Digital Banking

Tomorrow’s salary, today.

Image source: Monzo.

Finding yourself cash-strapped just a day away from the end of the month is a common feeling, but maybe not for much longer.

Monzo is testing a new feature which offers the option to unlock your salary a day earlier than usual.

The feature was discovered by users on Twitter, and Monzo confirmed it is currently in testing.

At the moment Monzo is offering to unlock salaries, for free, at 4pm the day prior, which is essentially an 8 hour advance assuming your salary is usually paid overnight.

The team have been working hard on Get Paid Early! People who get their salary into Monzo will have a day’s head start on their colleagues! https://t.co/mZ7utG0VlC — Kieran McHugh (@kieranmch) June 26, 2019

While many suspected that Monzo was offering a 0% loan to create the feature, CEO Tom Blomfield weighed in on Twitter to add that Get Paid Early worked “probably not the way you imagine.”

“Monzo can see a salary payment is on the way because of the 3 day Bacs cycle, and so we can release it a day early.”

While most of the feedback was overwhelmingly positive, some on Twitter questioned whether the feature might simply lead to them being stuck in another cash crunch the following month, albeit a day earlier.

Monzo declined to comment on when 'Get Paid Early' would be made more widely available, only telling AltFi it is due "in the coming months".