Klarna introduces US savings accounts with a 3.28% interest rate through WebBank.

      Klarna is introducing high-yield savings accounts in the United States, featuring an initial annual percentage yield of 3.28%. These accounts are FDIC-insured through a collaboration with WebBank, allowing existing Klarna spending customers to manage their savings on the same platform.

      “The typical American earns less than 0.5% on their savings, not due to a lack of better options, but because their bank hasn't faced competition,” CEO Sebastian Siemiatkowski stated.

      The competitive landscape highlights that while the 3.28% rate is attractive, it doesn't lead the market; Marcus by Goldman Sachs currently offers 3.4%, and SoFi Technologies has a rate of up to 3.8% for a six-month period. Klarna’s value proposition lies not merely in the interest rate but in its seamless integration. The company aims to encourage users who already shop using its buy-now-pay-later service to combine both spending and saving within a single app, a strategy similar to what Revolut and other neobanks have pursued in Europe.

      In its financials, Klarna reported a revenue of $1 billion in Q1 2026, reflecting a 44% increase from the previous year, fueled by higher interest income, an uptick in debit card sign-ups, and fee income from collaborations. After years of valuation fluctuations that saw its worth drop from a peak of $46 billion to $6.7 billion, the company went public in 2025.

      The launch of the savings product indicates a strategic transition from lending to attracting deposits. For Klarna, collecting deposits is more cost-effective than borrowing from wholesale markets to support its lending operations, and it fosters a more enduring relationship with customers who may typically use the app solely for checkout.

      However, it is important to note that Klarna is not a U.S. bank. The savings accounts are provided through WebBank, an FDIC-insured institution chartered in Utah that acts as the bank-of-record for several fintech companies. Klarna itself does not possess a U.S. banking license, and regulatory frameworks dictate that customer deposits are held at WebBank rather than at Klarna.

      The 3.28% APY is a starting rate and not a guaranteed figure; it can fluctuate at any time. High-yield savings rates are linked to the Federal Reserve’s policy rate, meaning that if the Fed lowers rates, overall yields will also decrease. Klarna has not yet provided details on minimum deposit requirements, maximum balances, or whether the rate applies uniformly across all balance tiers.

      This product represents a natural progression for a company seeking to expand beyond buy-now-pay-later services. However, it remains to be seen if American consumers prefer to have their savings account and installment loan provider within the same app; this is the key question Klarna is currently exploring.

      Published June 9, 2026 - 3:07 pm UTC