{"id":685,"date":"2021-07-25T12:57:30","date_gmt":"2021-07-25T12:57:30","guid":{"rendered":"https:\/\/paylaterguide.com\/?p=685"},"modified":"2022-10-30T21:28:59","modified_gmt":"2022-10-30T21:28:59","slug":"affirm-savings-account-review","status":"publish","type":"post","link":"https:\/\/paylaterguide.com\/affirm-savings-account-review\/","title":{"rendered":"Affirm Savings Account Review"},"content":{"rendered":"\n

Saving money is one of the pillars of financial management, yet people often struggle to put aside money for a rainy day. <\/p>\n\n\n\n

Why not make it easier by opening an Affirm savings account<\/a>? Affirm is a fintech company that is revolutionizing the way people do banking. The company\u2019s goal is to do away with the fine print and hidden fees of traditional banking.<\/p>\n\n\n\n

Check out this Affirm savings account review and discover the pros and cons of using this platform.<\/p>\n\n\n\n

Why You Should Open an Affirm Savings Account<\/h2>\n\n\n\n

Affirm has partnered with Cross River Bank to provide a high yield savings account that\u2019s geared for the future. <\/strong><\/p>\n\n\n\n

More and more people are taking advantage of this since Affirm offers an impressive APY (Annual Percentage Yield). The APY indicates how much your money can potentially earn in interest within a year.<\/p>\n\n\n\n

An Affirm savings account currently has an APY of 0.65% to 1.3%<\/a>. That\u2019s up to 13 times higher than the national average. This protects your hard-earned money from the effects of inflation.<\/p>\n\n\n\n

While Affirm\u2019s interest rates are higher than those of traditional banks, their savings account APY rates aren\u2019t fixed. These rates may fluctuate depending on the conditions in the market.<\/p>\n\n\n\n

APY Comparison: Affirm Savings Account vs. Traditional Accounts<\/h2>\n\n\n\n

The key difference is that an Affirm savings account provides higher in interest rates compared to traditional savings accounts.<\/p>\n\n\n\n

The current national average yield of traditional savings accounts in the US is only 0.07% APY<\/strong>. By opening an Affirm savings account, you\u2019re getting a much higher return on your savings.<\/p>\n\n\n\n

If you\u2019re considering other financial instruments, take note that the average APY yields for various kinds of accounts are:<\/p>\n\n\n\n

Bank<\/th>Savings Account<\/th>Interest Rate (Annual Percentage Yield)<\/th><\/tr><\/thead>
\"\"<\/td>Affirm Savings Account<\/td>1.30%<\/td><\/tr>
\"\"<\/td>Basic Banking Package<\/td>0.50%<\/td><\/tr>
\"\"<\/td>American Express Online Savings Account<\/td>0.40%<\/td><\/tr>
\"\"<\/td>Money Market Account<\/td>0.40%<\/td><\/tr>
\"\"<\/td>Online Savings Account<\/td>0.40%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

As you can see, Affirm\u2019s savings account outperforms both in terms of APY. It\u2019s worth opening an Affirm savings account if this is your primary criteria.<\/p>\n\n\n\n

Pros of an Affirm Savings Account<\/h2>\n\n\n\n

If you\u2019re looking for a digital platform to save money and keep it aside over the long term, then the Affirm savings account is the ideal choice.<\/p>\n\n\n\n

With an Affirm savings account, you will get the following benefits:<\/strong><\/p>\n\n\n\n

No Minimum Deposit Requirement<\/h4>\n\n\n\n

Unlike traditional savings accounts, there\u2019s no minimum deposit requirement.<\/p>\n\n\n\n

No Monthly Fees or Hidden Charges<\/h4>\n\n\n\n

Another great thing about Affirm savings accounts is that there are no monthly fees, which is a stark contrast to traditional savings accounts. You also won\u2019t be surprised by hidden charges like transaction fees.<\/p>\n\n\n\n

High APY<\/h4>\n\n\n\n

As mentioned earlier, an Affirm savings account has a current average rate of 0.65% APY, which is much higher than traditional savings accounts.<\/p>\n\n\n\n

Easy to Open<\/h4>\n\n\n\n

Opening an Affirm savings account is easy and simple through the mobile app. It can be done fast without complicated paperwork.<\/p>\n\n\n\n

Auto-Deposit Feature<\/h4>\n\n\n\n

Affirm has an auto-deposit feature that allows you to transfer money from another account into your Affirm savings account automatically. You can schedule the transfer weekly, monthly, or on a specified date. This way, saving money becomes a habit.<\/p>\n\n\n\n

Top-Rated Mobile App<\/h4>\n\n\n\n

The Affirm app has high ratings on the Google Play Store and Apple Store (about 4.6 on Google Play and 4.9 on the Apple store).<\/p>\n\n\n\n

<\/p>\n\n\n\n

Earn $30 when you invite friends<\/h4>\n\n\n\n

With an Affirm savings account you also have the perk of inviting your friends to Affirm and earning $30. For every friend you invite you will both receive $30. Inviting your friend is a simple as sharing your Affirm referral link<\/a> and getting them to sign-up to the app via your link. <\/p>\n\n\n\n

Cons of an Affirm Savings Account<\/h2>\n\n\n\n

In some cases, an Affirm savings account may not be the best option due to the following drawbacks:<\/strong><\/p>\n\n\n\n

Accessible Only Through the Affirm App<\/h4>\n\n\n\n

You don\u2019t have the option to access your savings other than through the Affirm app. This could be an issue if you have no internet connectivity or if you lose your smartphone. <\/p>\n\n\n\n

No Debit Card<\/h4>\n\n\n\n

At the moment, Affirm does not provide debit cards to account holders. This can be a hindrance when it comes to making physical payments.<\/p>\n\n\n\n

No Direct Withdraw Capabilities<\/h4>\n\n\n\n

At the moment, users can\u2019t withdraw money directly from their Affirm savings accounts. The only way to withdraw money from your Affirm savings account is by transferring the funds to another linked account. <\/p>\n\n\n\n

Limited Number of Transfers<\/h4>\n\n\n\n

According to federal regulations, you can only make a maximum of six ACH (automated clearing house) transfers per month. <\/p>\n\n\n\n

No Joint Accounts<\/h4>\n\n\n\n

Affirm doesn\u2019t offer joint accounts. So if you\u2019re looking at opening an Affirm savings account, it can only be done under one person\u2019s name.<\/p>\n\n\n\n

Keep in mind that these cons are not dealbreakers if you plan to use the Affirm account purely for savings.<\/p>\n\n\n\n

Frequently Asked Questions<\/h2>\n\n\n\n

Is An Affirm Savings Account Safe?<\/h4>\n\n\n\n

Yes, an Affirm savings account is as safe as a standard savings bank account. It is also less risky compared to putting your money in stocks, cryptocurrency, or a business.<\/p>\n\n\n\n

You don\u2019t need to worry that you\u2019ll lose your savings in case of a downturn in the economy. If you scroll through the Affirm savings account<\/a> landing page, you\u2019ll notice that all Affirm savings accounts are insured by the FDIC for up to $250,000 per depositor.<\/p>\n\n\n\n

How Does an Affirm Savings Account Work?<\/h4>\n\n\n\n

Opening an Affirm savings account is pretty straightforward. Just visit their savings account page<\/a> and do the following:<\/p>\n\n\n\n

  1. Download their iOS or Android app. Enter your email address so that they can send you a download link.<\/li>
  2. Once you download the app, you need to fill in personal details: