Credit Karma Saving Account
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!
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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.
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Terminology tip: this is an ACH transfer, not a "wire transfer". Wiring money is something different and usually has a substantial fee involved ($25ish).
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dakinemaui thank you for correcting me
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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.
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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.
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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.
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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.
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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.
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nolesrule Agree. By the way, change of employment for me! So, no limits on where I bank, invest, etc.!
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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.
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Faness Yep, just ignore all the ads. I checked out the bank they are uses before opening the saving account.
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Khaki Storm Congratulations. Now you can invest the good way and buy more colors of socks.
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nolesrule you remembered! Yes, already in the works to transfer investments.
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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.
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Khaki Storm That is a steep drop. My credit union dropped the interest rate on some accounts by .5% not to .5%.
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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.
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