Credit Karma, a consumer technology platform that provides free credit scores and personal finance help, announced plans to launch Credit Karma Savings, a high-yield, app-based savings account with no fees or minimum balance requirements. 

Credit Karma Savings will operate through a partnership with MVB Bank Inc., an FDIC insured institution. The distributed deposit network will provide savings using a network of more than 800 banks, offering an APY more than 20 times the national average and FDIC insurance coverage up to $5 million.  

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

Cover image courtesy of Credit Karma.