What is Afterpay’s Money App and how does it work?

two phones showing the money by afterpay app

Buy now pay later (BNPL) giant Afterpay has launched its online banking platform in Australia and the new money and lifestyle app called Money is available now to Afterpay customers.

Afterpay research showed that three-quarters (74%) of Gen Z believed they’d be better at saving if they had a tangible end goal and one-third (34%) said their transaction account would be improved with personalised features. Money aims to offer just this, helping younger Australians gain financial security.

Whether you’re a loyal Afterpay BNPL customer who’s interested in the brand’s expansion of services, or you’re new to Afterpay but curious about their alternative digital banking options, it’s good to know exactly what Money is.

So, let’s break down the must-knows of Afterpay Money.

What is Money by Afterpay?

Money by Afterpay is a money management app, offering Millenial and Gen Z-targeted banking services, focused on budgeting and saving.

Who can use Money by Afterpay?

Money is only available to Australian residents aged 18 or older who also have a valid Afterpay BNPL account. To apply for a Money account, you must also have an Australian residential address, an Australian mobile number and a valid email address.

How do I get Afterpay Money?

The app can be downloaded on the App Store for iPhone users, and an Android version is expected at the beginning of 2022. To join Money, customers need to have an Afterpay account - or sign up for one - and then use their Afterpay email and password to log into the Money app.

Is Money by Afterpay a bank account?

Yes, Afterpay is working in collaboration with Westpac, which is acting as the regulated deposit account and card issuer for Money. Users can manage one daily account with a physical debit card, digital wallet offerings and the ability to easily make and receive real-time payments with no fees.

Does Afterpay Money offer savings accounts?

Yes, Money customers can set savings goals in up to 15 separate savings accounts.

How does Money by Afterpay help you save money?

Firstly, by helping you set up 15 tangible savings goals so that you can easily visualise what you are working towards. Additionally, Money helps you save while you spend. The app uses Roundups and Multipliers, which offers to add micro amounts to your everyday transactions and then transfers them into your savings. You can also automate this process if you like.

What’s the interest rate on the Afterpay Money savings account?

The interest rate on the Afterpay Money savings accounts is 0.75% p.a., subject to a combined total balance of $50,000 across all savings goals.

What special features does Afterpay Money offer?

Afterpay Money is loaded with additional tools and features designed to be engaging and help you make responsible financial decisions. Firstly, there are Money Stories, which provide you with a regular and engaging visual summary of spending, saving and income, and BNPL balance. It ensures you have a full understanding of where you stand daily and weekly. Customers also have access to Money Diaries, provided by the popular online publication Refinery29, which offers insights into how other people spend and save.

The app also offers what Afterpay calls “Superpowers”. The first is Afterpay Retro: Afterpay users can retrospectively decide to pay off a transaction they've made in four instalments using BNPL - which the platform claims is a world-first.

The second is an Afterpay rewards points scheme called Pulse. Through the Money app, you can earn points for making good money choices, such as sustainable spending and setting up savings goals. Pulse also offers discounts from popular brands and early access to exclusive sales, online and in-store.

The third “Superpower” is Afterpay Order, which lets you track all of your Afterpay orders. As it is all in one place, you can know exactly how much is available, how much is owing, and when everything’s due.

Can anyone use Afterpay Retro?

To have access to the Retro feature of the app, you must maintain a Money by Afterpay Daily Account with at least one eligible transaction, and have an Afterpay account in good standing. You cannot have exceeded the Retro limit of $200 and also must have paid 25% of at least one previous Afterpay order.

Are you looking to take charge of your finances and start saving? Head to Mozo’s savings account hub for comparisons and check out some top savings accounts below.

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^See information about the Mozo Experts Choice Bank Account Awards

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