How Does Experian Smart Money™ Compare?

Quick Answer

Experian Smart Money™ is a new digital checking account and debit card that links to Experian Boost®, which gives you credit for eligible bill payments. Some of its standout benefits include no monthly fees and access to more than 55,000 fee-free ATMs.

A hand holding a purple debit card up to a POS device at a cafe.

To view important disclosures about the Experian Smart Money™ Digital Checking Account & Debit Card, visit experian.com/legal.

With no shortage of financial tools out there, deciding which option works best for you can be overwhelming. After all, juggling your money and credit goals can feel like spinning too many plates at once. Now there's a new way to manage your credit and finances easily and build credit without debt.

The Experian Smart Money™ Digital Checking Account & Debit Card marries your checking to your credit by linking to Experian Boost®ø. That could help you get credit for the eligible bill payments you already make.

As a feature of Experian's free or paid membership, Experian Smart Money offers a host of financial tools that can help you level up your financial health. Here's how Experian Smart Money stacks up to other financial tools.

How Does Experian Smart Money Work?

Experian Smart Money works by creating a seamless connection between your digital checking account and your credit. The Experian Smart Money Digital Checking Account links to Experian Boost to scan your transactions for eligible payments that could raise your FICO® Score (after three months of payments)—while also providing benefits that allow you to manage your money and credit easily.

Whether you're new to building credit or are working to improve a low score, getting credit for the payments you already make can be a game changer. Your payment history is the single biggest factor in determining your FICO® Score.

What Makes Experian Smart Money Different?

Here's a breakdown of the features that make Experian Smart Money stand out from other digital checking accounts and financial tools.

Build Credit Without Debt

Experian Smart Money links to Experian Boost, which could help you build credit without debt by scanning your transaction history for eligible payments that could potentially raise your FICO® Score.

Get Paid Sooner

You could get your paycheck up to two days early when you set up direct deposit to your Experian Smart Money Digital Checking Account. You may also be eligible to earn a one-time $50 bonus for using direct deposit.

Avoid Junk Fees

Experian Smart Money doesn't charge any monthly fees. Plus, you'll never be charged minimum balance fees, and you don't need to maintain a minimum balance to keep your account open. So you can set up your account with however much money works for you. You won't be charged for making transfers, using bill pay or setting up direct deposit.

You can also request a physical debit cardΔ (once your account is funded) and withdraw cash without paying a fee from a network of over 55,000 fee-free ATMs**. Use the built-in ATM finder in the Experian app to find an ATM that's convenient to you.

In addition to Experian Smart Money's benefits, through your Experian account, you'll have access to your Experian credit report, FICO® Score and alerts when there are changes in your report and FICO® Score. Within your account dashboard you'll also find snapshots of your credit utilization and a clear view of your cash flow for connected accounts each month, which could help you improve your financial health over time.

Experian Smart Money vs. Banks

Experian isn't a bank—but through your Experian membership you can open a digital checking account. You'll still get the financial tools you rely on to access your money on the go and you'll get instant access to your virtual debit card (and the option to request a physical card once your account is funded), plus essentials like online bill pay and money transfers#.

Some banks require applicants to deposit a certain amount of money, called a minimum deposit, to open an account. Experian Smart Money has no minimum deposit requirements, so you can open an account and deposit however much money works for you. You'll also never be charged a fee for a low account balance.

Experian Smart Money Digital Checking Accounts are held at Community Federal Savings Bank (CFSB), member FDIC. That means your deposits are insured up to $250,000 per depositor§.

Should I Use Experian Smart Money?

Experian Smart Money may work well for you if you like to primarily bank online. People over age 18 who reside in the 50 U.S. states and the District of Columbia may be eligible to open an Experian Smart Money Digital Checking Account, and everyone can benefit from the financial tools that come with an Experian membership.

Experian Smart Money links to Experian Boost to help you automatically get credit for the eligible bills you already pay, including utilities, rent and streaming subscriptions. That's beneficial to anyone who wants to build credit. If you currently have little to no credit or a poor to fair credit score, your FICO® Score may benefit the most from adding eligible payments with Boost.

Make Your Money Work for You

With no shortage of financial apps out there, it can be difficult to wade through the noise and find what works best for you. Experian Smart Money can bridge the gap between your spending and your credit to help you build a stronger financial future.