By Oliver Smith on Thursday 27 June 2019
Tomorrow’s salary, today.
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.
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.
“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".