Credit Karma, a company widely known for its free credit score monitoring business, has now ventured into the business providing high yield online-only savings accounts.
Announcing in a press release dated October 3, 2019, Credit Karma introduced several enticing perks to go along with their savings account.
Some notable benefits the account comes with are no fees and no minimum deposit to open an account. The account also offers a high-yield savings rate that is 20 times the national average, as well as FDIC insurance of up to $5 million.
Related:
- Emigrant Direct American Dream Savings Account Review
- 10 Ways To Save Money On A Tight Budget
- MyCheckFree Bill Pay Review: What You Need To Know
Who Can Open A Credit Karma Savings Account?
The Credit Karma Savings account is open only to customers in the United States. To open a Credit Karma high-yield savings account, you will need to be at least 18 years old with a social security number or a valid Tax Identification Number. You will also need to provide a verifiable address and other identifying information.
How To Open A Credit Karma Savings Account
Once you have been assessed as qualified to open a Credit Karma Savings account, you can go right ahead and open your account. The process is simple and straightforward.
You will go online to CreditKarma.com/Savings and click “Start saving.”
If you already have Credit Karma’s credit score monitoring service, you will be prompted to log into your account. If you don’t already have an account, you will have the option to open one.
Once you log into your account, Credit Karma will ask you to confirm your decision to open a savings account and to link your checking account (Linking your checking account is for funding your new savings account).
You wouldn’t have to provide additional information because Credit Karma already has your information.
Once you open your account, you can use it freely, without the need to pay a monthly service charge as you would with other banks — especially brick and mortar banks.
Highlights
- FDIC Insurance of up to $5 million.
- It offers an APY of 20 times the national average.
- No monthly service fees.
- There’s no minimum deposit to open an account.
- There’s no minimum balance requirement.
Why The Credit Karma Savings Account Could Be A Game-Changer
Credit Karma’s new free savings account could be a game-changer because of two things: the incentives the account provides, and the number of customers Credit Karma already has.
Credit Karma is one of the largest providers of free credit scores on the market, catering to over 100 million customers, most of whom are in the United States. They can leverage their vast customer base to become one of the largest savings banks in the United States.
Also, with an APY of over 20 times the national average, and up to $5 million in FDIC insurance, this savings account can quickly become a favorite among online savers.
Credit Karma Affiliated Bank
For this new savings account, Credit Karma has partnered with the MVB Bank, Inc.
In this partnership, Credit Karma’s platform will facilitate the opening and management of the high-yield savings account while MVB Bank provides banking services.
Related:
- American Express Personal Savings Account Review
- Police and Fire Federal Credit Union (PFFCU) Review
- Safe Credit Union Review: What You Should Know
Summary
Credit Karma’s new high-yield savings account offers a highly competitive APY and up to $5 million in FDIC insurance.
The account is entirely free, charging no monthly service charge, and requiring no minimum deposit to open. These perks are strong selling points for Credit Karma, which already has a hundred million-strong customer base.
The account is available only in the United States for now.
The post Credit Karma Offers A High-yield Savings Account with No Minimum Deposit — Here’s How It Stacks Up appeared first on WholesomeWallet - Get Better With Money.