Free from today to all customers.
Two months after AltFi first revealed Monzo’s experiments with a new feature to unlock your salary a day early, today the digital bank is rolling out the ability for all users.
The free feature lets customers pull forward their salary to 4PM of the previous day, as opposed to midnight or later that some employees have their salaries paid via BACS.
Interestingly Monzo says Get Paid Early covers any BACS credit payment, so pensions, student loans and tax credits can all be pulled forward with the new feature.
As CEO Tom Blomfield explained on Twitter at the time: “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.”
Monzo isn’t charging for Get Paid Early, instead it’s offering it for free from today to all customers, regardless of their account standing or creditworthiness.
All banks can technically advance money at this point, since the payments are as good as guaranteed, yet most choose not to.
So far this feature remains exclusive to Monzo, with no word from Starling or any other banks on whether they’re looking to deploy a similar feature.
Although, given the speed with which high street banks have rolled out card freezing and other mobile banking features first developed by Monzo, they’ll surely be working on it.
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