Last Updated: 04/18/2025
SuperMoney User Recommendation Score +38
Mostly recommended21 total votes
Explore a similar product
Try this top product in Savings Accounts
Chime Savings Account
Mostly recommended31 reviews
Compare All Savings Accounts
Filter & compare all your options in one place.
Highlights
Community Rating
Mostly recommended
APY (Annual Percentage Yield)
0.40%(Verified 06/21/2024)
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $0
Minimum Balance to Earn APY
$0
Number of Reviews
Credit Karma Savings Review
Credit Karma Savings is offered by Credit Karma, a financial services company founded in 2008 and based in San Francisco, CA. Credit Karma savings are available in 50 states and Washington, DC.
Key Takeaways
- Higher than average APY. Credit Karma Savings has an annual percentage yield of up to 0.40%, which is higher than the average interest rate for savings accounts.
- No minimum initial deposit. There is no minimum balance required to open an account online.
Credit Karma savings Pros & Cons
| Pros | Cons |
|
|
Credit Karma savings FAQ
Are savings accounts from Credit Karma federally insured?
Yes, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
Does Credit Karma offer a signup bonus?
Credit Karma savings doesn't offer a signup bonus.
What is the minimum initial deposit for Credit Karma savings?
There is no minimum deposit to open a Credit Karma savings.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Combined Balance to Avoid Monthly Maintenance Fee | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Required Balance | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Credit Karma Savings offer?
Credit Karma savings offers an APY of 0.40% (APY stands for annual percentage yield, rates may change).
The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually. What fees does Credit Karma savings charge?
Credit Karma savings does not charge a monthly service fee. See the fee breakdown section below to view all fees.
What features and perks does Credit Karma savings offer?
This savings account includes the following features:
- Fraud monitoring - Credit Karma savings monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
- Nationwide ATM network - Conveniently transact at a nearby ATM.
Can you set up a direct deposit to Credit Karma savings?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
What is the customer support email for Credit Karma savings?
The customer support email for Credit Karma savings is security@creditkarma.com.
How do people rate the customer service and user experience of Credit Karma savings?
Overall, Credit Karma savings is mostly recommended based on community reviews that rate customer service and user experience.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Other Services by Credit Karma
Credit Monitoring Services
30
5
37 Reviews
SuperMoney Net Recommendation Score
SuperMoney users mostly recommend this product, giving it a user recommendation score of +38, or 3.8 on a 5-point rating scale.
+38
-1000+100
No one recommends
Everyone recommends
Credit Karma Savings Community Reviews
Would you recommend Credit Karma Savings to your friends?
Prakash Y.
Sep 23, 2023
May or may not recommend
Recently, I opened a Credit Karma Spend and Savings account and deposited $6000. However, my accounts were locked with a message stating, "Your account is currently frozen for your protection. Contact support for details." I reached out to support via chat, email, and phone, but they did not provide any information on the matter. They said a specialized team was reviewing it, and they couldn't offer an estimated time for ...Show More
JM
James M.
Feb 23, 2022
May or may not recommend
If you ever come in a bind and you have already went over your limit of withdraws. You better hope and pray you have some other means of getting funds. Because I am currently stranded and over my withdraw limit. The only thing they can say is we will close the account for you but it may take up to 2 business days for it to go through there bank ...Show More
DL
Dakota L.
Feb 20, 2022
May or may not recommend
The Credit Karma savings account is a doorway to an all-inclusive, intuitive look at your personal finances. The account provides access to simple, automated savings. You can accrue interest at a stable rate, relative other savings accounts. The best thing to do with the account is set up an automatic withdrawal for any amount that works for you. You will watch your savings grow! The account is also linked to ...Show More
AL
Arleen L.
Jan 19, 2022
May or may not recommend
It's an easy way to start saving. If it comes out of your bank account automatically, you barely notice.
JR
Jay R.
Jul 20, 2021
May or may not recommend
I purchased a house before credit karma existed and, boy oh boy, do I wish I had this credit-building tool on my side leading up to one of the biggest purchases of my life. I have friends who are avid fans of credit karma and I can see why - it helps them boost their credit scores! In this economy, this is crucial.
MP
Myra P.
Jul 16, 2021
May or may not recommend
Just added this a while ago, it detected all my cards. I don't even know how many I have. When I was checking this out it shows how many cards I have and loans. It even suggested opening another credit card to build up my credit score. The accuracy of this is way much better than the ones in the credit score checker in the bank apps.
