The Money by Afterpay platform launched in November 2021 with the desire to become the go-to for all things money. 

In an announcement made on Friday, the buy now pay later provider revealed Money by Afterpay will cease operation from 10 October 2022. 

Customers with Money by Afterpay 'Daily' and 'Savings' accounts will see these accounts close from 10 October, with savings accounts no longer earning interest from 1 October. 

Further, Afterpay is also terminating its partnership with Westpac. 

The Money by Afterpay partnership with Westpac saw the app utilise Westpac's Banking as a Service (BaaS), offering accounts and debit cards issued by the big-four bank. 

Through Westpac's BaaS, Money by Afterpay customers were able to make and receive real-time payments through the New Payments Platform (NPP). 

It remains unclear as to how many people utilised the Money by Afterpay app or the amount of deposits held, with neither Afterpay nor Westpac disclosing figures. 

What to do if you have a Money by Afterpay account

For customers with Money by Afterpay accounts, the platform notes customers should:

  • Move all funds out of your Money Daily Account and Savings Accounts. 
  • Download statements via the app before 10 October 2022.
  • Remove your Money card from your Afterpay Buy Now Pay Later account in the Afterpay app.
    • For existing orders, make sure you have another card on file to avoid failed repayments.
  • Change any direct debits or recurring payments that have been set up.
  • Dispose of your physical card by cutting it up.
    • It's important to note your Money by Afterpay card will remain operational until your Daily Account closes.

From 10 October 2022, if Money by Afterpay customers still have a balance in any account, Westpac will take the following steps:

  • Where the total combined balance in your Daily Account and any Savings Accounts (total balance) is $0.01 to $1.99, customers can still request to receive the amount owed by contacting Westpac customer service.
  • Total balances of $2.00 and greater will be sent by cheque to the customer's most recent residential address. This can be updated in the Money by Afterpay App until 10 October 2022.

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Rates
Features
Conditions
Other
Provider
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  • Bonus rate for the first 4 months from account opening
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High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
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010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
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Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
More details
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000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
Use code EASY30 to score $30*
  • Use code EASY30 to score $30 after 5 card purchases in your first 30 days. See terms link on the app store*
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure
Use code EASY30 to score $30*

Save Account

  • Use code EASY30 to score $30 after 5 card purchases in your first 30 days. See terms link on the app store*
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.45%

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.45%
More details
00$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

AMP Cash Manager

    More details
    • Bonus rate for the first 4 months from account opening
    • No account keeping fees
    • No minimum balance

    More details
    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of March 29, 2025. View disclaimer.

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