Afterpay and Westpac team up to offer transaction and savings account


Buy now pay later giant Afterpay and major bank Westpac have announced they'll be joining forces. 

As part of the Westpac Group’s new digital bank-as-a-service platform, Afterpay will introduce savings accounts and cash flow tools to its customers. 

Back in November of last year, Westpac said it would invest in the digital banking platform as part of its full year results and this appears to have now come to fruition. 

Chief executive Peter King said fintech innovation is reshaping the way Aussies bank and how the traditional bank needs to keep up. 

“Our new digital banking platform is part of our long-term strategy to support this trend and better respond to changing customer needs,” he said. 

“The platform allows us to combine our banking experience with the innovation of our partners to support new customer experiences. We look forward to working with Afterpay to deliver new products and services.”

How does Westpac’s bank-as-a-service platform work? 

Westpac’s digital bank-as-a-service platform is designed to use cloud-native technology from UK-based banking technology provider 10x Future Technologies. 

Ultimately, it is a standalone platform which will allow Westpac to expand its banking capability through partnerships with other financial companies. 

This is where Afterpay comes in.

Through the platform, Afterpay’s 3.3 million Aussie customers will be offered Westpac transaction and savings accounts, as well as other cash flow management tools. 

Afterpay is the first company to partner with Westpac in this new venture. 

“We believe Australians deserve greater support and insight to help manage their money. Together with the power of our retail platform, the latest banking technology from 10x, and the support of Westpac, we will begin by offering cash flow management in a simple way,” Afterpay chief executive, Anthony Eisen said. 

“Afterpay is in a unique position to extend and deepen the relationship with our customers and help them to manage their money more seamlessly through savings and budgeting tools. For Afterpay, this is clearly just the beginning as we explore this opportunity globally.” 

These transaction and savings products from Afterpay and Westpac are set to become available in the second quarter of 2021. 

What is a 'good' savings account rate right now? 

Want to start exploring savings accounts now? Check out some options below or head to our savings account comparison table for more!

Compare Savings Accounts - last updated 30 May 2024

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  • 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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

  • 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.

  • 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.

  • 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.

  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

  • 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

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    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.


^See information about the Mozo Experts Choice Savings Account Awards

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