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  Credit Karma Savings

Credit Karma Savings

in Savings Accounts from Credit Karma

Claimed

Credit Karma Savings

Claimed

in Savings Accounts from Credit Karma

SuperMoney Net Recommendation Score +50

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +50, equating to 4 on a 5 point rating scale.

+50

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly recommended

13 users recommend
1 user is unsure
4 users don't recommend
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Highlights
Community Rating Strongly recommended
Monthly Fee $0
APY (Annual Percentage Yield) 0.40%
APY Minimum Balance $0
Number of Reviews 18

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 is 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 national average interest rate on savings accounts.
  • No minimum initial deposit. There is no minimum balance required to open an account.
Credit Karma savings Pros & Cons
Pros Cons
  • Available in all 50 states.
  • Interest-yielding account.
  • Access to a nationwide network of ATMs.
  • No charge on incoming domestic or international wire transfers.
  • No signup bonus.
  • Does not offer mobile check deposits.
  • Does not come with a debit card
Credit Karma savings FAQ

Are savings accounts from Credit Karma federally insured?

No, your Credit Karma savings accounts are not insured by a federal insurance agency. This means that if Credit Karma were to fall into financial difficulties, your deposits are not covered by a government backed insurance fund like the FDIC or NCUSIF.

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.
Credit Karma Savings Minimums
Description
APY Minimum Balance $0
Minimum Balance to Avoid Monthly Fee Starting at $0
Minimum Combined Balance to Avoid Monthly Fee $0
Minimum Direct Deposit to Avoid Monthly Fee $0
Minimum Opening Deposit Starting at $0
Minimum Required Balance $0

What APY does Credit Karma 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?

In most cases, the answer is yes. 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 strongly 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.

Contact

Other Services by Credit Karma

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Bank Teller Fee $0
Early Account Closure $0
Monthly Fee $0
Paper Statement Fee $0
Returned Deposit Fee (Domestic) $0
Wire Transfer Fee - Domestic (Incoming) $0
Wire Transfer Fee - Domestic (Outgoing) $0
Wire Transfer Fee - International (Incoming) $0
Wire Transfer Fee - International (Outgoing) $0
Account Features
  • Member FDIC
  • Fraud Monitoring
  • Nationwide ATM Network
APY (Annual Percentage Yield) 0.40%

Credit Karma Savings Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +50, equating to 4 on a 5 point rating scale.

+50

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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