2019 on Monzo Website Blog page :smile:

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:eyes:

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Me too. :confounded:

Had a BACS incoming tomorrow so tried it out today at 4pm

Nice little drag down on the money to wallet.

The pending greyed out transaction then turns into a normal and instantly credited.





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