I just signed up for the Credit Karma Savings account that is new. I only have $10 a week being transferred in each Wednesday and I already have $30 saved that I completely forgot about. I have been a terrible saver over the years unless I am saving for a specific goal.
Anyone else trying out this new account offering? Any comments or thoughts on the program?
Thanks for your time.
I have nothing to offer but want to say, I, too, have been wondering about the value of these type of accounts…looking forward to hearing from someone with real time experience…
I’d like to follow this article as well. I like the idea of the Credit Karma account hope to hear more.
I’ve been “mindlessly” saving $10 per week also. Then I raised it to $20 recently, once I had a bit more wiggle room in my budget. I also took every bit of money given to me for gifts this past year and threw it into my Credit Karma account. I figure, the more I keep throwing in and allowing to accumulate while “pretending” that I never had it and then literally “forgetting” about it, the better off I will be if ever my family or I truly need it. As of right now, I’ve saved almost $1K since December. I really love having at least one high interest yielding savings account that isn’t linked to a brick & mortar establishment so I can just have that extra peace of mind that something good is happening for me…somewhere…even amidst all of this chaos of debt payoffs & bill payments. ?
One issue I ran into with this savings account is that it takes 3 days to make a withdrawal, I do not like not having instant access to my money.
You would think with today’s technology they would be able too move the money faster than that!! Not good.
The Credit Karma savings account in .40%. This is way beneath other lenders. I am currently getting 1.00% on my savings account with Affirm. Today’s date Oct.31,2020
looking forward to hear more about this account, i try to save by opening up a CD which is paying 3.25 percent, i’m happy with that right now
I have not yet attempted a withdrawal because I really just wanted to save every bit that I could. But you’re right. It should not take more than a moment to transfer a fund back to you for a withdrawal, especially since it seemingly only takes a moment (or maybe a day or so) for them to receive your funds when you make a deposit. Thank you for the advice about the higher interest rate on other accounts such as Affirm. I was using Credit Karma since that is how I’ve been tracking the progress of my credit score escalating due to positive changes I’ve made and I also use them for my taxe. So it was sort of a “one stop shop” option for me. And I enjoy that when I make a deposit at certain times each month, they automatically enroll me into their sweepstakes for the possibility of winning up to $20K. Not that I necessarily bank on the fact that I will win. But it is nice to know that I have a chance without doing anything “extra.” I will be looking into mutual funds as soon as I have that kind of cash flow since that is where the real money making interest lies and may look into Affirm for a new “higher interest building” savings account and just allow my CK account to sit for a bit, untouched. But for now, I just don’t have any real complaints about CK and have been happy overall with the service. I hope this helps others with their financial decisions. ?
I have had an account with Credit Karma for about 6 months now. YES, it takes on average 2-3 days to transfer the $$ back and forth. Because of tis issue, I opened a savings account at my local Wells-Fargo also in case I need an extra $$ quickly. For me, being a “bad saver” this type of account works because I can’t necessarily impulse purchase. I’m saving for a car so this is good. The interest rate however isn’t that great so I may look to another account in the future.
