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Experian Smart Money Overview
Experian Smart Money is an overall solid checking account option. There is a $0 minimum opening deposit and no monthly service fee. You'll have access to online bill pay, money transfers, early direct deposit, and a network of 55,000+ Allpoint ATMs. The account comes with a debit card that you can add to your digital wallet and start using right away, plus access to Experian membership benefits like credit monitoring.
Experian Smart Money
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Banking services provided by CFSB, Member FDIC
Insider’s Rating
4/5
Perks
Earn $50 bonus when you set up direct deposit
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
Bonus
Earn $50 bonus when you set up direct deposit
$50
Pros
- Build credit with a checking account
- No minimum opening deposit
- No monthly fees
- No overdraft fees
- Early direct deposit
- Online bill pay and money transfers
- Large free ATM network
- Free financial tools
Cons
- No physical branches
- $3 out-of-network ATM fee
- No overdraft protection; if a transaction would overdraw your account, it will be denied
- Only works with Experian credit reports
Insider’s Take
The best checking accounts have low fees and are easy to use — Experian Smart Money offers both with zero fees, plus access to an extensive ATM network and a user-friendly mobile app. The account stands out because it helps you improve your credit score when you make everyday bill payments. For this reason, the account is best for people who are just starting to build credit or could use help improving it.
Product Details
- Online checking account and debit card aimed to boost your credit score
- Build credit by paying bills that wouldn’t affect your credit score otherwise, including streaming services and phone bills
- 55,000+ free ATMs in the Allpoint network
- Deposits are FDIC-insured for up to $250,000 through partner bank Community Federal Savings Bank
Experian Smart Money Pros and Cons
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About Experian Smart Money
Experian is one of the three major credit bureaus in the U.S. In 2023, the company unveiled a checking and debit card account called Experian Smart Money to help you boost your credit score.
Experian Smart Money is designed for people actively seeking ways to improve their credit scores and those just starting their financial journey. It doesn't look into your banking history through ChexSystems like most banks do, so poor banking history shouldn't stop the company from letting you open an account. A poor credit profile also isn't a factor in eligibility for an Experian account.
Your deposits are FDIC-insured for up to $250,000. You'll have access to a network of 55,000+ fee-free ATMs worldwide, Experian's highly rated mobile app, and live customer support seven days per week.
The Experian mobile app has 4.8 out of 5 stars in the Apple store and 4.7 out of 5 stars in the Google Play store.
Experian Smart Money Key Features
Experian Boost
The account comes with a free feature called Experian Boost, which gives you credit for paying bills that don't usually impact your credit score. According to Experian, users whose scores increase with Boost see an average FICO score bump of 13 points.
Lenient Opening Requirements
The account has a $0 minimum opening deposit and no monthly service fee. Anyone in the United States who is over the age of 18 can open an account.
Cash Bonus
You can receive a $50 bonus when you set up direct deposit with this account. You must receive $1,000 in direct deposits in the first 45 business days to get the bank account bonus.
How Experian Smart Money Works
You can open Experian Smart Money if you are at least 18 and live in the United States. You must include your Social Security number when applying for the account.
You can access the Experian Smart Money Digital Checking Account online or via Experian's mobile app. The account connects to Experian Boost to help you get credit for some of the bills you already pay, including:
- Mobile and landline phone bills
- Utility bills (gas, water, electric, solar)
- Online residential rent payments
- Internet, cable, and satellite providers
- Video streaming subscriptions
- Trash collection services
Normally, your payment history for these bills wouldn't factor into your credit score. However, using Experian Boost can help you improve your score, whether you're new to establishing credit or trying to rebuild.
Aside from the Experian Boost feature, the Experian Money Digital Checking Account works similarly to other online checking accounts. You can deposit money by setting up direct deposit, transferring money from another bank account, or depositing cash at a retail store in the Mastercard rePower Load Network.
Is Experian Trustworthy?
In general, Experian is recognized worldwide as a safe and trustworthy credit reporting agency. Still, Experian has a B- rating with the Better Business Bureau (BBB) due to the number of complaints customers have filed against the business, the length of time Experian takes responding to the complaints, the fact that not all of the complaints have been resolved, and government actions against the company.
