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How does earning interest with Credit Karma Money Save work?

SOLVEDBy Credit KarmaUpdated July 19, 2023

The amount of interest you can earn with your Credit Karma Money Save account* is based on the Annual Percentage Yield (APY). The APY is variable and may change over time. For example, changes in the federal funds target rate can cause your APY to increase or decrease. 

View the current APY for your Credit Karma Money Save account*

Interest will be compounded monthly and will be credited to the account monthly. If you close your account before interest is credited, you will receive the accrued interest. You must maintain a minimum daily balance of $.01 in the account each day to obtain the disclosed APY. The minimum amount of interest that can be paid on your account in a statement period is $0.01. If your total interest earned in a statement period is less than $0.01 you will not receive an interest payment in that period.  

The daily balance method is used to calculate interest on your account. The daily balance that MVB uses when calculating interest is the collected balance. That means MVB only includes those funds for which they have actually received payment when they determine the daily balance on which interest is paid.

You can read about the interest rate on your account in the Credit Karma Savings Agreement

*Banking services provided by MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply. Maximum 6 withdrawals per monthly statement cycle.

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