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The Experian Smart MoneyTM Debit Card is issued by Community Federal Savings Bank (CFSB), pursuant to a license from Mastercard International. Banking services provided by CFSB, Member FDIC. Experian is a Program Manager, not a bank.
Experian Smart Money™ Digital Checking Account
- Our Rating 4/5 How our ratings work
- Minimum
Deposit RequiredN/A -
Intro Bonus
$50
To be eligible for the $50 bonus, your Experian Smart MoneyTM Digital Checking Account must be credited with at least $1,000 in direct deposits within 45 business days of opening your account, and your account must stay active and in good standing at the time the bonus is paid. The bonus will be deposited into your account within 10 business days, once earned.
The Experian Smart Money™ Digital Checking Account hosts a wealth of fee-free features customers will likely appreciate. In particular, we appreciated the ability to make cash deposits at select retailers, as many online banks do not allow cash deposits at all. Plus, this account is automatically integrated with Experian Boost®, which makes it easy to take advantage of what the service has to offer.
Build Credit Without Debt
In October, Experian launched a new online checking account. The Experian Smart Money™ Digital Checking Account and Debit Card offer basic checking features, but it offers seamless integration with Experian Boost®Ø, a free service that allows you to add rent, utility and streaming service payments to your credit report with the agency.
Additionally, new account holders can earn $50 when they complete qualifying activities‡. If you’re looking for a way to build credit, here’s how the Experian Smart Money Digital Checking Account can help — and whether you need the account to get its benefits.
Pros
- Automatically integrates with Experian Boost
- No monthly maintenance fee or minimum balance requirement
- Large fee-free ATM network
- Allows cash deposits
Cons
- Not all purchases build credit
- No overdraft option
- No associated savings account
Experian Smart Money Digital Checking Account Overview
Experian is one of the three national credit bureaus and has created several tools and services to improve consumer access to credit scores and reports. It also provides resources to help consumers build their credit.
The Experian Smart Money Digital Checking Account, issued by partner Community Federal Savings Bank, is the latest product to further that goal.
The account offers automatic integration with the credit bureau's Experian BoostØ free service, which was designed to help consumers get credit for positive payments that typically don't get reported to the credit bureaus — that includes rent and utility payments, as well as certain streaming subscriptions.
That said, you don't need to open a checking account to use Experian BoostØ. So, it's important to understand all of the account's benefits to determine if it's the right fit for you.
$50 Experian Smart Money Digital Checking Account Welcome Bonus
The new digital checking account currently offers a $50 bonus‡(see terms) when you open an account and meet certain requirements.
In particular, you'll need to receive $1,000 or more in direct deposits within the first 45 days from account opening. Once you meet that threshold, the bonus will be deposited into your account within 10 business days, as long as it's still open and in good standing.
Because the checking account is brand new, it's unclear whether the welcome bonus will be a standard feature or if it will only be available for a limited tim
Build Credit With Your Checking Account
The main benefit of the Experian Smart Money Digital Checking Account is its integration with Experian BoostØ. This service will connect with your account and track your rent, utility and streaming subscription payments, adding eligible on-time payments to your Experian credit file.
Depending on your credit report's makeup, adding this positive payment history could increase your FICO score. That said, there's no guarantee that your credit score will improve. And while automatic integration with the Experian BoostØ tool makes things more convenient, you can also use Experian Boost with your existing checking account.
Additionally, some debit-credit hybrid cards, such as the Super Secured Mastercard®, allow you to build credit with all of your transactions, not just select bill paymen
Related Article
Experian Boost® Review: Instantly Increase Your Credit Scores for Free
Light on Fees and No Minimum Balance Requirement
The Experian Smart Money Digital Checking Account is largely fee-free, with no monthly maintenance fee¶ and no ATM fee at more than 55,000 ATMs** worldwide in the Allpoint™ network. You don't need to make a minimum opening deposit or maintain a minimum balance to keep the account open.
There's also no overdraft fee, but that's because the account doesn't allow overdrafts. While that's not necessarily a bad thing — many banks and credit unions charge punitive fees when customers overdraw their accounts — other online checking accounts allow overdrafts without charging a fee for the feature.
