Afterpay’s new banking app 'Money' targets Gen Z and Millennials
Update: Please note that Afterpay Money is no longer in operation.
Buy now pay later (BNPL) giant Afterpay has announced a broadening of its services into online banking. The new money and lifestyle app called Money begins its rollout today, trialled by the company’s Australian employees.
With a focus on budgeting and saving, Afterpay hopes that Money will become the primary money management app for the Gen Z and Millennial market.
Afterpay has dominated the BNPL space to this point, driven especially by younger online shoppers
The company hopes to now drive younger people away from bigger banks and other online banking platforms with Money. When the app launches to the public in October, Afterpay’s over 1 million BNPL customers will be a use their existing credentials to gain access to the Money interface.
Users will be able to 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. Additionally, Money customers will be able to set savings goals in up to 15 separate savings accounts, each earning a competitive 1% p.a. interest rate.
Through this, Afterpay aims to transform the use of its BNPL app into a long-term budgeting tool that customers will integrate into their everyday lives.
“Afterpay has always stood apart in the way it connects with customers around common core values of simplicity, transparency and trust,” said Afterpay co-chief executives Anthony Eisen and Nick Molnar. “Ultimately, with Money by Afterpay, our goal is to make managing your money simple, frictionless and stress-free.
“Money will broaden our relationship with our loyal customers and also attract a new group that’s looking to streamline how they manage their finances within the debit economy, further cementing our commitment to supporting responsible spending.”
Afterpay is working in collaboration with Westpac, which is acting as the regulated deposit account and card issuer for Money. Additionally, Afterpay has obtained an Australian Financial Service License (AFSL) from the Australian Securities and Investments Commission ASIC, allowing it to distribute basic deposit products and debit cards and provide general financial product advice.
Want to find out how Afterpay stacks up to other BNPL options in the market? Have a read of our comprehensive Buy Now Pay Later comparison guide.
Are you looking to save your money and start managing your finances? Check out and compare some top savings accounts:
Compare savings accounts - last updated 19 April 2024
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High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
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Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
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- Internet banking
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
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Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
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- $0.00
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- Bonus variable rate is available for the first four months.
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- BPay, Branch access, Phone banking, Internet banking
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High Interest Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $200 to either Spend, Bills or Save account from an external source each month.
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
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No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
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- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
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- Deposit at least $200 to either Spend, Bills or Save account from an external source each month.
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Mozo experts choice awards won:
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AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
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No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.40% p.a. (for $0 to $250,000)
- standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
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- Ongoing total variable bonus rate of up to 5.40% per annum applies if customers deposit $1,000 in the previous month. Available only on balances up to $250,000.
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Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
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Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
- Maximum rate
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- standard interest rate
- 2.00% p.a.(for $0 to $250,000)
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- Yes up to $250,000
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