In November 2022, 40 U.S. states entered into two settlements with Experian over data breaches in 2012 and 2015. Experian paid money in the settlements, agreed to improve its data security, and promised five years of free credit monitoring to customers who were impacted by the breaches.
According to the Identity Theft Resource Center, Experian hasn't had any data breaches within the last five years. The Consumer Financial Protection Bureau has received only a handful of complaints about Experian Smart Money. However, it has received thousands regarding Experian, most of which involve incorrect information on credit reports.
Compare Experian Smart Money
Experian Smart Money vs. Credit Karma Money
The Credit Karma Money Spend Account and Experian Smart Money both offer early direct deposit, online bill pay, and 55,000 free Allpoint ATMs — with no monthly service fees or minimum balance requirements. Credit Karma Money lets you earn cash back on select everyday debit card purchases, which is something Experian Smart Money doesn't offer.
Both accounts help you build credit, but in different ways. Experian Smart Money gives you credit for making everyday bill payments. With Credit Karma Credit Builder, you open a Credit Karma Money Spend Account and receive a line of credit. You can transfer money from your line of credit into your Credit Builder savings account each month, then build credit as you make monthly repayments.
Experian Smart Money may be a better choice if you want credit for the bills you already pay, while Credit Karma makes sense if you can benefit from the line of credit.
Credit Karma Money Review
Experian Smart Money vs. Chime
Experian Smart Money and Chime have similar features, including no monthly or overdraft fees, no account minimums, early direct deposit, and highly rated mobile apps.
Chime offers two opportunities for building your credit. The first is through the Chime Credit Builder Secured Visa® Credit Card, which you can open provided you meet the age and identity requirements. (There's no credit check.) The other way is through Experian Boost, which is integrated into Chime's mobile app. Both are good options if you're actively building your credit or would have trouble qualifying for accounts at other banks.
Chime Review
FAQs
What is Experian Smart Money?
Experian Smart Money is a digital checking account and debit card that aims to help you build your credit score. The account offers access to 55,000+ fee-free ATMs worldwide, early direct deposit, free credit monitoring, online bill pay, and money transfers.
Is Experian Smart Money legit?
Yes, Experian Smart Money is a legitimate checking account and debit card. Funds are held at Community Federal Savings Bank, a Member FDIC bank, so your deposits are insured for up to $250,000.
How does Experian Smart Money help improve my credit score?
Experian Smart Money is connected to Experian Boost. Experian Boost includes your payment history of certain household bills in your Experian credit profile. You choose which bills to share, and up to two years of payment history is added to your Experian credit report. If you have a history of on-time payments, it can help boost your credit.
Can Experian Smart Money link all my financial accounts?
You can link Experian Smart Money to external bank accounts. Experian Smart Money also offers online bill pay — it has a list of some bill providers, or you can manually input your bill provider.
Is Experian Smart Money free to use?
Experian Smart Money has no monthly service fee or overdraft fees. There is a $3 out-of-network ATM fee and a foreign exchange fee that's either 3% of your transaction or $3.25 (whichever one is higher).
How does Experian Smart Money compare to other financial management tools?
Experian Smart Money is a unique option because it's automatically linked to Experian Boost, which helps you build credit for making on-time bill payments. Checking accounts usually don't have financial tools that help you build your credit. Instead, you might see tools that focus on managing expenses, like spending buckets or online bill pay.
What makes Experian Smart Money stand out from its competitors?
Experian Smart Money stands out as one of the best free checking accounts because it has no monthly service fee, no overdraft fees, early direct deposit, and free financial tools.
Why You Should Trust Us: How We Reviewed Experian Smart Money
We rate bank accounts on a scale from zero to five stars, with five being the best. We used Business Insider's rating methodology for checking, savings, and money market accounts for our Experian Smart Money review. We generally look at customer support, mobile app ratings, and the company's ethics, including recent public scandals and BBB ratings. We also consider minimum deposits, monthly service fees, overdraft fees, and ATM fees.
Jean Folger has 15+ years of experience as a financial writer covering real estate, investing, active trading, retirement planning, and retiring abroad. She is co-founder of PowerZone Trading, a company that has provided programming, consulting, and strategy development services to active traders and investors since 2004. Previously, Jean was a real estate broker, an English teacher, and a trip leader for an adventure travel company.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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