Savings Accounts (up to 30 September 2022)
Up until 30 September 2022, you will earn interest with your savings accounts which is calculated daily by applying the interest rate applicable on that day to the closing balance of your account and paid into your account on the 1st day of the next month after interest has been earned. Interest rates may change from time to time - the current interest rate can be found on Money by Afterpay’s website. The interest you are entitled to earn is subject to a cap of balances up to $50,000. The cap is based on the combined balances across all of your Money by Afterpay savings accounts. For example, if you have a closing balance of $25,000 in one savings account and $40,000 in another savings account, the interest you are entitled to earn is calculated based on closing balances capped at $50,000.
Note that any interest accrued for August will be paid into your Daily Account on 1 September 2022. You will need to transfer this amount out of your account to an alternative account with another financial institution so that your Daily Account can be closed.
Savings Accounts (from 1 October 2022)
From 1 October 2022, there is no interest earned on the savings account.
No interest is earned on the daily account.