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

Posted by: |

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.

NEVER EVER Deal With Affirm Or You Lose Your Money

afirm IS NOT A BANK !! Research them online !
affirm froze my half a million $$ on savings account and did not let me to withdraw any money for 5 months paying me minimal interest way much less than other banks. Every single time I called customer service they said they can't help me to withdraw and will open a case, or if I already called about opened case they promised to escalate it to some mysterious "next department" which has no name, no phone number no way to contact them. 5 months i heard from them "I understand your situation but I sorry, I can't help you" Eventually when I got my money back they never paid me an interest for the last month. My total loss because of the affirm was thousands dollars.
they are 100% fraud



Data as of Q2 2022

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 - YTD2.17%
Return on Equity - YTD24.77%
Annual Interest Income$280.5MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$8.55B$14.32B
LoansQ2 2022vs Q2 2021$7.17B$13.43B
DepositsQ2 2022vs Q2 2021$4.63B$3.48B
Equity CapitalQ2 2022vs Q2 2021$815.4MM$527.5MM
Loan Loss AllowanceQ2 2022vs Q2 2021$56.3MM$33.1MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$17.4MM$9.3MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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Affirm Savings Account Rates

1.50%--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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