Leading digital bank Monzo today announces a major move to give students the chance to have their maintenance loan payments doubled per term when paid into their Monzo account, through its widely popular Double Payday feature.
Last year, Monzo introduced Double Payday, giving 10 customers selected at random each month the chance to have their salary doubled when paid into their Monzo account. Now, students who receive their maintenance loan into their Monzo account will also have the chance to double their payment, giving an extra boost to loan drop day.
Paired with real-time budgeting tools and automated savings, Monzo gives students the practical support they need for long-term financial success.

How Double Payday works for students:

Three chances a year to win: Because maintenance loan payments land each term, students who get their student loan paid into Monzo get three opportunities every year to have their payment doubled, as part of the 10 lucky customers who receive their salaries doubled each month.
Eligibility: From 1st September 2026, student finance payments officially qualify for the Double Payday draw (18+, UK residents).
Qualifying criteria: Payments must be between £300 and £20,000 paid into a Monzo Current Account via Bacs or Faster Payments from the Student Loans Company, Student Finance England, Student Awards Agency Scotland, Student Finance Wales, or Student Finance NI.
Terms and conditions apply.

Milly Botes, Director of Product at Monzo, said: “Today’s students want a bank that actively helps them manage their money with confidence. We know how much of a difference Double Payday makes to our customers – having already put over £146,000 back into their pockets since launching last year. That’s why we’re now offering students the chance to have their maintenance loan payments doubled right when they need it most. Combined with built-in tools for budgeting, splitting bills, and saving, our goal is to make money feel easier so that students can focus on enjoying university life.”

Monzo puts students in control of their money with simple, built-in tools designed to make budgeting, saving and splitting everyday costs easier.

Budget: Monzo Pots help students organise their money into separate budgets for things like food shopping, nights out and bills, with the option to hide or lock Pots to avoid dipping into them early. Instant spending notifications and monthly spending summaries also make it easier to keep track of where money is going.
Save: Students can set money aside in an Instant Access Savings Pot, earning variable interest paid monthly while retaining access to their money whenever they need it. Monzo also offers Roundups, which automatically save the spare change from everyday purchases into a Pot.
Split: From taxis and meals out to shared household costs, Monzo’s bill-splitting tools let students split expenses with friends in just a few taps and request money back instantly – even when their friends don’t bank with Monzo.