Deposits held and insured by Cross River Bank

Overview / Commentary
650 California Street
San Francisco, CA 94108
Deposits held and insured by Cross River Bank

Great Interest Rate For Savings

This is an honest review! I opened the account on my phone app very easily and fast. I am ok that this account functions mainly on the app. I am getting 1.3%, much better than anything out there right now!! And it is FDIC insured.

Decent Enough Experience, A Couple Of Caveats

Opened account easily, funded by providing external account info at opening. Accounts at most external banks can be linked instantaneously via remote login; some smaller banks require the trial deposit verification method. ACH transfers are completed quickly, sometimes same day.

A couple of limitations to watch out for:

1. There is a (daily?) ACH limit of $25k on withdrawals and on deposits, when initiated from Affirm; don't know if this can be changed

2. ACH deposits can be scheduled to take place weekly or monthly, but all ACH withdrawals are processed immediately

Can't Access Account From A Computer. Not Safe. Not Private

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You are not able to view your savings account on a computer or do anything with it. No login and password to link the account from another bank with. Am I missing something? No functionality, no website. They just want you to only deposit your money in the app so they get you to shop and take loans out for shopping. No transfer option on their end, and good luck getting your money out and efficiently.
You can only login from the app with a passcode, which is not safe. Anyone around you can access your phone and you can lose your phone with the app on it. It doesn't even immediately require the passcode when you exit the app. I don't want to keep the app on my phone so anyone can see what account I have with Affirm. And, since you can't just go to their website to login and close the tab, the alternative of deleting the app after every use is not practical.

Do Not Use Their Savings Product, They Can Freeze Your Account For An Indefinite Amount Of Time

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I moved quite a bit of funds here because of the high rate on their savings product. Last Saturday my account was frozen without any reason why. I was informed of this by an email with a link to a form to fill out. Well would you know it, that link was broken. So I called and was told on Saturday they would escalate it. After 4 business days of no communication, I called and demanded at the very least a timeline. They could not provide one because they have no control or even communication with their partner bank in regards to freezing their customer's funds. On that 4th business day I demanded the supervisor transfer me to a manager, I was told they were all busy but rest assured either a manager would call me that day or the supervisor would call me back informing that the call would occur tomorrow. Guess what, no one called back, shocking right? On the 5th business day I spent an hour on the phone speaking with Brian a manager further identifying how the dynamic works with Affirm and their partner bank. It comes down to the point that Affirm has no control over how their partner bank treats their customers. If the account is frozen, it stays in that state for an indefinite amount of time, and best of all you cannot even close the account. So they can take your money and give you zero recourse to advocate for yourself.

Bottom line before you get sucked in by a high interest rate, imagine this scenario: You have $100,000 in cash in the account because you are saving for a down payment on a house. Then you find that house and are approaching your closing date, and they freeze your account and there is not a damn thing you can do, or they can do to unfreeze your account. Best of all they won't even be able to tell you a timeline, 1 day or 1 week, or 1 month, 1 year. Nothing can be done. Oops sorry about that house you wanted



Data as of Q4 2021

Capitalization grade does not factor in PPP loans and the use of the PPP Liquidity Facility.
Learn why bank health matters

Health Grade Components

FDIC Certificate #58410
Year Established2008
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD3.18%
Return on Equity - YTD68.21%
Annual Interest Income$675.5MM
Assets and Liabilities
AssetsQ4 2021vs Q4 2020$9.13B$9.71B
LoansQ4 2021vs Q4 2020$8.00B$9.13B
DepositsQ4 2021vs Q4 2020$3.93B$3.02B
Equity CapitalQ4 2021vs Q4 2020$727.6MM$383.1MM
Loan Loss AllowanceQ4 2021vs Q4 2020$42.1MM$50.9MM
Unbacked Noncurrent LoansQ4 2021vs Q4 2020$26.6MM$7.1MM
Real Estate OwnedQ4 2021vs Q4 2020$0$0
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Affirm Savings Account Rates

0.65%--Affirm Savings

Affirm is an Internet only bank and does not have branch locations. Its headquarters is located at 650 California Street - San Francisco, CA 94108

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