Some of the fees the card does charge include a $3 out-of-network ATM fee and a $5 fee if you request a replacement ca
Cash Deposits
It's rare for an online bank to allow customers to make cash deposits, which can be a deal breaker for people who handle a lot of cash.
With the Experian Smart Money Digital Checking Account, however, you can deposit cash into your account at select retailers using Green Dot®, MoneyGram® or Vanilla. Note, however, that you can only deposit up to $500 per transaction and $1,000 per day; there's also a $5,000 monthly limit.
Also, note that these third-party money transfer services may charge a fee for cash deposits. Community Federal Savings Bank won't accept cash deposits in any other form
Virtual Debit Card
It can take a couple of weeks to get your debit card in the mail. But if you want to set up your bill payments before then, you can take advantage of the account's virtual debit card feature. You can also add the virtual debit card to your digital wallet to make point-of-sale purcha
Other Benefits and Tools
In addition to the most notable account features, you can also take advantage of the following features:
- Early direct deposit†: Get your paychecks up to two days early.
- Online bill pay: You can set up your bill payments directly in your checking account.
- Mobile banking: Download the Experian app, and you'll be able to view your balance, track your expenses, deposit checks, find ATMs and cash deposit locations and more.
- Other financial products: Experian doesn't offer a savings account, but you can use the credit bureau's other credit-based products, including free access to your FICO credit score and Experian credit report. You can also get real-time alerts when changes are made to your credit repo
rt.
Customer Service
The account offers access to live customer support seven days a we
FDIC Insurance
While Experian isn't a bank, its partner Community Federal Savings Bank qualifies for FDIC insurance coverage. In other words, if the bank fails, your deposits are insured up to $250,000 per depositor, per ownership catego
How the Experian Smart Money Digital Checking Account Compares
The Experian Smart Money Digital Checking Account offers some notable features, but it's important to research and compare several options to determine which one is the right one for you.
One of the benefits of the account is automatic integration with Experian BoostØ, but if you can get other features that are valuable to you with a different bank, you can still utilize Experian BoostØ — it just takes a few extra minutes to register and get set up.
If you want to build credit more effectively, however, you may consider the Super Secured Mastercard. While it's technically a secured credit card, you don't have to put up a security deposit to get approved.
Instead, you can only spend what you load onto the card — similar to a prepaid debit card — plus the amount you have in a linked checking account. Payments are automatically taken from your accounts, and Super reports them to all three credit bureaus, similar to a credit ca
If you just want a standard checking account, consider other top free checking accounts, which come with benefits like interest on your balance, ATM fee reimbursements** and even rewards on your debit card purchases.
The Bottom Line: Is the Experian Smart Money Digital Checking Account Right for You?
Experian touts its Smart Money Digital Checking Account as a way to build credit using your checking account, but you don't need to open the account to utilize that service — you can use Experian BoostØ for free without switching bank accounts. What's more, Experian doesn't offer a savings account, so if you want to earn a high yield on your savings, you'd need to maintain accounts with separate bank
However, if you want to try out the new account and take advantage of its fee-free features, it could be worth considering. Just be sure to shop around and compare options from other digital banks before you apply to see if you can get better perks elsewhere.
Ready to Open an Experian Smart Money Digital Checking Account? Start here.
Additional Disclosures:
Ø Results will vary. Not all payments are boost-eligible. Some users may not receive an improved score or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost®. Three or more qualifying residential rent payments within a certain amount range within 6 months to a qualified property manager or rental payment platform with 1 such payment within 3 months are required to boost with rent. Rent may not be boost-eligible if a third party data-furnisher has already provided any rent or mortgage data to your Experian credit file. Learn more.
** Access to over 55,000 surcharge-free ATMs with the Allpoint ATM network. You may be charged a fee for out-of-network ATM.
‡ To be eligible for the $50 bonus, your Experian Smart Money™ Digital Checking Account must be credited with at least $1,000 in direct deposits within 45 business days of opening your account, and your account must stay active and in good standing at the time the bonus is paid. The bonus will be deposited into your account within 10 business days, once earned.
† Direct deposits are generally available up to 2 days earlier than the payment date specified. Early access to your direct deposit is not guaranteed and may vary from deposit to deposit.
¶ See the full Experian Smart Money™ Digital Checking Account & Debit Card Agreement. Agreement.
Ben Luthi
Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.
