Affirm Savings Account Review | Pros, Cons, and Key Features

While Affirm has been successful in grabbing the attention of its customers at wide variety of stores, it introduced another excellent service into its already existing ones, i.e., the Savings Account. In this Affirm Savings account review, we will talk all about its fees, interest rates as well as alternatives.

What Will We Talk About Here?
  • You can create Affirm Savings Account using the Affirm app and download it from App Store, Play Store, or Google Play.
  • Affirm savings account review shows that it serves best with easy sign up, high security, considerable fees, high interest, and no minimum balance requirement.
  • Ally, Consumer Credit Union, and Marcus are some good alternatives to the savings account by Affirm.

…and Much More!

Affirm Savings Account Review

Affirm initially started as a loan lending company and offered the Buy Now Pay Later payment schemes for customers who cannot afford large purchases. It has been a great help for the customers who wish to buy things without any unmanageable debt on their accounts. 

  • The significant reasons customers hail the Affirm technology platform is its low fees and complete transparency.

When you opt for the Affirm’s Buy Now Pay Later scheme, you won’t have to worry about any interest charged on the amount you are purchasing as long as it is paid within the deadline. 

You can create Affirm Savings Account using the Affirm app and download it from App Store, Play Store, or Google Play. It would be true to say that Affirm did manage to reinvent the financial systems rusting off the traditional one.

Savings Account with Affirm – Key Features

The high-yield savings account of Affirm is an eye-catching feature and indeed a decent solution to your financial management plans. The company offers two top-notch services, i.e., the Savings Account and Buy Now Pay Later, for the customers.

  • In contrast, several other financial products and services are yet to be introduced. 

Let us walk you through some of the critical features in much detail so you can make an informed decision on whether it is the right choice for you or not. 

Account Setup 

Opening the Savings Account with Affirm could not get more straightforward than it already is. The process is pretty clear, and here is what you need to do: 

  1. Download the App on your smartphone as setting up a savings account is only facilitated by the App. 
  2. Go to the App on your mobile. 
  3. Navigate to the Manage tab
  4. Here, click on Learn More under the option of Savings
  5. Next, click on the option of Sign Up and agree to all the terms and conditions. 
  6. Wait for the company to approve. Typically, you are approved instantly, and once you are done, you can add money and start earning the interest. 

The company requires some additional verification which is nothing to be worried about. In addition to this, Affirm has a financial provider acting as a third-party, i.e., Plaid. It links your bank accounts and performs verification of all your data. 

Attention! To open a Savings Account at Affirm, there is no minimum deposit required, and luckily you are not charged with any of the monthly maintenance fees. 

Deposit Options 

While Affirm is the online financial platform, please keep in mind that it does not have any physical banks and does not provide A.T.M. access, unlike the traditional banks. Two way you can opt for depositing or withdrawing from the Affirm account includes: 

  • Automated Clearing House (ACH) transfer
  • Wire Transfer

To carry out the electronic transfers on Affirm, it is essential that you link the Affirm account to your external bank accounts. Please note that Affirm does not support mobile check deposits. 

Transaction Limits 

Like all other traditional bank services, Affirm has set up a limit on the amount you can transact from your Account, say weekly or monthly basis. Users are obliged to stick to it to avoid any inconvenience.

You can transfer or withdraw money from the savings account up to 6 times per calendar month with Affirm. At the same time, there is no such limit to transferring into your savings account. 


Here is when you won’t wait to bounce on the Affirm Savings Account as it is very appealing in terms of fees. It does not charge even a bare minimum of a penny in terms of maintenance fee, minimum deposit requirements, or low account balance fees. 

While there could be many possible reasons for such flexibility, we must still mention that it charges no amount for the outgoing wire transfers, official check fee, or paper statement request.


In addition to this, please note that the Affirm savings account is fully authorized and assured by F.D.I.C., whereas the accounts are held by their bank partners such as member F.D.I.C. or Cross River Bank. 

Affirm has poured in multiple features, and let’s not ignore the efforts to build this feature up, helping the customers with their savings and creating a manageable budget plan in routine lives.


Affirm has a very competitive APY and the Account earns around 0.65% annual percentage yield. Moreover, there is no requirement for the minimum balance to make interest on the savings.

The interest you earn over the month is available in your Account on the last day of the month. 


  • It offers a competitive APY on savings. 
  • You do not have to pay fees for Affirm Savings Account. 
  • Convenient transfer from the external accounts. 
  • User-friendly mobile application and easy to use. 
  • No minimum deposit is required to set up the Account. 


  • It has limited features and services on the whole. 
  • It does not offer any of the checking accounts services. 
  • There is no ATM withdrawal or physical bank branches available. 
  • Limited customer service only. 
  • Not a preferred option for online banking due to restricted functionality. 

You might be interested in reading: Walmart Layaway Affirm.

Alternatives To Affirm Savings Account 

The customers who seriously prefer online banking at greater length must look at several alternatives of Affirm since it offers only two specific services, as discussed earlier in the guide. Some of the other options to Affirm savings account are: 

Ally Ally offers low fees, high-interest rates and serves as a one-stop for banking, investing, and various loan products. 
AxosIt has multiple checking accounts options and a vast ATM network, unlike Affirm. It also charges no fees and offers competitive interest rates.
Alliant It offers an APY of 0.55% on at least a minimum balance of $100. It is federally insured and provides a $100 bonus. 
Consumer Credit Union More accessible than several other credit unions and offers plenty of financial products. It also provides high APYs and few fees. 
Marcus It offers an APY of 0.50% and does not require any minimum balance. It is federally insured and provides a $100 bonus. 

The Bottom Line

Affirm savings account comes with a number of perks such as easy sign-up, high security, and no requirement of minimum balance. Some customers are hesitant, however, because it does incur handsome fees.

If this one is not the right fit for you, there is always an option to check out alternatives instead. Just make sure that you weigh all the features carefully before opting for any service.