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Credit Karma Savings account - 1.90% APY

+35 Deal Score
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I just got this email from Credit Karma.

Not the highest interest account option out there, but also no hoops to jump through and a quick sign up process. Also, from what I can tell, there is no balance requirement either.



https://www.creditkarma.com/savings/info

Details:
Quote :
Thanks for being a valued Credit Karma member. We see you making progress and want to help you make even more with new Credit Karma Savings.

A great savings rate.
Earn a high-yield rate that's optimized across a network of 800+ banks.

Open in minutes.

Start saving in just a few easy steps and manage your savings account right in the Credit Karma app.

No fees. Ever.
Your savings account is 100% free, no matter your balance.
TOC:
Quote :
*Annual Percentage Yield (APY) is accurate as of 11/18/2019. This rate is variable and may change. Balance in Savings account must be at least $0.01 to earn interest.
1The balance in your savings account may be moved to one or more network banks where it is eligible for FDIC insurance up to $5,000,000 once the funds arrive at a network bank. Actual insured amounts may be lower or adversely affected based on any balances you hold at a network bank. Learn more at: https://www.fdic.gov/deposit/deposits.
2 Banking services provided by MVB Bank, Inc., Member FDIC. No minimum balance required to open account. Maximum balance of $5,000,000 and transfer limits apply.
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#2
interesting how does this compare to tmobiles account
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#3
Quote from slickmig
:
interesting how does this compare to tmobiles account
2.03% vs. 4.00%, but no limit unlike T-Mobile that has a $3,000 cap with that 4.00%. T-Mobile also requires $200 added via Direct Deposit monthly.
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Last edited by FrugalWho October 16, 2019 at 06:47 PM.
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#4
Quote :
This rate is variable and may change.
They are all dropping rates right now, so this won't last. Maybe if they had a sign up bonus then this would make sense. Otherwise you'll just go through the motions to set this up and then 15 days later the rate will be 1.9% like everywhere else.
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#5
seems OK, FDIC OK,
my Schwab SWVXX down to 1.77%
so an extra 1/4 pt may be worth the effort.
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#6
Wealthfront currently at 2.07%
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#7
It "MAY" be moved and FDIC insured? So it might not be?
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#8
Good deal! Wonder how easy it is to close account when APY drop. Unfortunately I'm out "Maximum balance of $5,000,000"
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#9
Do people really keep enough wealth in cash like this to make the extra 0.1-0.2% worth jumping around for? We would have to be talking about hundreds of thousands of dollars...

Wish i was rich enough that keeping 250k in cash was part of a balanced portfolio.
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#10
Quote from slammdunkk
:
They are all dropping rates right now, so this won't last. Maybe if they had a sign up bonus then this would make sense. Otherwise you'll just go through the motions to set this up and then 15 days later the rate will be 1.9% like everywhere else.
This! I have gotten 2 or 3 emails from Ally over the last couple of months that my rate was changing. The optimist in me expected it to go UP, but it has gone DOWN. EVERY. TIME.

It's still way ahead of your local bank (Fifth Third, Chase, etc) but don't expect this 2.03% to last that long.
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#11
Quote from FrugalWho
:
2.03% vs. 4.00%, but no limit unlike T-Mobile that has a $3,000 cap with that 4.00%.
Tmobie ? 4% ? Is it only for tmobie costumers?
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Last edited by mak_436 October 16, 2019 at 06:46 PM.
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#12
Quote from mak_436
:
Tmobie ? 4% ? Is it only for tmobie costumers?
Quote :
4.00% APY* is serious interest.
While the other guys are short changing you, we're giving T-Mobile wireless customers with qualifying service the chance to earn 4.00% Annual Percentage Yield (APY)* on primary Checking account balances up to $3,000 and 1.00% APY after that. It's simple, just register for perks and deposit $200 each month. A qualifying customer with an average daily balance of $3,000 would earn about $120/year, and customers who do not meet these requirements still earn 1.00% APY* on all Checking account balances.
https://www.t-mobilemoney.com/en/...erest.html
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#13
Many years ago, banks have people gifts for opening and maintaining a bank account.
My Dad regularly brought home toasters and other goodies.
Yeah he had a handbook too (way the bank would balance his debits/credits)
I think the rate was around 6 or higher. <---- could be mistaken.
Man I miss those days, almost as much as I miss my Dad
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#14
Quote from FrugalWho
:
2.03% vs. 4.00%, but no limit unlike T-Mobile that has a $3,000 cap with that 4.00%. T-Mobile also requires $200 added via Direct Deposit monthly.
You are right except for the direct deposit part. Its just a regular deposit. I setup a monthly $200 deposit and $200 withdrawal from my checking.
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#15
Quote from jcdeng5
:
You are right except for the direct deposit part. Its just a regular deposit. I setup a monthly $200 deposit and $200 withdrawal from my checking.
That's what I do too (transferring out the interest too).
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