Affirm Savings Review [2024]: More Than Just a BNPL Company

You may know Affirm best as a financial technology company that operates one of the leading buy now, pay later (BNPL) services in the market. What you may not know is that the company added high-yield savings accounts to its product offerings in 2020.

We like that Affirm’s savings account offers a competitive annual percentage yield (APY) without fees or minimum balance requirements and that you can make payments to an Affirm BNPL loan from the account. However, Affirm’s APY isn’t the highest available, and you can’t access your savings via ATM.

With those issues, Affirm may not be the best bank for everyone.

Key takeaways

• The Affirm savings account has a 4.35% (as of Jan. 23, 2024) APY.⁵ While this is a competitive rate, there are higher APYs available.
• We don’t love that there is no ATM access with the Affirm savings account.
• To withdraw money from your Affirm savings account, you must transfer the money to an external bank account.
• You can make payments to your Affirm BNPL loan with your Affirm savings account, which makes this account worth considering if you frequently take out Affirm BNPL loans.

Affirm overview

Affirm is a fintech company primarily known for its buy now, pay later (BNPL) service. BNPLs are short-term point-of-sale loans that enable people to buy big-ticket items without using a credit card or impacting their credit score.

Founded in 2012, Affirm has about 17 million active customers. In 2020, Affirm partnered with Cross River Bank to add a high-yield savings account to its product portfolio.

Affirm Savings account details

Annual percentage yield (APY)	4.35% (as of Jan. 23, 2024)
Minimum deposit requirement	None
Monthly maintenance fees	None
ATM access	None
FDIC insured	Up to $250,000

Affirm’s high-yield savings account offers a competitive APY of 4.35% (as of Jan. 23, 2024). You can access the savings account online and through the Affirm app. Also, the Affirm savings account has no fees or minimum balance requirements.

Since the account is offered through Affirm’s partner bank, Cross River Bank, the savings account is FDIC insured up to $250,000.

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What we like about the Affirm savings account

Competitive APY

It’s good when your money can earn more money for you. Affirm’s high-yield savings account earns 4.35% (as of Jan. 23, 2024) APY, which is competitive with what other banks in the market are offering.

Interest on the Affirm savings account is compounded daily and credited to your account on a monthly basis. However, it is worth noting that the APY on the account is variable, so it can fluctuate depending on what actions the Federal Reserve takes to increase or lower interest rates.

No fees

Affirm doesn’t charge any fees for things like monthly maintenance, transactions, or minimum balances on its savings account. You can also open an account without a minimum deposit.

Generous transaction limits

Affirm doesn’t limit the number of transfers and withdrawals you make within a month. However, it does limit the daily amount of transactions, but those amounts are high at $25,000 per day for individual withdrawals or transfers, and daily transactions total is capped at $100,000 per day.

What the Affirm savings account could improve

Offer a checking account

If you want all your banking under one roof, Affirm may not be the best option for you. Although the company offers an attractive, high-yield savings account, it doesn’t offer checking accounts.

Provide ATM access

Once you deposit your money in an Affirm savings account, it may be difficult to access. The account currently doesn’t support ATM access, so to deposit or withdraw money, you’ll need to link your bank account and transfer the money. Transfers can take anywhere from one to five days.

Improve customer service

Customer service at Affirm appears to be a bit lacking, as over 2,000 Affirm customers have complained about the company to the Better Business Bureau over the past 12 months. The Consumer Financial Protection Bureau also has over 3,000 complaints filed against the company since 2021. And on the review website Trustpilot, Affirm only has a 2.8-star rating.

Affirm’s savings account is also probably not for you if you occasionally like to talk to a real person about your account. Access to your Affirm account is entirely online or via the mobile app. There are no physical branches.

Who is the Affirm savings account best for?

The Affirm savings account is best for two kinds of people. It is a good account for people who use Affirm’s BNPL service because it can be used to make payments to an Affirm loan. Borrowers can either make payments manually or set up Autopay so payments are automatically withdrawn from their Affirm savings account.

Affirm’s savings account may also be suitable for those who want to save money for a rainy day. Because you can’t access funds in the savings account through an ATM or checking account, you may be less tempted to withdraw your funds and instead let them grow as they earn 4.35% (as of Jan. 23, 2024) interest.

How to open an account with Affirm

Opening an Affirm savings account is easy and only takes about five minutes. You don’t even have a minimum balance requirement to open an account. Affirm doesn’t require a credit check to open an account either.

Here are the steps to open an Affirm savings account.

1. Create an account: If you are already an Affirm customer, you have an account. For those new to Affirm, you can create an account by simply providing your name, address, and phone number.
2. Agree to disclaimers: Affirm will then ask you to approve a Deposit Account Agreement, Privacy Policy, and E-sign Consent form.
3. Verify identity: Affirm will ask you to enter your address again as well as your Social Security number to verify your identity. Next, a verification number will be texted to you. Once you enter that online, your account is all set up.
4. Deposit funds: Affirm asks you to deposit funds into your account, but you’re not required to deposit funds right away.
5. Link your bank account: You’ll need to link an external bank account to deposit money into your Affirm savings account. (Affirm uses Plaid to connect to your bank account.) After you enter your bank information, two microdeposits of less than $1 will be put into your account. Your accounts will be linked when you verify the microdeposits.

Alternatives to Affirm: SoFi Checking and Savings and CIT Platinum Savings

SoFi Checking and Savings

If you prefer to open a savings and checking account in one place, SoFi may be a better option for you than Affirm. SoFi Checking and Savings accounts also don’t require monthly fees or minimum opening deposits. SoFi’s high-yield savings account earns a higher 4.60% APY with direct deposit, and its checking account earns 0.50% (as of Jan. 30, 2024) APY with direct deposit.³

Visit SoFi Checking and Savings | Read our full SoFi Checking and Savings review

CIT Platinum Savings

The CIT Platinum Savings account is a good option if you plan to have at least $5,000 in your savings account. When you have a savings account balance of $5,000 or more, you can earn 5.00% APY on your money. This is one of the highest APYs on the market. However, we don’t recommend this account if your savings account is less than $5,000 because the APY drops.⁶ You need a minimum deposit of $100 to open a CIT Platinum Savings account.

Visit CIT Platinum Savings

FAQ about Affirm Savings accounts

Affirm Savings account review: bottom line

When it comes to the Affirm Savings account, the bottom line is that it may be a good option for Affirm BNPL customers or people looking for a second-chance savings account to earn high interest.

However, Affirm has a high number of complaints with the Better Business Bureau and the Consumer Financial Protection Bureau. Many of these complaints are related to the company’s BNPL service, not necessarily its savings account. But you still may want to shop around to find one of the other best savings accounts for your needs.