Affirm savings account

Ragdollkitty · ‎08-20-2020

Does anyone have any experience with their savings account? It's currently one of the top savings rates on deposit accounts list at 1.30%. (The CU's with limits have higher % but this is for no mix and you can put larger amounts).

It's promoted by the loan company of the same name but the accounts are run through "Cross River Bank, Member FDIC."

The two reviews I've seen just had people saying they had trouble getting verified to open an account. Apparently they also make you copy your Driver's license, front and back, and send a pic with you holding the ID. I've had to submit a copy of the front of DL for several CU's but not a selfie with it.

Ragdollkitty · ‎08-25-2020

I had problems with their app and it turns out rate dropped to 1% now so I suppose it's good their app is busted.

Looking at reviews on their webpage, a bunch of people are having the same problem I was having.

After trying to sign up, it kept sending me text codes to enter but when you enter them into the app, it's says unknown error. Tried deleting and reinstalling to no avail.

I sent a help message and got a garbage form response but it did include a link to sign up on the website. I used that and it was able to accept the text code.

That actually fixed the app problem as I could now enter phone number in app and it now accepted the text codes.

Again I then see that savings rate dropped so no need for me to sign up since I already have 1% savings and I'm nowhere near exceeding the $250k fdic limit

ldkcivilservant · ‎08-28-2020

Just FYI, Affirm is only a d/b/a name, Cross River Bank is their legal name.

Anonymous · ‎08-28-2020

@ldkcivilservant wrote:
Just FYI, Affirm is only a d/b/a name, Cross River Bank is their legal name.

No, that's not true. Affirm is a separate business entity, CRB is a "bank" that backs many fintech companies.

https://www.forbes.com/sites/antoinegara/2019/12/17/the-forbes-investigation-inside-the-secret-bank-...