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Credit Karma Announces A New High-Yield Savings Account

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Credit Karma Announces A New High-Yield Savings Account

Credit Karma, a global consumer tech company and financial wellness resource, introduced a free high-yield savings account that automatically adjusts its rates to deliver competitive returns for members.

In a statement on the recent addition, general manager of Savings and Tax for Credit Karma Jagjit Chawla said, “The thought of opening a new account or downloading another app can feel overwhelming—and we know inertia is one of the biggest barriers to financial progress. When we built Credit Karma Savings, we wanted to develop a product that made opening a savings account as easy as possible for our members.”

Chawla went on to explain that Credit Karma’s aim with the new feature is to better position customers for growth; the new feature is, he said, “making it possible for members to see the power of high-yield savings with our savings simulator.”

How It Works

The non-bank company leverages partnerships with over 800 banks to deliver a competitive, high-yield 1.90% APY on funds insured by the FDIC. 

The savings account comes as a natural evolution of Credit Karma’s overall mission of promoting and enabling financial wellness. Because there are no fees and minimums, signing up and getting started is quick and simple.

Credit Karma founder and CEO Ken Lin said of the new savings account’s role within the platform, “We spent the first 12 years focusing on helping Americans manage their debt. With more than 100 million members around the globe, it made sense for us to jump across the balance sheet with Credit Karma Savings,”

“We want to make savings accessible to every American in the same way we have with credit scores,” Lin added. “We look forward to helping our members grow their money with Credit Karma Savings,”

How To Sign Up

By signing up, users will gain access to a suite of financial wellness tools, including access to credit reporting, a 1.90% APY savings account and simulator, personalized loan and insurance tools, tax reporting, automated deposits, as well as portfolio performance monitoring.

Posted-In: Credit KarmaFintech General

 

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