Posted by William Charles on October 3, 2019
Savings Accounts

Published on October 3rd, 2019 | by William Charles

16

Credit Karma Savings Review – 2.03% APY

Note: This account won’t launch until October 28th, 2019.

Offer at a glance

  • Interest Rate: 2.03% APY
  • Availability: Nationwide
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding:
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer

  • Credit Karma has launched a high yield savings account offering 2.03% APY

Avoiding Fees

This account has no monthly fees

Our Verdict

According to the press release this uses a network of more than 800 banks. This is managed through their banking partner  MVB Bank, Inc., Member FDIC. From my understanding Credit Karma moves funds in between these banks based on who has the best current rate and funds are insured by FDIC, based on discussions I’ve had with another financial institution that offers this type of accounts when funds are transferred between the network banks these funds also qualify for FDIC pass through insurance.

Credit Karma is claiming they aren’t taking any of the APY for themselves and the the full rate is being passed onto customers. That being said their are currently a lot of better high yield accounts currently available. I think this type of account will be a new trend and we will be seeing a lot of competition in this space. The idea behind a set and forget account like this is fantastic and I’d love to not have to rate transfer, but Credit Karma’s rate is currently 0.4% APY lower than the best rate and that gap is far too large currently.

 

Hat tip to reader Pete



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security
security

It’s great for an emergency fund imo

Will
Will

Thank you Chuck and Will for your blatanThank you Chuck and Will for your blatant arrogance and racism. Will stop supporting this blog from now on.

This is based on the censored conversation in the plastiq post where comments have been disabled.

Rick
Rick

There was nothing racist at all about shutting down comments in that Plastiq post. The situation got overtly political due to astroturfing by the 50 cent party. If you want someone to blame, then blame the 50 cent party goons.

missjenniferd1🦉 🦁

bye felicia!

Michael Taylor
Michael Taylor

Hong Kong uses a different currency than the rest of China. It makes perfect sense to list it separately from China when discussing money issues.

Jeff H
Jeff H

With the decline of CK’s CC recommendation quality and the slow progress on their tax service, I would avoid this musical chairs game. I want to know where the money if if a serious need arises.

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