Credit Karma Savings

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
Available in all 50 states. Interest-yielding account. Access to a nationwide network of ATMs. No charge on incoming domestic or international wire transfers.	Does not offer mobile check deposits. Does not come with a debit card No signup bonus.

Credit Karma savings FAQ

Are savings accounts from Credit Karma federally insured?

Yes, your deposits are insured up to $250,000 per person 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.

Credit Karma Savings Minimums

Description
Minimum Balance to Avoid Monthly Fee	Starting at $0
Minimum Balance to Earn APY	$0
Minimum Combined Balance to Avoid Monthly Fee	$0
Minimum Direct Deposit to Avoid Monthly Fee	Starting at $0
Minimum Opening Deposit	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.