Experian Smart Money Digital Checking Account Review

4.3

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Quick Take: Experian's Smart Money Digital Checking account allows you to build credit without taking on any debt. Instead, your credit score might grow when you pay certain bills, like your rent or utilities, on time. Additionally, the account comes with no monthly fees or minimum balance requirements to keep track of.

Experian Smart Money Digital Checking Account Overview

Experian’s Smart Money Digital Checking account comes with no minimum balance requirements or monthly fees. While that’s a nice start, the checking account really stands out by offering a way to build your credit without taking on debt. If you are looking to build credit but don’t want to slide into debt, this checking account could be the perfect fit. However, you won’t find any interest-bearing privileges with this account, which means your money won’t be growing on its own.

Key Features

If you are thinking about opening an Experian Smart Money Digital Checking account, here are the most important features to consider.

Perks

Experian’s Smart Money Digital Checking account offers a big perk in the form of credit building. The account connects to Experian Boost automatically, which gives you a chance to build credit by paying certain bills. Although the payments traditionally don’t impact your credit, Experian Boost makes it possible to build credit through phone bills, utility bills, online rent payments, internet bills, streaming services and more. This means you don’t have to take on debt to build credit. You can use this account instead.

Additionally, account holders who set up direct deposit could earn a $50 bonus. You’ll need at least $1,000 in direct deposits within 45 business days of opening the account.

Access

Since Experian isn’t a bank, it doesn’t offer any physical branches to manage your account. Instead, you can tackle everything related to your account management through the mobile app. The highly rated mobile app can make it easy to handle your funds.

In order to get money into your account, you can transfer funds from another financial institution or set up a direct deposit from your employer. You also have the option to deposit cash with the help of participating retailers like CVS and Walmart.

To spend the funds, you can use a virtual debit card to start spending immediately. Or request a physical debit card to reach you via mail. Notably, banking services are provided by Community Federal Savings Bank. You can use this debit card to access over 55,000 fee-free ATMs in the Allpoint ATM network.

Fees

Experian’s Smart Money Digital Checking account doesn’t come with any monthly fees or minimum deposit requirements. But depending on how you plan to use the account, you might run into some fees.

For example, the foreign transaction fee is 3% or $3.25, depending on which one is greater. Out-of-network ATM transactions come with a $3 fee. While it is free to request your first physical debit card, replacement cards are $5 each.

How Experian’s Smart Money Digital Checking Account Stands Out

The key feature that stands out with this checking account is the ability to build credit without taking on debt. Through Experian’s Smart Money Digital Checking account, the seamless connection to Experian Boost could help you grow your credit score. If you pay your bills on time, you could get credit for paying things like your rent or utility bills. For anyone building credit, this can be a perk well worth taking advantage of.

Comparable Checking Account Options

The Experian Smart Money Digital Checking account isn’t the right fit for everyone. Here are some other options to consider.

Capital One 360 Checking

The Capital One 360 Checking account is an interest-bearing checking account that offers a way to put your cash to work. In addition to earning interest, the account doesn’t come with any monthly fees or minimum deposit requirements.

SoFi Checking

SoFi’s checking account is another interest-bearing account, with a current APY of . Someone looking for a way to grow their funds with interest earnings and lean on automated savings features can find a lot to like with SoFi Checking. But you’ll need to be comfortable with managing your account entirely online.

Who Experian’s Smart Money Digital Checking Account Is Best For

Experian’s Smart Money Digital Checking account is the best fit for someone trying to build their credit score without taking on any debt or someone trying to rebuild their credit score. For those who already have a good credit score, opening this unique checking account might not do too much for your financial situation.

One of the major downsides to this account is that it doesn’t offer any interest-bearing options. While it’s not unusual for a checking account to lack an interest-bearing feature, it is possible to find interest-bearing checking accounts. If you want to grow the money that’s sitting in your checking account, Experian’s Smart Money Digital Checking account might not be the best fit.

Final Take

It’s rare to find a checking account designed to help you build your credit score. If you are looking for a way to grow your credit without making too many changes, Experian’s Smart Money Digital Checking account might be the perfect match. But if you don’t think this account is the right fit, keep looking to find the best checking account for your unique situation.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 25, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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