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The Credit Karma Money Save account, previously called the Credit Karma savings account, boasts a whopping $5 million in FDIC-insured deposits. But there’s only one way to deposit and withdraw money, which might be a deal-breaker for some.
Minimum deposit to open
|Annual percentage yield (APY)||0.17%|
|Minimum deposit to open||$0|
|Minimum balance to earn interest||$0.01|
|Monthly transaction limit||6|
Michael Benninger is lead editor of banking at Forbes Advisor and a former writer at Finder, specializing in banking. His work and analysis has been featured in Business Insider, Yahoo Finance, GoBankingRates and the Los Angeles Times, among other top media. He holds a B.A. in business administration and marketing from Rowan University in New Jersey.
I started using Credit Karma’s savings account when it launched in 2019. Back then, the APY was 2.03%, which was among the highest interest rates around. Now, however, the APY is a fraction of what it once was.
There are still some things I like about this account, including its lack of fees and ease of use. Unfortunately, those incentives aren’t enough for me to use Credit Karma Money Save as my primary savings account. There’s only one way to move money in and out of this account, and other high-yield savings accounts, like Axos High Yield Savings, offer a better interest rate.
My Credit Karma Money Save account is still open, but I only transfer $1 into it each month so I have a chance to win the monthly sweepstakes. I even use the automated deposit feature so I don’t miss my chance to win. I haven’t had any luck yet, but maybe I’ll hit the jackpot one of these days.
If you want a savings account that supports mobile check deposits, direct deposits or wire transfers, and offers a higher rate, look at other savings accounts that offer a higher yield and more features.
You need to create a Credit Karma account, before you follow these steps to open the savings account:
You don’t need to be a US citizen to open a Credit Karma Money Save account, but you do need a Social Security number to use any of Credit Karma‘s services. Here are the complete requirements:
Provide the following information when you open your account:
The Credit Karma Money Save account is provided by MVB Bank and has unique features such as:
While the Credit Karma Money Save account has its perks, it also has a few downsides:
Use this table to compare other savings accounts by interest rate, monthly fee and minimum opening deposit.
Unlike many other online banks that allow direct deposits, mobile check deposits and wire transfers to saving accounts, there’s only one way to deposit and withdraw money from your Credit Karma Money Save account, and that’s by transferring funds to or from a single external bank account. Currently, this account doesn’t support direct deposits, check deposits or wire transfers.
It can also take three to five days for withdrawals to clear your account, which is something to keep in mind if you’re using it as an emergency fund and may need money right away.
The only way to contact Credit Karma is by sending a secure message through its online help center.
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Credit Karma Money Save is not currently available on Finder
Have you considered SoFi Checking and Savings?
Earn up to 4.20% APY on savings balances with direct deposit, and 1.20% APY on checking balances. Members without direct depost will earn 1.20% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Earn up to $2M of FDIC insurance through a network of participating banks.
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