HansITAcademy

I accidently signed up for credit karma money during my tax return process like most people and I have actually gave it a try instead of canceling it right away to see if it’s worth keeping.  Credit karma put my tax return into a nice white debit card that acts as both checkings and savings account.   While this is online-only bank account, they had some good enough perks and features.  First, it has no fees while providing high yield savings account at 2.73% annual yield with no minimum funding requirement, which is twice the national average.  This is actually a pretty good deal for most people (not the best high yield savings, but still very good).  Additionally, each purchase you make with this card is eligible for a chance to win a cash reimbursement.  You can make purchases with it and one of the purchases you make may be eligible for the cash reimbursement, which adds a unique and entertaining touch.  It’s like spin the wheel. 

Credit karma money is provided by MVB bank, which isn’t the best bank when it comes to customer service.  Speaking from experience, lot of financial transactions will take a long time and you won’t have instant access to funds like most banks may offer.  Their customer service is may be subpar to some people, but this is to be expected for online-only bank account.  Also, their overdraft fees are known to be quite high compared to most. 

All in all, it’s still a neat account and it’s connected to your credit karma account, making it easy to manage your credit score at the same time.  It is free to have and a good way to keep some funds locked in with security up to $5 million of FDIC insurance for its users.  This is severely higher than most banks being FDIC insured up to only $250,000.