Klarna has introduced savings accounts to U.S. customers, making FDIC-insured deposit products available through its mobile application. The deposits will be provided and held by WebBank, a member of the FDIC, and the accounts are presented with no required minimum deposit and no monthly maintenance fees.
The accounts advertise an annual percentage yield (APY) starting at 3.28% and include the option for direct deposit. Applicants can open an account in minutes inside the Klarna app and will find built-in features intended to simplify saving, including automatic round-ups on purchases, scheduled transfers and designated savings goals. These new accounts are integrated alongside Klarna’s existing balance and card offerings within the app’s financial hub.
"The average American earns less than half a percent on their savings, not because better options don’t exist, but because their bank hasn’t had to compete," said Sebastian Siemiatkowski, co-founder and CEO at Klarna. "Klarna is already where millions of Americans manage their everyday spending. Now it’s where they save too."
The enhanced membership APY applies to balances up to $50,000; any funds above that threshold will earn the base interest rate rather than the boosted rate. Klarna notes that deposits may qualify for pass-through deposit insurance coverage when certain conditions are met.
Prospective customers should be aware that the stated APY is subject to change and represents the total interest that would be earned over a year, including the effects of compounding. The company’s rollout in the U.S. builds on its existing savings operations in Europe, where consumers hold in aggregate more than $12.3 billion in deposits across eleven markets.
Accounts are designed for convenient management via the app, with sign-up intended to be quick and the saving tools meant to operate alongside the firm’s payment and balance features. The offering positions Klarna’s mobile application not only as a payments and shopping tool but also as a place for customers to park and organize savings.
What the product includes
- FDIC-insured accounts provided and held by WebBank, member FDIC.
- No minimum deposit requirement and no monthly fees.
- APY starting at 3.28% with direct deposit, automatic round-ups, scheduled transfers and savings goals.
- Membership APY boost applies up to $50,000; excess balances earn the base interest rate.
- Deposits may qualify for pass-through deposit insurance if specific conditions are met; APY is subject to change and reflects compounding.