Why is Money closing down?
We launched Money to help you know and feel money like never before. And while we will continue to play a role in changing the culture of personal finance for the better, our new relationship with Block means our focus is shifting in a new direction.
A direction which means the closure of Money by Afterpay.
What does this mean for customers?
From 26 August 2022, we will no longer be taking new customers. If you are an existing customer, please follow the steps below before 10 October 2022 to prepare your account(s) for closure.
- Move all funds out of your Money Daily Account and Savings Accounts. You can do this under 'Payments' in the app. There is a $10,000 daily payment limit that can be increased on request. To do this, please contact us via in-app messaging.
- For ease of access to your statements, please download them 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 you may have set up.
- Dispose of your physical card by cutting it up. Your card will remain operational until your Daily Account closes.
The key dates that you should also be aware of include the following:
- The interest rate applicable on your Money Savings Accounts will be reduced to 0% p.a. from 1 October 2022.
- Interest on your Money Savings Accounts will continue to accrue until 30 September 2022 and will be credited into your Money Savings Account on 1 October 2022.
- The Money by Afterpay Retro feature will no longer be available from 26 September 2022.
- As part of our Money by Afterpay account closure process, changes are being made to the Account Terms and Conditions, to reflect that accounts and features will no longer be available. Please click here to understand these changes and how they may affect you.
- Money by Afterpay accounts and debit cards are issued by Westpac Banking Corporation. If you would like to open a new account with Westpac to transfer your funds to, please click here.
- Finally, you won't have access to your Money accounts after 10 October 2022.