Credit Karma Money

Credit Karma Money Reviews

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Written by Ashley Eneriz
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Edited by Tammy Burns

About Credit Karma Money

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Credit Karma Money is a fintech banking service that offers checking and savings accounts, as well as a debit card, all within the Credit Karma app. Additionally, it offers a credit-builder loan to improve your credit score in as little as two months. The company is owned by Intuit, the company behind the tax software TurboTax.

Pros
  • No account fees
  • Credit-builder loan
Cons
  • No in-person services
  • Third-party foreign transaction fees

What is Credit Karma Money?

Credit Karma, which is best known for its free credit monitoring services, started Credit Karma Money in 2019 as a way to simplify savings and offer a higher annual percentage yield (APY) than traditional banks. While Credit Karma Money is not a bank, it has partnered with MVB Bank to offer banking products.

It offers fee-free savings and checking accounts, as well as a credit-builder loan. It also offers helpful money management resources, such as retirement and budget calculators and financial advice articles.

How does Credit Karma Money work?

To open a checking or savings account with Credit Karma Money, you will first need a Credit Karma account. This account is free and can also be used for credit score monitoring if you choose.

From here, you can open up a Spend account (checking) or Save account (savings) or both. You will need to verify your mailing address, phone number and Social Security number to open either account.

Credit Karma Money products

You won’t find a wide range of banking products with Credit Karma Money, but it does offer three free accounts for savings, checking and credit building.

Savings account
Credit Karma Money Save offers a free savings account with a competitive APY of 3.75% as of publication. This is made possible through its network of 800-plus partner banks. Not only is there no minimum balance required to open or maintain the account, but there are also no hidden fees to worry about.

With Credit Karma Money's savings account, your balance is eligible for up to $5 million of insurance with the Federal Deposit Insurance Corporation (FDIC).

Checking account
Credit Karma Money Spend is a no-fee checking account that allows you to deposit and withdraw money, pay bills and make purchases with a debit card. There are no monthly maintenance fees or minimum balance requirements, and you can get paid up to two days early when you set up direct deposit with your paycheck.
Credit-builder loan
The Credit Karma Credit Builder plan is a quick and easy way to build or improve your credit score. You can apply for the loan through the Credit Karma app or website and receive an instant decision without a hard pull to your credit.

Your monthly payments are reported to the three major credit bureaus, potentially helping you establish a positive credit history.

The funds for the loan are held in a savings account while you make payments, and once you hit $500, the funds are released to you.

Credit Karma Money fees

Credit Karma Money doesn’t charge fees for its savings account, checking account or credit-builder loan. However, there are fees that are charged by its third-party providers:

  • 1% foreign transaction fee charged by Visa
  • ATM fees for out-of-network provider

Credit Karma Money FAQ

What safety features does Credit Karma Money have?

You can instantly lock your debit card with a tap, which can prevent fraudulent use if your card is stolen or lost.

Can you use Credit Karma Money with a digital wallet?

Yes, the Credit Karma Money card can be connected to Apple Pay and Google Pay. If you have not set up a PIN for your card, you will need to ask the merchant to process the payment as a credit transaction.

Can I add an authorized user to my Credit Karma Money account?

At this time, Credit Karma Money only allows one name on the account and the debit card. It also does not issue additional cards for shared use.

Can I move Credit Karma money to my bank account?

Yes, you can choose to transfer up to $10,000 daily or $50,000 monthly to a linked bank account. Depending on the bank, the transfer will typically take from one to three business days. A Credit Karma savings account might be subject to a maximum of six withdrawals per month.

Is Credit Karma Money legit?

Credit Karma is a legitimate fintech business with over 100 million members. While it is not a bank, it is partnered with MVB Bank. Your savings balance can be insured for up to $5 million via Credit Karma Money’s network banks.

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Credit Karma Money Reviews

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    How do I know I can trust these reviews about Credit Karma Money?
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    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10
    Customer ServiceOnline & App

    Reviewed March 24, 2025

    Worst banking experience ever. Card gets declined for any purchase over 20 and you have to go into the app and approve the purchase and then rerun card. OR the card just declined constantly, can't transfer money out, and customer service is unable to see anything on their end. This has been a repeated problem and CK has no answer to fix it. Won't be able to get to work today because all my money is in my CK account and I can not pay for my gas. Guess when I get fired I'll sue your stupid company for negligence and fraud.

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    Staff

    Reviewed March 4, 2025

    I transferred money internally between my "CK Spend Account" and my "CK Save Account" and it disappeared. They have no real agents and can't tell me where the money is. Don't use them. Now I'm terrified to withdraw the rest of my money for fear it will disappear.

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      Punctuality & Speed

      Reviewed Feb. 25, 2025

      I’ve been using them for about 3/4 years now to file my taxes… They claim you can get your deposit 5days early…. That’s not true!! I’ve never gotten any of my deposits early with them! Their fraud protection is terrible. My account was scammed last year. I had to order a new car but didn’t get any of the stolen money back! Don’t use this account! Plenty of other banks to go through!

