The buy-now, pay-later (BNPL) provider boasted a record transaction volume of $2.1 billion, up 87% year-on-year, and more than 2.1 million customers, up 62%.

However, Zip lags well behind market leader Afterpay, which has 3.3 million customers in Australia and New Zealand, and has roughly the same amount of customers as humm, the third-largest BNPL provider. 

Zip also only has 24,500 merchant partners, compared to Afterpay's 42,800 and humm's 56,700. 

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
010000$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

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        • Maximum Age - 24

        Goal Saver

        • Maximum Age - 24
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Reward Saver Account (31 years +) ($0-$100k)

            01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver Account (Amounts < $100k)

              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Reward Saver Kick Start (Amounts ≤ $1m)

                00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Life (< 30 years) (Monthly deposit)

                  5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  NetBank Saver

                    000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    ANZ Save

                      050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Young Saver Account

                        0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Save up

                          02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Bonus Saver (<$1 Million)

                            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 June 15, 2024. View disclaimer.

                            Zip managing director and chief executive Larry Diamond said the company's expansion into the US and South Africa had helped fuel growth. 

                            "2020 has been another monumental year for Zip as we delivered a record set of financial results, whilst navigating impacts of COVID and transforming the business with a number of game-changing products and business acquisitions, " Mr Diamond said. 

                            "We began FY20 with a vision to become a global BNPL player and capitalise on the increasing trends fueling the industry's growth.

                            "The successful acquisition of PartPay led us to QuadPay, all developed on the same code base, with proven portability into multiple global markets."

                            zippayresultsfy201

                            Source: Zip

                            Zip offers two BNPL schemes: Zip Pay, available for purchases under $1,000, and Zip Money, available for purchases over $1,000.

                            Zip Pay is interest-free, with monthly and/or late fees depending on when the balance is paid off, while Zip Money has the same fees but charges interest after the first three months. 

                            In the past year Zip said it had just 2.24% net bad debts, with only 1% of customers making late payments, in contrast to one-sixth of credit card customers and other BNPLs. 

                            Zip's customer base was predominantly female (60%), with 50% of customers under the age of 35 and 80% of payments made online over instore. 

                            The past financial year saw a number of large retailers join the platform, including Amazon, Cotton On, PetBarn, Grill'd and Pizza Hut. 

                            Its personal finance management app PocketBook also now boasts over 800,000 users and 1.6 billion transactions to date. 

                            The app syncs with your bank account and allows you to categorise transactions, allowing you to see where your money goes and where you can cut back. 

                            Looking forward, Zip said it was looking to launch in the UK and accelerate its growth in the US and continue to support Australian and New Zealand small businesses.