The new savings account is integrated directly into Klarna’s existing app and has no monthly fees or minimum deposit requirements. Users are offered an annual return of over 3 percent. The account also includes tools for saving, scheduled transfers, and the ability to set specific savings goals.
The average American gets less than half a percent interest on their savings, not because there aren’t better options, but because their bank hasn’t had to compete. Klarna is already the place where millions of Americans manage their everyday spending. Now it’s also where they save,” says Sebastian Siemiatkowski, co-founder and CEO of Klarna.
Klarna already provides savings services in eleven European markets, where they state they manage over $12.3 billion in deposits. The launch in the US is described by the company as a natural next step.