Is your money safe in a Credit Karma Savings account? Credit Karma isn’t a bank, and it has no plans to enter the banking business. Don’t worry, though; your money will be safeguarded by the FDIC up to $5 million.
It’s your money to spend and save. If you need all of your savings, you can generally withdraw the entire account. However, depending on your bank’s policy, if you don’t time the withdrawal or transfer correctly, you may incur penalty costs.
You may quickly switch money between your Credit Karma Money Spend and Save accounts. Transfers between your accounts are immediate. Select Move Money or Make a Deposit from your money home screen to move funds or make a deposit. Enter the amount you’d like to transfer, then press the button with two arrows.
You can’t currently send money from one Credit Karma member to another, but you may be able to do so using your debit card with popular peer-to-peer payment platforms like Venmo, Paypal, or CashApp.
The most basic form of a CD is called an account, and it’s intended to provide customers with longer-term financial services. Savings accounts aren’t meant to be used for lucrative returns; in fact, one major drawback of savings accounts is that they pay little interest.
