Klarna (NYSE: KLAR) announced the launch of savings accounts in the United States, offering FDIC-insured accounts with interest rates above 3% APY. The accounts are provided and held by WebBank, member FDIC, and are available directly through the Klarna app.

The savings accounts feature no minimum deposit requirements, no monthly fees, and direct deposit capabilities. Users can open accounts within minutes and access tools including round-ups, scheduled transfers, and savings goals.

Klarna already operates savings accounts in Europe, where consumers have deposited over $12.3 billion across eleven markets. The company reported having over 119 million global active users and processing 3.4 million transactions per day.

"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 Sebastian Siemiatkowski, co-founder and CEO at Klarna.

The savings accounts complement Klarna's existing US offerings, including Klarna balance and the Klarna Card. APY rates start at 3.28% and reflect total interest earned over one year, including compounding. The membership APY boost applies to balances up to $50,000, with excess balances earning the base interest rate.

Deposits in the savings accounts are eligible for pass-through deposit insurance coverage if certain conditions are satisfied. The accounts are located within the financial hub inside the Klarna app, allowing users to manage spending and savings in one platform.