KH
Keith H.
Jul 4, 2021
May or may not recommend
I am sort of knew when it comes to Credit Karma but I've been enjoying my time using them thus far.
AB
Ava B.
Jun 28, 2021
May or may not recommend
If you're someone who is looking to monitor your credit score, I suggest Credit Karma. They constantly inform you when your score goes up or down. Also, having access through a phone was extremely beneficial.
Oriana F.
Jun 23, 2021
May or may not recommend
I regularly use credit karma to monitor any new developments on my credit score. It had great features like letting you know if there is an inquiry and whether your score goes up or down. App is really easy to use and understand. Highly recommend for everyone to watch their score. It also lets you know about collections, disputes and credit card options and approval odds. Overall a really great ...Show More
SZ
Sophia Z.
Jun 16, 2021
May or may not recommend
Many people I know use credit Karma and have said that it has been extremely helpful. I would recommend if you are trying to get your credit under control.
Boris N.
Jun 3, 2021
May or may not recommend
I been using Credit Karma for about 7 years now. I love it ! I get alerts when my credit gets pulled. I get alerts when my score changes. I have a score of 750 because Credit Karma, they hold me accountable with their email alerts. Love their service and it's free
SH
Shadrack H.
Apr 26, 2021
May or may not recommend
I tried putting $50 away into a savings account but I couldn’t use it when I needed it, I’m not to sure why it was giving me so many loop holes to jump through. Constant notifications about random BS, stuff not even regarding my account or function of the account, just random notifications. So end up just getting ready of it, if I remember correctly I lost the $50 too
RD
R D.
Mar 2, 2021
May or may not recommend
They lure you in with a high apy rate and it steadily declines to almost nothing
WS
Warda S.
Feb 24, 2021
May or may not recommend
Highly recommended! I’m using credit karma account for saving money. I used to tranfer 20% of my paycheck to the saving account. And as my balance go $100 or higher interest saving rate grows as well. So with the average wages it’s a good opportunity to save your money wisely for difficult times. No complaints
Anthony C.
Jan 24, 2021
May or may not recommend
I love credit karma because it’s a site that does everything well. They offer fraud protection on your online savings account too. I love the fact that there is no monthly fees charged to maintain an account here. It’s also easy to wire or transfer money into your high yield savings account with the plethora of ATM’s in their network.
KN
Keira N.
Dec 25, 2020
May or may not recommend
Our recommend credit karma savings account because I've only had it for about a month and it has done wonders to my credit and the customer service is super nice and understanding and helpful
Mady H.
Dec 10, 2020
May or may not recommend
I have used Credit Karma's Savings Accounts for years now, and am so pleased with their service! On top of being a great banking option, their customer service is outstanding! Any problem I have is carefully and thoroughly addressed. Their high-yield savings account has allowed me to grow my money with no hidden fees. I would highly recommend Credit Karma!
CC
Cesar C.
Nov 12, 2020
May or may not recommend
I have used credit karma in the past. While it is not a bad savings account, it really depends on how you plan on using this savings account. It is very similar to other online savings account, with the benefits included. However, its not entirely better than other banking companies, because at the end of the day, the lack of user friendly and excellent customer service is what made me ...Show More
ST
Sarah T.
Oct 19, 2020
May or may not recommend
Love Credit Karma. I must admit I use it almost as a " secondary' bank.
There savings account offers very competitive rate. You also can't go wrong with the no fee checking.
I transfer 20% of my paycheck to them weekly. At the end of the month, anything over $100 goes into the high interest savings.
I personally find this works well for me. Credit Karma helps me save money, ...Show More
JT
Jenny T.
Feb 5, 2020
May or may not recommend
I recently opened a Credit Karma Savings account, and was excited to start putting away a little money now that my credit is Excellent. I transferred a few hundred dollars from my bank last week. Since then, I have had trouble. First, I asked for my Savings account number so I could report it on behalf of my husband's Disability income. They need to know what accounts we have, and ...Show More
Showing 20 of 21 reviews
You might also like
Best Savings Accounts
SuperMoney
Checking and Savings Accounts: How To Make Them Work Together
Audrey Henderson
Savings vs. Money Market? Which Account Fits You Best?
Jessica Walrack
Opening a Joint Account: The Definitive Guide
Jessica Walrack
Why Do The Rich Prefer Swiss Bank Accounts?
Mani Karthik