Affirm's strong brand, focus on younger consumers, and existing user base of 5.3 million could drive early adoption of its savings account
— and neobanks like Chime and N26 offer above-average APYs too. What's more, many neobanks have rounded out their product suites with robust personal finance management tools.
Expanding its product suite to a savings account deepens that mission by encouraging customers to build up their savings with the incentive of a high APY. In communications with users who transact on the platform, Affirm can highlight the added benefits of using the savings account in conjunction with the lending service.
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