Just opened a Credit Karma savings account for 1.8% APY. Seems like the only method of transferring money is a wire transfer, which takes 2-3 days to deposit or withdraw!
I thought about the same but finally opened one with Discover (we already have the Credit Card, too) with 1.7% APY. Yeah it takes about 2 days before the money arrives and another 2-3 days to "verify" the transfer/until it is available to withdraw.
Terminology tip: this is an ACH transfer, not a "wire transfer". Wiring money is something different and usually has a substantial fee involved ($25ish).
dakinemaui thank you for correcting me
Khaki Storm I hope you'll update us in the future on your experience! I'm wary of all things Credit Karma, but I usually hear good things.
Faness I like Credit Karma. I use it to keep an eye of our Credit Score (although they use a different Algorithm?!?!) and did our 2018 taxes for free with them.
GalleYNAB I was wary of the tax filing, too! I'm happy to hear it went well for you and there weren't any hidden fees or such.
Faness There aren't any hidden fees, but when I used them they took over a month to file my state return after I finished everything and signed off on the return. My federal was filed right away and I got my refund in the same timeline as I would have through anyone else, but my state refund wound up taking almost two months to get because of the delay. And their customer service is non-existent.
Faness You just have to remember that when something is free, you are the product. Mainly they try to push credit cards and other financial service products and I am sure they are getting ad revenue and/or receiving referral bonuses for purchased products.
If you can ignore what they are pushing, and it's really not that hard, then it's a pretty good service, especially for credit monitoring.
nolesrule Agree. By the way, change of employment for me! So, no limits on where I bank, invest, etc.!
Tobias I'm glad both of your refunds eventually made it to you, but experiences like that (especially the customer service aspect) is exactly what I fear.
nolesrule That might be part of my uneasiness when it comes to them. Too many times I've seen someone who applied for something because "Credit Karma said I should" when they most definitely should not.
Faness Yep, just ignore all the ads. I checked out the bank they are uses before opening the saving account.
Khaki Storm Congratulations. Now you can invest the good way and buy more colors of socks.
nolesrule you remembered! Yes, already in the works to transfer investments.
Goodbye Credit Karama saving, hello Ally. CK dropped their rates to 0.5% and haven't raises them back up for a couple of months. While it was easy to open and had good rates, I'm moving on.
Khaki Storm That is a steep drop. My credit union dropped the interest rate on some accounts by .5% not to .5%.
Khaki Storm Yeah, I don’t think they were ever a serious contender. I have an account for their credit services, their original purpose, and they were always trying to push their savings account but I already had better options.