Klarna launched a high-yield savings account for its U.S. customers. The accounts offer a 3.28% annual percentage yield (APY). WebBank provides FDIC insurance for these deposits through a strategic partnership.
Users manage the accounts directly within the Klarna app. The service requires no minimum deposits and charges no monthly fees. This launch marks Klarna’s transition from a buy now, pay later provider to a digital bank.
The move targets Klarna’s existing user base of millions in the U.S. market. The U.S. currently represents the company’s largest market by revenue. Klarna already manages over $12.3 billion in deposits across 11 European countries.