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

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The new savings account is from the fintech company, Affirm, which has partnered with Cross River Bank to offer the savings account through Affirm’s mobile app.

Reviews (3)

Actually Very Easy To Open

I was a little concerned with the lack of reviews on Affirm. I went ahead and gave them a try anyway because of the decent APY. Opening an account was actually very easy, but it has to be done in the app since there is no web access. The app functions wonderfully. Transfers seem to move very quickly when pushed from an external account to Affirm. Linking within the Affirm app was accomplished with Plaid (owned by Visa), with an option for micro deposits for institutions that don't have Plaid functionality yet. Another concern I had was that since Affirm is a credit/micro loan provider that they would do a hard pull for me to sign up. I was pleasantly surprised that there was no hard pull for sign up. Overall I am happy with Affirm and Cross River Bank so far. If you don't mind using the app only, don't hesitate.

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.

Unable To Open Account

Posted by: |

Could open account on app, so tried on a desktop.
Not an easy process.
Need to take 1) photo of yourself 2) front of ID 3) back of ID and 4) yourself with ID
After you upload all of those, it doesn't like the quality of your photos,
but you don't know which one, so you have to do all of them over.
Then after waiting for processing you get
"Based on an eligibility check, we can't create an account for you just yet."


Data as of Q2 2020

Data displayed below is for insuring bank: Cross River Bank
Learn why bank health matters

Health Grade Components

FDIC Certificate #58410
Year Established2008
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.42%
Return on Equity - YTD7.17%
Annual Interest Income$114.1MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$9.91B$1.91B
LoansQ2 2020vs Q2 2019$8.03B$1.38B
DepositsQ2 2020vs Q2 2019$3.04B$1.57B
Equity CapitalQ2 2020vs Q2 2019$345.6MM$224.9MM
Loan Loss AllowanceQ2 2020vs Q2 2019$61.8MM$28.7MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$9.2MM$4.4MM
Real Estate OwnedQ2 2020vs Q2 2019$0$0
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Affirm Savings Account Rates

1.00%--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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