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Updated: Feb 11, 2024

Affirm Savings Account 2024 Review

Affirm makes saving simple with a high-yield account that has no minimum balance requirements and no fees. You can get a great rate and convenient online access to your money. 
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Affirm makes saving simple with a high-yield account that has no minimum balance requirements and no fees. You can get a great rate and convenient online access to your money. 

Our Verdict

Affirm is best known for its buy now, pay later services so you might be surprised to learn you can open a savings account here. Accounts are offered in partnership with Cross River Bank, a member-FDIC institution. 

You might consider saving with Affirm if you:

  • Use Affirm's buy now, pay later services or have the Affirm Card
  • Are looking for an online savings account that offers a solid rate
  • Want to avoid steep banking fees
  • Prefer a savings account with no minimums

You can open a savings account with Affirm online or through the mobile banking app. You don't need to be an existing Affirm customer to get started with saving. 

If you have a buy now, pay later account with Affirm you can use your savings account to schedule payments to cover your outstanding balance.

Affirm Savings Account Pros & Cons

Pros
  • Strong interest rate on all balances
  • No fees, including no monthly service fees
  • FDIC-insured (up to the applicable limits)
Cons
  • No branch access
  • No ATM card

Compare Savings Options

Be sure to check out these savings accounts worth considering:

Savings
Checking
CDs

Compared to Other Online Savings Accounts

Ally High Yield Savings Account

Ally offers a high-yield savings account with an APY that's similar to what you'd get with Affirm. There are no minimum balance requirements and no monthly fee. The nice thing about Ally is that you'll get access to tools that can help you grow your savings, including round-ups, savings buckets and automatic transfers. 

Read our Ally Bank Online Savings review

SoFi Checking and Savings Account

If you're looking for checking and savings in one bundled account, you might consider SoFi for your banking needs. You can earn cashback on eligible purchases when you spend and take advantage of a competitive rate on savings balances. There's no monthly fee to worry about and you can get paid up to two days early with direct deposit. 

Read our SoFi Checking and Savings review

M1 High Yield Savings Account 

M1 offers an exceptional rate for its high-yield savings account along with up to $5 million in FDIC coverage. You'll need an M1 membership to open this account and there are two tiers to choose from. M1 Plus is $3 per month or $36 per year and gives you access to the platform's full range of investment, spending and savings tools. 

Read our M1 High Yield Savings review

Milli Savings Account

Milli's savings account has one of the highest rates you can earn, with no monthly fee. You can use automatic transfers and round-ups to grow your savings and there's also a savings jar feature that lets you fund individual goals. Deposits are FDIC-insured and the Milli app is easy to use. 

Read our Milli Savings review

Interest Rates

Online savings accounts typically top savings accounts offered by traditional banks where rates are concerned. Affirm is no exception, with a rate that's well above the national average. 

Is the rate the best? No, and it's possible to find online savings accounts that pay even more interest elsewhere. 

However, the rate is still competitive and easily beats what you might earn at a traditional bank or credit union

If your goal for opening a savings account is to get the best rate, here are a few tips to remember. 

  • It's important to read the fine print so you know how the rate is applied to balances and whether the bank imposes any rate caps. 
  • Savings account rates are subject to change at any time, instead of being fixed like CD account rates. 
  • Getting the highest rate doesn't necessarily benefit you if you have to pay a monthly fee to earn it. 

Also, remember that there may be a trade-off to get a higher rate if it means banking online. That could be a drawback if you prefer to keep your accounts at a brick-and-mortar bank. 

Fees

Traditional banks can pile on the fees while online banks tend to be more fee-friendly. Affirm touts no fees with its savings account, which is great if you're hoping to avoid added costs.

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ATM Access

Being able to withdraw cash from savings at an ATM is convenient if you need money on the go. 

Affirm doesn't offer an ATM card with its savings account. So you won't be able to make withdrawals and there's no ATM network to make note of. 

Should that stop you from opening this account? Not necessarily. In fact, not being able to make ATM withdrawals can be a good thing if you're tempted to spend what you've saved. 

Account Management

Affirm makes it easy to manage your savings account online or through the Affirm mobile app.

You can log in to the app or online to:

  • View account balances
  • Check transaction history
  • Review past statements
  • Schedule transfers to or from a linked bank account

Again, you won't have ATM access. You're limited to moving money in or out of your savings account via ACH transfer. 

While other banks offer special savings tools or features, you won't get them with Affirm. There are no savings buckets you can set up and no automatic round-ups. 

Whether that's a dealbreaker for you can depend on how disciplined you are about saving. For some people, having more tools and features could be distracting rather than helpful. 

FDIC Insurance

FDIC insurance protects depositors in the case of a bank failure. Overall, bank failures are rare though they can happen. When they do, the FDIC steps in to cover insured deposits. 

Affirm is not a bank so it isn't eligible to get FDIC coverage. However, your accounts are still insured through Affirm's partner, Cross River Bank. 

The current FDIC coverage limit is $250,000 per depositor, per account ownership type, per financial institution. It's worth noting that Affirm doesn't offer joint savings accounts, only individual ones. 

What to Look for in a Savings Account

Opening a savings account can help you get closer to your financial goals. But it's important to know what to look for so you choose the right one. 

If you're planning to open a new savings account, here are a few things to look at as you shop around at different banks. 

  • Interest rate and APY
  • How rates are applied across different balances
  • Minimum opening deposit requirements
  • Minimum balance requirements to earn interest or avoid a fee
  • Monthly service fees, if any
  • Options for waiving monthly fees
  • Other fees, such as excess withdrawal fees or wire transfer fees
  • Online and mobile banking features
  • ATM or debit card access
  • ATM network
  • Branch banking access (if you'd prefer a traditional bank)
  • Savings features and money management tools
  • Daily, weekly and monthly deposit and withdrawal limits
  • Overdraft protection, if you're linking savings to a checking account
  • Customer service availability
  • Brand reputation
  • Overall user experience

It's also helpful to look at what else you can get, besides a savings account. With Affirm, you can open a savings account or use buy now, pay later services but there are no checking accounts or CD accounts here. 

You can start your search by comparing savings accounts at online banks and move on to traditional banks or credit unions. 

Frequently Asked Questions

Is the Affirm savings account legit? 

Affirm's savings account is a legitimate way to earn interest on your money, without paying fees. Your deposits are FDIC-insured up to $250,000 through Affirm's partner, Cross River Bank. You can open an Affirm savings account online or through the Affirm mobile banking app. 

How do I withdraw money from my Affirm savings account?

You'll need to link an external bank account to your Affirm savings account to withdraw or deposit money. Once you've linked your accounts, you can log in online or through the Affirm mobile app to schedule a withdrawal or deposit transfer. 

What is the limit on Affirm savings accounts?

Affirm caps individual transactions at $25,000, whether you're withdrawing funds or depositing them. There's also a $100,000 daily limit cap on transactions initiated through your Affirm savings account online or through the app. There are no monthly limits on the number of transfers you can make from your savings account.