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.
Finder makes money from featured partners, but editorial opinions are our own.
Advertiser disclosure
Affirm Savings review
- APY
- 3.50%
- Fee
- $0
- Minimum deposit to open
- $0
Our verdict
Enjoy no fees and a competitive 3.5% APY you can convert into Bitcoin.
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.
Pros
-
$0 fees or minimum balances
-
Competitive interest rate
-
Convert interest into Bitcoin
-
Unlock cash back on purchases
-
Automatic transfers
Cons
-
Crypto feature isn’t widely available
-
One way to access money
-
No checking account
How do I open an Affirm Savings account?
Apply for the savings account through the Affirm app in minutes:
- Go to the provider’s site and follow the steps to apply.
- Choose Open a savings account.
- Enter your mobile number and hit Continue.
- Enter your verification code.
- Enter your name and email address and Continue.
- Enter your birthdate and the last four digits of your Social Security number, and Create account.
Eligibility and required information
You must be at least 18 years old and a US resident with an existing bank account to apply.
Expect to provide your:
- Full name.
- Email address.
- Date of birth.
- Social Security number.
- Funding bank account details.
What are the benefits of an Affirm Savings account?
- $0 fees or minimum balances. Affirm’s savings account is as simple as they come. There are absolutely no fees or minimum balances required to open an account or earn interest.
- Competitive interest rate. Affirm showers customers with a lavish 3.5% APY at a time when the national average sits at under 0.46%.
- Convert interest into Bitcoin. Opt into Affirm Crypto to automatically convert your interest to Bitcoin. You can also buy Bitcoin with your savings balance.
- Unlock cash back on purchases. Shop at select merchants with Affirm to earn a cashback bonus in your savings account.
- Automatic transfers. Put savings on autopilot by setting up a weekly or monthly schedule for automatic deposits into your Affirm Savings account.
What should I look out for?
- Crypto feature isn’t widely available. You can’t use Affirm Crypto if you live in Hawaii, North Carolina or the US territories of American Samoa, the Northern Mariana Islands or the US Virgin Islands.
- One way to access money. The only way to deposit or withdraw cash from Affirm Savings is with an externally linked bank account.
- No checking account. You won’t find any other bank accounts at Affirm. While it does have a Debit+ card, it isn’t tied to a checking account. You just link the card to an existing bank and use it to split purchases.
If Affirm Savings isn’t quite what you’re looking for, explore other high-yield savings accounts.
Compare with other savings accounts
Narrow down top savings accounts by APY, fees or minimum deposit to see how Affirm Savings compares.
1 - 6 of 28
How do I deposit or withdraw my money?
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.
Frequently asked questions
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:
- Make sure your account balance is $0 by transferring any remaining money to your external account.
- Complete Affirm’s Account Closure form.
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.
Savings account ratings
★★★★★ — 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 SoFi Checking and Savings?
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- Up to 4.60% APY on savings by meeting deposit requirements
- $0 monthly or overdraft fees
- Get a $300 bonus with direct deposits of $5,000 or more
Your reviews
No reviews yet.
Write a review
Kelly Suzan Finder
Editor-in-chief
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.