Affirm Savings Account Review: A No-Frills Option for High-Yield Savings

Blenda Rosen
Blenda Rosen Finance
4 Min Read

Affirm might be primarily known for its “buy now pay later” lending service. But it also offers a high-yield savings account called Affirm Savings . While the savings account is a side offering it provides a healthy 4.15% APY on deposits. However Affirm focuses more on its lending service than its savings account which results in limited features and customer interaction. Let’s dive into more details in this comprehensive Affirm savings account review. 

Account Setup and Ease of Use

Setting up an Affirm Savings account is straightforward as the platform is quite user-friendly. The process involves a few simple steps and the use of a third-party financial service provider Plaid which streamlines account setup and money transfers . However access to the savings account is limited to Affirm’s mobile app as it can not be accessed through the desktop site.

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Access, Deposits and Withdrawals

Access to funds and interactions with the savings account are primarily done through the app . Affirm does not provide ATM access or physical bank branches. Deposits and withdrawals can be initiated via Automated Clearing House (ACH) transfers to external bank accounts. While ACH transfers are free wire transfers may incur fees from the funding bank.

Customer Service and Support

Affirm’s customer service options are limited with no phone number or email address provided. Customer support is available through an online bot, Twitter communication (@affirm) or self-service through the library of Q&As. The lack of direct contact methods might make it difficult to address specific concerns .

Fees, Limits and Tools

Affirm’s savings account does not charge any surprise fees. While the account lacks additional features and tools it offers an autosave feature for recurring deposits . The federal rules regarding savings accounts apply which limits the number of withdrawals/transfers to six per calendar month .

Website and Mobile App Experience

Affirm’s website and mobile app offer simplicity and a one-page hub where all necessary information is available . The app provides a user-friendly experience for setting up and managing the savings account but lacks additional tools or features.

Educational Content and Additional Services

Affirm does not offer educational content related to savings or additional banking services beyond the high-yield savings account and its short-term lending service. While the savings account provides a higher rate and FDIC insurance it lacks standard features such as ATM cards, goal tracking and other banking products .

Final Thoughts

Affirm Savings Account offers a simple and fee-free option for high-yield savings. While it may lack additional features and customer support options it provides a competitive APY and FDIC insurance . If your primary goal is finding a safe place to save and earn interest Affirm can fulfill that need. But if you require more extensive banking services and tools other options may be more suitable.

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Blenda Rosen
By Blenda Rosen Financial Writer
Hi there! My name is Blenda, and I'm a Personal Finance and Markets Reporter at California/USA Today. I graduated from San Jose State University with degrees in Business Administration and International Business, and I'm a Certified Public Accountant (CPA) in California. My passion is creating personal finance content that resonates with my readers. I know from experience how daunting managing personal finances can be, and I aim to provide actionable advice that people can use to improve their financial situations. Whether it's budgeting, saving, investing, or retirement planning, I'm here to help my readers make informed decisions about their money. As a financial journalist, I'm always seeking to expand my knowledge and skills in the field. I'm particularly interested in areas like venture capital, startups, fintech, payment methods, and international banking. I believe that staying up-to-date on the latest developments in the industry is crucial to providing valuable insights to my readers.
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