Affirm Launches High Yield Savings Account

Affirm has become one of the hottest fintech firms out there as buy now pay later has been one of the bright spots during the pandemic; the company is now launching a high-yield savings account with a rate of 1.3 percent, no fees or minimum balance required; “The majority of people use a buy now, pay later solution to stretch their dollar,” Max Levchin, founder and CEO of Affirm told Business Insider. “And within that group they also have a need for savings products and our savings product speaks to that.”; 1.3 percent is significantly higher than the average rate of .06 percent according to the FDIC; the company is not trying to be the next PFM app as they intend to continue with their mission of providing a transparent alternative to credit cards; “Whatever we launch next will speak to the consumer through this portal of: as easy as possible, on your side, you don’t have to worry, we won’t do something untoward or unexpected or nasty to profit from your missteps,” said Levchin. Business Insider