Consumer technology firm Credit Karma is offering a high-yield, app-based savings account in the US with no fees or minimum balance requirements.
The account, dubbed Credit Karma Savings, will be offered through Credit Karma’s bank partner MVB Bank, an FDIC insured institution headquartered in Fairmont, West Virginia,.
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It will offer savings using a network of over 800 banks, offering an APY more than 20 times the national average and FDIC insurance coverage up to $5m.
Credit Karma said its members can now see their savings grow directly within the app and once opened they won’t need to monitor rates in order to ensure that they are getting a better rate.
Credit Karma general manager of savings and tax 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.
“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.”
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By GlobalDataThe company said it seeks to make savings accessible to every American in the similar manner it does with credit scores.
The consumer technology firm has more than 100 million members in the UK, US and Canada, including almost half of all US millennials.
