You 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.
There is no interest earned on the daily account.