
Affirm is a San Francisco-based, financial technology (fintech) company that launched a competitive high yield savings account back in June of 2020.
The yield used to be comparatively high when the product first launched, but has lost ground since then with some of the top high yield savings accounts now inching over the 5.00% APY mark following the Fed’s last rate hike.
The company was founded by former PayPal founder Max Levchin and can be opened by anyone over the age of 18 (or 19 years old if you reside in Alabama).
Affirm Savings Rate + Account Details
As mentioned, Affirm itself is a financial technology company. They have partnered with Cross River Bank to offer their high yield savings account; leveraging Cross River Bank’s FDIC insurance. All Affirm savings account deposits are federally insured by the FDIC up to $250,000 per depositor (joint accounts are not available at this time).
Affirm Savings Rate
Minimum Balance | APY |
$0 | 3.75% |
To put this offer into further perspective, the current national average for a savings account is just 0.37% APY, according to FDIC data, however, many online banks are offering yields above 4.00% APY per the time of this writing.
Interest is compounded daily on all balances above $0.01.
The account is limited to 6 ACH transfers per month per Federal Regulation D.
Unfortunately there is no debit card at this time. The only way you can access your money is through bank transfers.
How to Open and Fund the Account
To get started, navigate to the high yield savings offer page on the Affirm website (located here). From this page you can either enter in your email, which Affirm will then confirm and send you a link to download their app OR you can download the app directly from this page. You can find their Android app and IOS app at their respective stores or use our links.
Once you’ve downloaded the app on your phone or tablet, you may begin the process of opening and funding the account.
Information you’ll need to open the account:
- full name (driver’s license)
- current address
- phone number
- social security number or valid Tax ID
To fund your savings account or add more money, do the following:
- Open the Affirm app.
- Under Savings on the Manage tab, tap “See account.”
- Tap “Add money.”
- Enter the amount you want to add.
- Under From, tap the bank account you want to transfer money from.
- No linked accounts? Tap From, then tap New bank account and link a new bank account.
- Only one linked account? From will be auto-filled with your linked bank account. To switch to a new bank account, tap From, then link a new bank account.
- Multiple linked accounts? Tap From, then tap a linked bank or link a new bank account.
- Under Frequency, choose how often you want to add money.
- To add money once, keep Frequency auto-filled with Once. Your transfer will start no later than the next business day.
- To add money every week, tap Weekly, then choose the day. Depending on the day you pick, your transfer may start next week.
- To add money every month, tap Monthly, then choose the date. Depending on the date you pick, your transfer may start next month.
- Review your transfer details and tap Confirm.
After you have funded your account you will begin earning the advertised rate on all balances above $0.01.
Reviews and Customer Sentiment

Given the fact that the Affirm savings account has only been on the market for a short period of time, there isn’t too much coverage on the product.
That said, their mobile apps have high favorability ratings on both Apple and Google. Their IOS app has a 4.9 star out of 5 rating with over 1.2 million consumer ratings and their Android app has a 4.7 star rating out of 5 with over 215k consumer ratings.
Final Thoughts
If you’re looking for a no-hassle, digital way to save your cash then you may want to consider this savings account by Affirm, however, if you’re strictly after the best savings rates, you’ll be better served parking your cash elsewhere.
Also, be sure you won’t need any checking account features such as a debit card, checks or easy access to cash if you plan on signing up for an Affirm savings account as it won’t be able to provide you with those.
One major downside to Affirm Savings is it’s only accessible via their app, they have no web-portal. If the app crashes or misbehaves, you have no access to your account!
tt That’s not true, the account is accessible online.