The Credit Karma Savings Account is Now Available

Earlier this month we wrote about Credit Karma’s soon-to-be-offered high yield savings account. Now, the Credit Karma Savings account is available for deposits.

You can read our post “Credit Karma to Offer the Credit Karma Savings Account” for details.

Credit Karma Savings

In a nutshell, the new Credit Karma Savings account will offer a high yield – currently 2.03% APY – on deposits. Its structure is somewhat different than most savings accounts in that it will “take advantage of a high-yield savings rate delivered through a network of more than 800 banks,” according to Credit Karma’s press release regarding the Credit Karma Savings account.

You can read more and sign up for the Credit Karma Savings account at the link below.

Credit Karma Savings Account Link

High Yield Savings Accounts

In this low-yield environment – if you hadn’t noticed, the Federal Reserve Bank lowered U.S. interest rates again yesterday – it’s hard to find a decent, safe way to save your money.

Yes, a nice return can be found in the U.S. stock markets, but there’s always the chance things will turn and your gains will turn to losses. Not good for short-term savings.

High yield savings accounts just might be the way to save your money, while earning a somewhat higher than typical rate, and not worry about the potential of losses.

This new Credit Karma Savings vehicle is one of many high yield savings options that are available.

You can read our article “High Yield Savings Accounts to Grow and Protect Your Money” for more information.

Or, if you’re familiar with high yield savings accounts, check out our High Yield Savings Accounts Page on which we list some of the available options.

We’re always on the lookout for quality savings vehicles, so if you know of a high yield savings account that we don’t have listed on the High Yield Savings Accounts Page, let us know and we’ll give it a look. If it’s a good option for our readers, we’ll add it to the list.

Wrap Up

A few weeks ago, Credit Karma teased that they would begin offering a high yield savings vehicle called Credit Karma Savings.

Now, Credit Karma Savings is open for business.

Add it to the list of high yield savings accounts that are available to grow your money at a higher than typical interest rate.

It does come with a unique money management structure that may turn some savers off. Although, to achieve yield, this may be the way more high yield accounts are going.

Give it a look, paying attention to the details, to see if Credit Karma Savings is right for you.