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      Customer ServiceSales & MarketingPunctuality & Speed

      Reviewed Feb. 8, 2025

      I did get my direct deposit 3 days early but they do not honor the 20.00 overdrafts like they advertise and I wasn’t able to deposit cash to the account ever. I would go to every available merchant that they advertised me could make my deposits and it would fail every time on different days and time and places - I was waiting in lines at Walmart - I was holding up the lines in CVS and Walgreens while they would keep trying to help me but each time failed but Credit Karma would blame the retailer saying nothing was wrong on my account- so they all do it wrong - drive to another city.

      Also you can’t get them to help with a dispute- You are supposed to monitor it yourself- until they take it off a hold they do the dispute on the website but that never happens and when you call in they will not help while the hold is on it - even when it moves from pending item to approved transaction they keep a hold on so you can’t get your money back and file the dispute- Again they blame the customer for calling in and do nothing. You will not get the most basic banking services with Credit Karma.

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      Customer ServiceOnline & AppStaff

      Reviewed Nov. 20, 2024

      Stay away! Do not recommend. Would give negative stars if possible. They froze all three of my accounts with them and never sent any notification. I only noticed when charges began to decline. When I called, they could give me no information and had to transfer me to another "specialist". The specialist asked for verification including a copy of the front and back of my driver's license and a selfie to confirm they were talking to the account holder. After giving them what they asked for, they still couldn't tell me why the accounts were frozen or give me any balance information.

      I also could no longer see any information on the app including balance or account history, everything appeared blank. They told me that they had to refer me to a "higher department" that only communicates with customers via email and to keep a check on my email account. Two days later the "higher department" sent a one line email that my account "was now unlocked. thank you". I checked and still couldn't see any activity history. Within an hour of my account being unlocked they had closed all three of my accounts (Spend, Save and Credit Builder). And again no written communication or prior notice.

      I called customer service again and they could not give me any reason for the account lock or closure. Now my accounts are closed and my credit will suffer due to the closure of the Credit builder. I've never used these accounts irresponsibly but they said that when I signed up I agreed that they could close any account at anytime without warning. I would NEVER recommend anyone bank here. THE WORST banking experience that I've ever had in my lifetime.

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      Customer ServiceOnline & App

      Reviewed Nov. 6, 2024

      I wish I could give them an -1000, please stay far far away from this bank. Normally when you have your card frozen and the transaction is declined due to the card being frozen the funds stay there. Well not with them on 10/31 I was trying to add 1107 to my Apple wallet. Forgot the card was off. Well I go to the app to turn it on and the money is gone. Contacted them several times only to be given the run around about my money. Was told the hold would be lifted 11/06. Well today is 11/06 and there’s nothing. But they did CLOSE MY ACCOUNT KNOWING THEY HAVE MY MONEY. I can seriously see them in a lawsuit SOON. I regret EVER banking with them. PLEASE PLEASE STAY AWAY. IT'S NOT WORTH IT. Oh May I add the manager hung up on me because I wanted my money back.

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      Reviewed Sept. 13, 2024

      Worst bank ever. I wouldn't recommend opening an account. The company is not trustworthy. I have been fighting trying to receive a refund from a dispute that was filed, each time they denied it even though I provided proof for dispute. I was advised to call my local police department. I've never had a bank deny an dispute. So if you want a trustworthy account CK money bank card is not the way to go.

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      Customer Service

      Reviewed Aug. 16, 2024

      Stay far far far away from this!!! So Credit Karma locked and froze my account for over a week due to me updating my phone number. Customer service was totally useless and the department that handles locked accounts “doesn’t speak to customers”. $53 in the account and they made it sound like the ultimate fraud.

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      Reviewed July 6, 2024

      Completely fraudulent. Intuit is implementing a thinly veiled shell scheme by “offering/incentivizing” to deposit your TurboTax return (owned by intuit) into your new Credit Karma account (also intuit) and connecting bank accounts via plaid (also intuit) under the guise of supporting a “3rd party” despite all three financial institutions being the same company. I was in desperate need of my tax return as a single mom and a survivor of domestic violence. Turbo Tax said that my return was accepted and would be deposited. My $4,000 return never came and my Credit Karma account was closed without formal notification despite funds in the account. I can’t even check my account balance or find out where my return went. I paid TurboTax for a job which was never completed. Needs to be reported!!

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      Customer Service

      Reviewed June 24, 2024

      I have been dealing with Credit Karma For almost 2 years trying to get my money. For me closed account back. They literally have read me going circles. Just avoid doing their job properly. I've spoken with 6 different supervisors. Haven't gotten the same response from any of them. I have over a 100 different emails of communication back-and-forth and once again. Still no check. No update. No nothing.

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      Credit Karma Money Company Information

      Company Name:
      Credit Karma Money
      Website:
      www.creditkarma.com