The Affirm Savings account is an excellent choice if you already use this buy now, pay later (BNPL) service for shopping. It’s FDIC-insured through Cross River Bank and has no fees or minimum balances. Plus, you have the option to earn cash back and convert your savings account interest into Bitcoin.
3.50%
APY
$0
Fee
$0
Minimum deposit to open
| Annual percentage yield (APY) | 3.50% |
|---|---|
| Fee | $0 |
| Minimum deposit to open | $0 |
| Minimum balance to earn interest | $0 |
Review by
Kelly Suzan Waggoner is editor-in-chief at Finder, where she works with a talented team of expert writers and editors focused on helping readers to save money, earn money and grow their wealth. She joined Finder in 2016 as an editor, germinating the site from money transfers to include the wide scope of personal finance. Kelly has worked with publishers, magazines and nonprofits throughout New York City to develop best practices around editorial, SEO, plain language and accessibility, including Black Dog & Leventhal Publishers, HauteLife Press and Queerty. She is quoted on such sites as Lifehacker and CertifiKid, and ghostwrote Copyediting and Proofreading for Dummies, published by Wiley. Kelly earned a BA in English from Russell Sage College and a Poynter ACES Certificate in Editing from Poynter News University. She is trained in digital and website accessibility and plain language, and is a member of ACES: The Society for Editing and the Center for Plain Language. Between projects, she toys with words, flips through style guides and fantasizes about the serial comma’s world domination.
The Affirm Savings account is an excellent choice for Gen Z and millennials who already use Affirm to shop for deals or take advantage of its BNPL service.
This Affirm Savings account features a competitive 3.5% APY, zero fees and the option to convert all the interest you earn into Bitcoin.
However, Affirm is a BNPL service at its core. And if you tend to spend more than you’d like, keeping your savings with a company that encourages spending could backfire down the road.
Apply for the savings account through the Affirm app in minutes:
You must be at least 18 years old and a US resident with an existing bank account to apply.
Expect to provide your:
If Affirm Savings isn’t quite what you’re looking for, explore other high-yield savings accounts.
Narrow down top savings accounts by APY, fees or minimum deposit to see how Affirm Savings compares.
As with most online bank accounts, the only way to add or withdraw money is through a linked bank account. Affirm Savings doesn’t accept wire transfers, check deposits or ATM withdrawals.
Link up to five external accounts at a time to your Affirm Savings account.
Is the Affirm Savings account legit?
Yes, Affirm Savings is a legit account that’s safe to use. It’s FDIC-insured for up to $250,000 through Cross River Bank. This means you’ll get your money back if Affirm shuts down its savings account program.
Affirm employs the latest firewalls and data encryption to keep your information safe. You connect any external bank accounts through Plaid, which more than 11,000 banks and credit unions use nationwide.How do I close my Affirm Savings account?
Close your Affirm Savings account in two steps:
Is the Affirm Savings account better than Chime?
It depends on what you’re seeking. Affirm is good for crypto rewards and earning cash back on Affirm purchases. Chime Savings is good to keep your checking and savings under one roof, using tools like debit card roundups and automatic transfers to reach your goals.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.
Affirm Savings is not currently available on Finder
Have you considered Western Alliance Bank High Yield Savings Account through SaveBetter?
Get an impressive 4.8% APY, which is 13.5x higher than the national average. All with $0 fees and only a $1 minimum deposit required. FDIC insured.
