Afterpay’s new banking app 'Money' targets Gen Z and Millennials

money logo and two phones showing afterpay money app interface with buy now pay later and savings account information

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 4 March 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

    Compare
    Details
  • Mozo Expert Choice Badge
    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.

    Compare
    Details
  • Hero Saver

    4.60% p.a. (for $0 to $250,001)

    1.00% p.a.(for $0 to $5,000,001)

    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.

    Compare
    Details
  • Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

    Compare
    Details
  • 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 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.

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.