Credit Karma launched a high-yield savings account that earns over 20 times more than average. (via CNBCMakeIt)
Credit Karma, known for offering consumers access to free credit scores, is jumping into the high-yield savings game. The companythat it will start offering consumers the option to open a high-yield savings account and manage their funds through its app and website.
Credit Karma's new savings option, which will not charge any fees and does not require a minimum deposit to open, is set to offer a savings rate of 2.03% APY. That's over 22 times the average rate of 0.09% for savings accounts nationwide,Consumers can start signing up for the new savings feature on Oct. 28, 2019, the company tells CNBC Make It.
"We want to make savings accessible to every American in the same way we have with credit scores," Credit Karma founder and CEO Ken Lin . "We spent the first 12 years focusing on helping Americans manage their debt. With more than 100 million members around the globe, it made sense for us to jump across the balance sheet with Credit Karma Savings."Like other fintech companies that have jumped into the space, including
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