- Klarna launched a high-yield savings account paying up to 3.38% APY, adding deposits and savings tools to its growing portfolio of consumer financial products.
- The move builds on Klarna’s existing banking ambitions. The company already holds $12.3 billion in deposits globally and has offered interest-bearing accounts in Europe since 2021.
- As Klarna expands from BNPL into savings, payments, P2P transfers, and stablecoins, it is increasingly positioning itself as a full-service digital bank rather than a standalone payments provider.
Digital payments app Klarna is starting to look more like a bank ecosystem. The Sweden-based company has launched a high-yield savings account, adding to its existing suite of banking tools.
The fintech’s new savings account, which currently pays 3.38% APY or higher, does not require a minimum deposit, charge monthly fees, or require a direct deposit. It also offers built-in tools like round-ups, scheduled transfers, and savings goals. While Klarna is partnering with FDIC-insured WebBank, which is holding the funds, users can fund the account in the Klarna app.
Klarna already offers flexible payment tools, debit and credit payment cards, a shopping platform, and mobile telco plans. Savings is a natural next step for Klarna, especially since the company has offered interest-bearing accounts in Europe since 2021. Today, the company holds $12.3 billion in deposits across eleven markets.
“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 Klarna CEO and Co-founder Sebastian Siemiatkowski. “Klarna is already where millions of Americans manage their everyday spending. Now it’s where they save too.”
As with many high-yield savings accounts, the percentage yield on Klarna’s new savings account is subject to change. According to the fine print, users can open up to three accounts and can boost their APY by becoming a Klarna member. The higher yield will be paid on balances of up to $50,000.
The new launch follows Klarna’s move into the public markets after its IPO in September of 2025. Today, the company counts over 119 million global active users and 3.4 million transactions per day. While it has not provided updated figures for its Balance accounts, Klarna reported that its Balance accounts held $14 billion in 2025. Given the higher yield that the new savings accounts pay, it is reasonable to assume that much of the funds in the Balance accounts will be moved to the new savings accounts.
Klarna debuted peer-to-peer (P2P) capabilities in 13 European markets earlier this year. And while it has not yet launched similar P2P capabilities in the US, the company will likely do so after it moves its stablecoin (KlarnaUSD) from a testnet to the mainnet. The launch of the savings account places Klarna another step closer to becoming a full-service digital bank. Klarna has built its brand around buy now, pay later, but is increasingly expanding into deposits, payments, and everyday banking.
Views: 0
