Credit Karma Debuts High-Yield Savings Account
Credit Karma, a company that enables people to gain access to their credit scores, is launching a high-yield savings account that customers can use through an app and online.
CNBC reports that the savings account won’t have any fees and will not require a minimum balance to open. It offers a savings rate of 2.03 percent APY, which is about 22 times higher than the average of national accounts.
“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,” said Jagjit Chawla, general manager of savings and tax for Credit Karma, in a release. “We’re also making it possible for members to see the power of high-yield savings with our savings simulator, which shows how your money could grow over time.”