Boost Your Savings with Affirm: A Comprehensive Review

Table of contents

Affirm is a company that excels in providing short-term loans for online purchases through its checkout service. However, it also boasts a savings account that yields impressive returns. Senior Writer Margarette Burnette is a savings authority at NerdWallet, with extensive experience in writing about bank accounts that predates the Great Recession. Her work has been lauded and can be found in major newspapers like the Associated Press and USA Today, as well as in magazines such as Good Housekeeping, Black Enterprise and Parenting. She is based just outside of Atlanta, Georgia.

AffirmMargarette Burnette

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Bank Quality Assessment

Savings Banking Encounter Score: 3.5

NerdWallet Evaluation NerdWallet's analysis is performed by our team of experts. The scoring model incorporates several contributing factors to assess each financial product and service.

In essence: Affirm is a tool that extends short-term loans for e-commerce buys, coupled with an admirable savings account. However, Affirm does not deal in certificates of deposits or a checking account. Although they do have mobile apps to access your savings account, it's unlikely that customer service would attend to phone inquiries. For any concerns, it's best to approach Affirm through online services.

Ideal for: Persons seeking for an online savings account with attractive rates and content without the need for a checking account, a certificate of deposit (CD), or phone-based banking services.

Margarette BurnetteAffirm Savings

Penalties for unwarranted CFPB complaints: NerdWallet has slashed half a point from Affirm's overall scoring for the volume of complaints on the CFPB database concerning its associate bank Evolve Bank & Trust's asset size. For additional information regarding this deduction, peruse our methodology page.


Competitive interest rates for savings.

Highly rated mobile app (focusing on short-term loans as well as savings).


Lack of phone-based or in-person customer service.

No branch network or ATM options.

Do not offer a checking account.

Affirm Savings

Deposits are federally insured

NerdWallet Evaluation

NerdWallet's evaluation is determined by our team of professionals. Evaluation models integrate varied reference points for each financial product and service.

Annual Percentage Yield (APY)


With a minimum balance of $0.01 to earn APY

With Affirm Savings account, you begin earning interests with your first penny expenditure. No minimum balance is required to commence the account, and there are no monthly account maintenance charges. You would have to link a non-Affirm bank account to the Affirm account for automated accesses to deposits and removals. Affirm is a Neobank, thus mobile check deposit possibilities are nonexistent. Nevertheless, you can access your account on their website or mobile app to keep tabs on your account and set up automated transfers for incremental savings accumulation. Funds are FDIC-insured under Cross River Bank domiciled in New Jersey.

Neobanks are a popular choice for online-only banking, ensuring funds are FDIC-insured, secured by sponsor banks who receive customer money if the neobank shuts down. With low monthly fees and desirable rates, neobank accounts are on the rise. However, a major downside is that traditional banking features may not be present, such as in-person customer service, access to cashier's checks for large purchases, or wire transfers, making it crucial to assess the details before opening an account.

Affirm, with no in-person branches and no phone number for customer service, is an unusual online-only account. In case of inquiry, consumers may submit an online form or turn to the brand’s Twitter account, with customer service being responsive to customers and seeking direct messages for further information.

However, be aware that NerdWallet’s rating of Affirm is only 3.5 stars due to the large volume of complaints on the Consumer Financial Protection Bureau database relative to the size of its partner bank, Evolve Bank & Trust. To compare with other neobanks, NerdWallet offers ratings for Sofi, Cit Bank, and Citizens Access. Keep in mind, too, that Affirm’s interest rates may vary.

Rates and Bonuses:

    Looking for the best bank options to earn rewards and bonuses on your deposits? You've come to the right place!

    If you maintain a balance of $5,000 or more, get an impressive Annual Percentage Yield (APY) of 4.85%. On the other hand, if you want a minimum balance of $0.01, the APY is 4.50%. No matter your balance, earn a bonus of up to $250 when you use direct deposit.

    NerdWallet's Ratings:

      At NerdWallet, we rate banks and credit unions based on several factors. Our ratings are a weighted average of checking, savings, and certificates of deposit or credit union share certificates, banking experience, and overdraft fees. Our key considerations include account features, limits, rates, and fees, ATM, and branch access, user-facing technology, customer service, and innovation. Our ratings range from one star for poor performance to five stars for excellent.

      Learn more about our methodology and how we evaluate ratings for banks, credit unions, and other financial service providers by clicking the link below.

      About the Author:

        Margarette Burnette is a savings expert at NerdWallet. Her work has appeared in respected publications such as USA Today and The Associated Press. Read more about her by clicking the link below.

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