WANT TO GET PAID EARLY? NO, THAT’S NOT A TRICK QUESTION…
Ever feel like payday can’t come soon enough? That there’s more month than money? The feeling of eking out the last of your funds to cover you for the final week of the month is all too familiar for many. Whilst we promise ourselves we’ll be sensible and save our ££, in reality, by the time the end of the month rolls around we’re all wondering…’Is it payday yet?’. Well fret not, Monzo’s new ‘Get Paid Early’ feature is here to help. As you might have guessed, this new feature will enable you to get your hands on your salary (or student loan) a day earlier than scheduled, at 4pm to be exact (not that we’re counting). What’s even more exciting is that there is no additional cost for the service, meaning you can reap the rewards of receiving your salary early without added guilt or financial burden.
It’s also a hugely savvy move from Monzo, and is likely going to help them tackle one of their biggest hurdles: encouraging customers to go ‘fully Monzo’, using the app-service as their main bank account. Despite the rising popularity of digital disruptors within the banking industry, the trend has been for people to ‘experiment’ with the features of mobile banking without taking the leap of switching their main current account away from a traditional provider. The only catch? To use it, you’ll have to have your salary paid into a Monzo account each month and it will have to be paid via Bacs, which promisingly, most are. The service is also opt-in so you don’t necessarily have to take advantage of it, if you don’t want to. But with many Brits relying on credit cards and overdrafts to get through the month, we think it’s at least a way of helping people breathe a little easier, even if it is only 24 hours….
Find out more here.