Welcome to the Tearsheet Podcast. I’m Zack Miller.

Credit Karma built a wonderful business providing almost 100 million people with free products to help them manage their debt. It was inevitable that they move into the asset side of their customers’ personal balance sheets. Last week, the firm announced a new savings account.

Jagjit Chawla, Credit Karma’s general manager for tax and savings, joins us on the show to discuss the decision to move into banking services. Like most players, Credit Karma didn’t become a bank but chose to launch a product in partnership with a licensed entity. We talk about the product spec of the new savings account and how this new product fits into the greater Credit Karma ecosystem for users. Jagjit provides some early feedback from customers and provides an inkling into CreditKarma’s future product plans on the asset side.

Jagjit Chawla is my guest today on the Tearsheet Podcast.

Before we jump into the interview, I wanted to invite you to Tearsheet’s latest event, The Embedded Conference. A big theme on this program and in our reporting has been about how financial services are showing up everywhere — in B2B software platforms, in retail, in transportation and travel. The Embedded Conference brings together financial services, fintech, and vertical industries looking to create new financial products. We’ve got a great speaker lineup — register today at early-bird prices by going to our website and clicking on the Embedded Conference button at the top right of your screen.