Affirm Review: Savings
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- Savings
- Customer experience
Overall institution rating
3.5
Affirm is a service that offers short-term loans for online purchases during the checkout process, but it also offers a savings account with a strong yield. Affirm does not offer a checking account or certificates of deposit, however. You can access your savings account through Affirm’s mobile apps, but don’t expect to pick up the phone to call customer service. If you have questions about your app, your best option is to reach out online.
Best for: Those who want an online-only savings account with a competitive rate and don’t need a checking account, CD or phone-based banking services.
Penalty for outsized CFPB complaints: NerdWallet deducted 0.5 star from Affirm’s overall rating due to the volume of complaints on the Consumer Financial Protection Bureau database relative to its partner bank Evolve Bank & Trust’s asset size. For more information about this penalty, see our methodology page.
Pros
- No monthly fees.
- Competitive rate on savings accounts.
- No minimum opening deposits.
Cons
- No live customer support by telephone.
- No branch access.
- No checking account offered.
Full review
Savings
Savings
Deposits are FDIC Insured
4.5
/5 NerdWallet ratingWith the Affirm Savings account, you can earn interest on your deposits starting with the first penny. There is no minimum to open the account and no monthly maintenance fee. You will need to link the Affirm account to an external bank account to set up electronic transfers for deposits and withdrawals. Affirm, a neobank, does not feature an option for mobile check deposit. The account can be accessed online or via a mobile app, however, and you can use either option to set up automatic transfers to help you build your balance on a regular basis. Funds are FDIC-insured through a partner bank, New Jersey-based Cross River Bank.
Customer experience
3.5
NerdWallet ratingWhat to know about neobanks: These can be solid options for consumers who prefer online-only banking. Funds deposited in these accounts are usually FDIC-insured through sponsor banks, which will also typically receive customers’ money if a neobank closes, so customer funds are safe. Neobank accounts often have low monthly fees and earn strong rates. However, they may also lack traditional banking features, including in-person customer service and access to personal or cashier’s checks (often required for large purchases, such as buying a home) or wire transfers. Consider these details before opening an account.
Affirm does not have in-person branches, and there is no phone number for customer service, which is unusual for online-only accounts. If you have a question about your account, you can reach customer service by filling out an online form. Affirm is active on Twitter and responsive to customers, typically asking for a direct message to learn more detail about the customer’s question.
Penalty for outsized CFPB complaints: NerdWallet deducted 0.5 star from Affirm’s overall rating due to the volume of complaints on the Consumer Financial Protection Bureau database relative to its partner bank Evolve Bank & Trust’s asset size. For more information about this penalty, see our methodology page.
How does Affirm compare?
 SoFi Checking and Savings Member FDIC |  CIT Bank Platinum Savings Member FDIC |  Citizens Access Savings Member FDIC |
|---|---|---|
NerdWallet rating 5.0 /5 | NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.50% With $0 min. balance for APY | APY 5.05% With $5,000 min. balance for APY | APY 4.50% With $0.01 min. balance for APY |
Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus N/A | Bonus N/A |
Learn more at SoFi Bank, N.A. | Learn more at CIT Bank | Learn more at Citizens |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
