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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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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  • 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
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

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
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (>$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
010000$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 $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
40501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.

Reward Saver (< $1M)

  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.
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Goal Saver

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    Bonus Saver Account (Amounts < $250k)

      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)

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        Boost Saver

          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 July 19, 2024. View disclaimer.

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