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:
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5.50% p.a. (for $0 to $250,000)
5.00% p.a.(for $0 to $1,000,000)
Yes up to $250,000
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Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
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Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
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- Govt Deposit Guarantee
- Yes up to $250,000
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Bonus Saver
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Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
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PremiumSaver
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Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.
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Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.
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Mozo experts choice awards won:
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Savings Maximiser
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0.55% p.a.(for $0 and over)
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Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
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Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
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5.00% p.a. (for $0 to $250,000)
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Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.
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