Affirm
Buy now pay later with savings
Pros & Cons
Pros
- Widely accepted
- No late fees
- Savings account available
Cons
- Not an investment product
- BNPL encourages debt
The Brief
MoneyMade Verdict
Affirm's high-yield savings account is a clean, no-fee option with a competitive APY, but it works best as a complement to an existing Affirm BNPL relationship — not as a standalone savings solution.
Affirm was founded in 2012 by PayPal co-founder Max Levchin and is best known as the largest U.S.-based buy now, pay later (BNPL) lender. Its savings product launched in 2020 under the Affirm Money™ brand, extending the company's no-fee, transparency-first philosophy into deposit accounts. The Affirm Money™ Account is held with Cross River Bank (CRB), Member FDIC — Affirm itself is not a bank.
The account is straightforward: no fees, no minimum deposit requirements, and a competitive yield, with interest compounded daily and credited to the account monthly. The account can get your paycheck into your hands up to two days early, and existing Affirm users can route savings directly toward outstanding BNPL loan payments. However, the account lacks ATM access, does not support mobile check deposits, and withdrawals must be transferred to an external bank account, taking one to five business days.
Head-to-Head
| Platform | Min | Target Return | Annual Fee | Liquidity | Accredited |
|---|---|---|---|---|---|
| — | 0–36% APR (borrowing) | Interest on loans | N/A | No | |
| — | 4–7% | No fee on savings | Daily (savings) | No | |
| — | 4–5.5% APY | No fees | Daily | No | |
| — | 4–5.5% APY | No fees | Daily | No | |
| — | Market returns | 0–2% premium bond fee | Daily | No |
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