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.

    Like 1
  • Terminology tip: this is an ACH transfer, not a "wire transfer". Wiring money is something different and usually has a substantial fee involved ($25ish).

    Like 5
      • Khaki Storm
      • YNAB book topics online: https://support.youneedabudget.com/r/q5w48j
      • Khaki_Storm.1
      • 6 mths ago
      • 1
      • Reported - view

      dakinemaui thank you for correcting me 

      Like 1
  • 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. 

    Like 2
      • GalleYNAB
      • galleynab
      • 6 mths ago
      • 2
      • Reported - view

      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.

      Like 2
    • 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.

      Like 1
      • Tobias
      • Toviathan
      • 6 mths ago
      • 1
      • Reported - view

      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.

      Like 1
      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 6 mths ago
      • 2
      • Reported - view

      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.

      Like 2
      • Khaki Storm
      • YNAB book topics online: https://support.youneedabudget.com/r/q5w48j
      • Khaki_Storm.1
      • 6 mths ago
      • 4
      • Reported - view

      nolesrule Agree. By the way, change of employment for me! So, no limits on where I bank, invest, etc.! 

      Like 4
    • 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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      • Khaki Storm
      • YNAB book topics online: https://support.youneedabudget.com/r/q5w48j
      • Khaki_Storm.1
      • 6 mths ago
      • Reported - view

      Faness Yep, just ignore all the ads. I checked out the bank they are uses before opening the saving account. 

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      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 6 mths ago
      • Reported - view

      Khaki Storm Congratulations. Now you can invest the good way and buy more colors of socks.

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      • Khaki Storm
      • YNAB book topics online: https://support.youneedabudget.com/r/q5w48j
      • Khaki_Storm.1
      • 6 mths ago
      • 1
      • Reported - view

      nolesrule you remembered! Yes, already in the works to transfer investments. 

      Like 1
    • Khaki Storm
    • YNAB book topics online: https://support.youneedabudget.com/r/q5w48j
    • Khaki_Storm.1
    • 2 mths ago
    • 3
    • Reported - view

    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. 

    Like 3
    • Khaki Storm That is a steep drop. My credit union dropped the interest rate on some accounts by .5% not to .5%. 

      Like 1
      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 2 mths ago
      • 1
      • Reported - view

      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.

      Like 1
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