Credit Karma has no “immediate plans” to bring savings to the UK

By Oliver Smith on 6th October 2019

Fintech

Statement comes after Credit Karma launched a high-yield savings account in the US.

Credit Karma has no “immediate plans” to bring savings to the UK
Image source: Ken Lin, CEO and Founder of Credit Karma.

US fintech Credit Karma is “open to exploring” launching its newly-announced savings account in the UK, but says its priority remains to establish its core credit scoring business here first.

The statement came after Credit Karma CEO and founder Ken Lin last week revealed the company will launch a savings account in the US as the company’s first financial product.

“We spent the first 12 years focusing on helping Americans manage their debt. With more than 100 million members around the globe, it made sense for us to jump across the balance sheet with Credit Karma Savings,” said founder and CEO Ken Lin last week. 

“We want to make savings accessible to every American in the same way we have with credit scores. We look forward to helping our members grow their money with Credit Karma Savings.”

The account has no fees or minimum deposits, and launched last week with an interest rate of 2.03% which is achieved via its network of 800 banking partners where it can search for and switch to those offering the most competitive rates.

“We do not have immediate plans to bring savings to the UK but are open to exploring it in the future as we see this as the next chapter for Credit Karma,” the company said in a statement.

“In the UK, we remain tightly focussed on getting to grips with the market, building a product tailored for the UK consumer and building awareness of the Credit Karma brand, with the same success that we've had in the States.”

Credit Karma also said that its Savings offering does not mean it’s becoming a bank, rather the service is being managed via one of its partners MVB Bank.