The initiative aims to incentivise users to switch their primary salary payments to the app-based bank, as it continues to compete aggressively with traditional high-street lenders.

The promotion is an automatic monthly raffle. Monzo will match the salary payment of ten randomly selected customers, subject to the several rules:

• Customers must have their full monthly or weekly salary paid directly into their Monzo account via Bacs.
• Winners will receive a one-off payment matching their take-home pay, deposited directly into their account.
• The prize is capped at £10,000. High earners taking home more than this amount (roughly equivalent to a £210,000 annual salary) will not receive more than the £10k limit.

The first draw is scheduled for 8 December. To be eligible for this initial round, customers must have had their salary deposited into their account by 30 November. Going forward, users must receive their salary by the last day of the calendar month to qualify for the following month’s draw, Yahoo! News reports.

Strategic Push Founded in 2015, Monzo has surpassed 14 million customers. While popular for travel and spending, this move is designed to encourage users to treat Monzo as their main bank account.

Richard Cadman, senior product director at Monzo, said: “We’re doing payday the Monzo way… giving customers the chance to literally double their salary every month – just in time for the festive season. It’s yet another industry first.”

This follows other perks aimed at main-account holders, such as the ability to access wages at 4pm the day before payday, and the “Billsback” scheme which refunds bills for randomly selected users.