Credit Karma Savings Account Review 2024 (2024)

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Credit Karma Savings Account Review

The Credit Karma Money Save Account is a great option if you're looking for an account with a high interest rate, no monthly service fee, and $0 minimum deposit. It's also a good choice if you already use Credit Karma's other tools, such as its credit monitoring services, loans, or Credit Karma Money Spend Account.

The savings account's APY (Annual Percentage Yield) of 4.10% means it's considered a high-yield savings account. This is a type of savings account that offers a significantly higher interest rate than a traditional savings account.

However, if your primary goal is to earn one of the best rates possible, you can find even better high-yield savings accounts at other online banks.

Credit Karma Money Save Account Pros and Cons

About Credit Karma

Credit Karma is an online personal finance platform that allows you to check your credit score. It also offers banking services, such as checking and savings accounts, under the name Credit Karma Money. It does so by partnering with MVB Bank, since Credit Karma is not a bank itself.

Credit Karma has a mobile app. It has strong ratings, with an average of 4.7 stars in the Google Play store and 4.8 stars in the Apple store.

For customer support, Credit Karma offers both a phone line and a live chat for Credit Karma Money account holders. The website does not list customer service hours to non-members; however, an Intuit Credit Karma spokesperson confirmed that both the phone line and live chat offer 24/7 customer support for account holders. You can also email customer service.

Is Credit Karma Trustworthy?

When reviewing banks and bank accounts, we include Better Business Bureau ratings and recent controversies to help you pick banks you can trust.

Credit Karma has an F rating from the BBB due to over 2,000 unanswered customer complaints in the last three years. The company also recently settled a case with the Federal Trade Commission, paying $3 million to affected customers.

In its lawsuit, the FTC claims that Credit Karma made misleading statements to potential customers in to get them to sign up for services. According to the FTC, these statements included claiming a customer was pre-approved for a deal they didn't actually qualify for and offering misleading statistics on how many people qualified for an offer. Credit Karma does not admit wrongdoing by paying out the settlement.

Credit Karma Savings Account FAQs

How the Credit Karma Money Save Account Compares

Credit Karma Money Save vs. Ally Savings

The Ally Savings Account pays4.25% APY. Like Credit Karma, it is online-only, with no monthly service fee and a $0 minimum deposit. This makes it very similar to the Credit Karma Money Save Account. If you primarily care about getting a high interest rate, the Ally Savings Account is the better of the pair, although there are still other high-yield savings accounts with better interest rates.

Ally also offers a savings bucket feature, letting you sort your money into different categories. This helps you easily track your savings goals without having to open multiple accounts. Credit Karma Money Save Account does not offer a similar service.

If you already use and like Credit Karma's app, or if you use other services from it, you might prefer to open a savings account with Credit Karma over Ally.

Ally Bank Review

Credit Karma Money Save vs. Synchrony High-Yield Savings

The Synchrony High Yield Savings Account pays 4.75% APY, significantly higher than Credit Karma's 4.10% APY. It also has no monthly service fee and a $0 minimum deposit. If you're primarily interested in a high interest rate, Synchrony's high-yield savings account is the better option.

However, unlike Credit Karma, Synchrony does not offer a checking account. This means Credit Karma is the better choice if you're looking to do all of your banking with the same company.

Synchrony Bank Review

Why You Should Trust Us: How We Reviewed Credit Karma Money Save

At Personal Finance Insider, we use our bank account methodology guide to rate all of our banking products, including savings accounts. When rating savings accounts, we consider the account's minimum deposit, monthly service fees, interest rate, ethics, customer support capabilities, and mobile app. Accounts receive a score between 0 and 5 based on these equally-rated categories.

We've written down Personal Finance Insider's editorial standards so that you can see what exactly we consider when we review bank accounts, as well as what standards we hold ourselves to when reviewing.