
A banking experience with minimal fees and extensive perks is hard to find. As a consumer, finding the right arrangement of perks is key to a worthwhile banking experience.
Luckily for us, Credit Karma has designed a banking experience that centers on quality perks and low fees. It's called Credit Karma Money.
Through these online cash accounts, you can grow your savings and manage your checking account with ease. Keep reading to learn everything you need to know about Credit Karma Money.
Credit Karma Money Details | |
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Product Name | Credit Karma Money |
Min Deposit | $0 |
Account Type | Spend (Checking) and Save (Savings) |
APY (For Save Accounts) | 4.10% APY |
Cash Back (For Spend Accounts) | No |
Promotions | None |
What Is Credit Karma Money?
Since its origins as a free credit score site, Credit Karma has steadily expanded its offerings. Not long ago, it launched Credit Karma Home Loans. Most recently, Credit Karma has announced the creation of the Credit Karma Money Save and Credit Karma Money Spend accounts.
Importantly, Credit Karma itself is not a bank. However, Credit Karma is working with MVB Bank, Inc., Member FDIC and its network of partner banks.
With these partnership in place, the money in your Credit Karma Money accounts is protected for up to $5 million. That's 20 times more than the standard $250,000 that is offered at all member FDIC banks.
What Does It Offer?
Curious about what else Credit Karma Money has to offer? Here are the highlights.
Credit Karma Money Spend
The Credit Karma Money Spend account operates like a traditional checking account. Through a Credit Karma Money Spend account, you can pay for purchases with your Credit Karma Visa Debit Card.
You won't earn a fixed cash back rate when you use your debit card.
Although this is a fun feature, some of the other perks are more substantial. For example, you won’t have to pay any monthly fees to use this account. You'll get fee-free access to over 55,000 Allpoint® ATMs. And there are no overdraft fees.
Credit Karma Money Save
The Credit Karma Save account make it easy to automate your savings. You also won’t have to worry about any minimum balance requirements.

Credit Karma Save advertises that you can currently earn a 4.10% APY. That's a great rate compared to the FDIC national average of only 0.45% (as of October 2023).
That's a better rate than you'll get with most national full-service banks, but it's less than many online banks are currently offering on their high-yield savings accounts.
On the plus side, there are no hidden fees to be wary of. And, for a limited timed, you'll earn a chance to win $20,000 when you make a deposit of at least $1.
Security Is A Top Priority
With both Credit Karma Money accounts, security is at the forefront of your experience. Through its partnership with MVB Bank, Credit Karma has secured up to $5 million of FDIC insurance for its users.
Beyond that, you’ll have the ability to lock your debit card immediately if you suspect an issue. Plus, you can dispute any transactions directly in the Credit Karma app if you spot any red flags.

Are There Any Fees?
A big question when you choose a bank account is whether or not there are fees involved. Thankfully, Credit Karma Money is about as close to fee-free as you can get.
The Credit Karma Money Spend account is completely free to open. You won’t run into any inactivity fees, annual fees, maintenance fees, or withdrawal fees. However, you could be charged an ATM if you use a third-party ATM outside of the Allpoint® network. If charged, these fees would be assessed by the third-party ATM network, never by Credit Karma.
One other potential fee to consider is the foreign transaction fee if you use your card in other currencies. This fee is 1% of the transaction total.
How Does Credit Karma Money Compare?
Credit Karma Money offers a new twist on the traditional banking experience. You’ll be able to set up a savings account and checking account to accomplish your basic banking tasks. Although Credit Karma Money does offer some fun features, the big win is that the accounts are free to use.
When Credit Karma Money is stacked up against its competitors, the features offered are somewhat basic. Of course, basic is not necessarily a bad thing, especially if avoiding fees is a priority.
But if you're looking for the highest yield or the most guaranteed cash back, you might want to expand your banking search. Here's a quick comparison chart:
Header | ![]() | ![]() | ![]() |
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Rating | |||
APY | 4.15% | 2.00% | Up to 0.61% |
Cash Back | None | None | Up to 1% |
Monthly Fees | $0 | $0 | $0 |
Min Deposit | $0 | $0 | $50 to $250 |
ATM Access | 55,000+ Free ATMs | 60,000+ Free ATMs | Unlimited |
FDIC Insurance | Up to $5 million | Up to $250,000 | Up to $250,000 |
Direct Deposit Up To 2 Days Early | |||
Cell |
How Do I Open An Account?
If you're ready to open an account with Credit Karma Money, you can get started here. Once there, click on the "open account" button.
At that point, you'll need to create a Credit Karma account or log into your existing account with an email and password. After you create your Credit Karma account, you’ll have to provide a few more pieces of information to finalize your Credit Karma Money Spend account setup. Be prepared to provide your name, address, and Social Security number.
Finally, you can link one other account to fund your new account. From start to finish, this process should take you around 10 minutes.
Is It Safe And Secure?
Yes, security is one of Credit Karma Money's strong suits. Importantly, your funds will be protected through FDIC insurance for up to $5 million.
Beyond that, the built-in security features will keep your money safe. A few of these security features include the ability to lock your debit card instantly and the right to dispute transactions within the Credit Karma app.
How Do I Contact Credit Karma?
When you want to contact Credit Karma about your Money account, you can do so through a contact form on their site. As a digital presence, there are no physical branches to go to if you run into problems. But you can call the number on the back of your Credit Karma Visa® Debit Card to reach a live representative.
Is It Worth It?
If you're looking for a place to spend and store your money with few frills but no fees, then Credit Karma Money could be a good fit. You’ll have the basic money management tools you need to handle your banking needs effectively.
You won’t have access to a physical branch. But you will have a capable mobile app to help manage your banking experience. Want to check out your other banking options? Take a look at all of our favorite online banks >>>
Credit Karma Money Features
Account Types | Spend (Checking) and Save (Savings) |
Minimum Deposit | $0 |
APY (For Save Accounts) | More than 2x the national average |
Cash Back (For Spend Accounts) | None |
Monthly Fee | $0 |
Overdraft Fee | $0 |
Foreign Transaction Fee | 1% |
Branches | None (online-only banking) |
ATM Availability | 55,000 fee-free ATMs within the Allpoint® network |
Customer Service Options | Contact form and phone |
Customer Service Phone Number | Not publicly listed but can be found on the back of your Credit Karma Visa® Debit Card |
Web/Desktop Platform | Yes |
Mobile App Availability | iOS and Android |
Bill Pay | No |
FDIC Insurance Limit | $5 million |
FDIC Certificate | 34603 through MVB Bank, Inc |
Promotions | None |
Credit Karma Money Review
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Interest & Cash Back
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Fees & Charges
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Ease of Use
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Customer Service
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Products & Services
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Tools & Resources
Overall
Summary
Credit Karma Money is a free checking account that provides strong security and no fees in addition to a savings boosts.
Pros
- Streamlined digital banking
- Nearly fee-fee banking experience
Cons
- No guaranteed debit card cash back
- APY on savings is middle-of-the-road
- Can’t deposit cash or paper checks

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications, including the New York Times, Wall Street Journal, Washington Post, ABC, NBC, Today, and more. He is also a regular contributor to Forbes.
Editor: Clint Proctor Reviewed by: Claire Tak