Experian Officially Launches Smart Money Checking Account
Smart Money debit card

Experian Officially Launches Smart Money Checking Account

The credit bureau Experian is expanding its platform and introducing a new checking product.

About the account:

After an initial soft launch, today, Experian officially announced its new Smart Money digital checking account and debit card.

The account will integrate with Experian Boost. When customers use their Smart Money debit card to pay for Boost-supported bills, such as utilities, rent, phone bills, etc., Experian will add these payments to the consumer’s credit files. In turn, users can help build their credit without needing to use a credit card or loan. According to Experian, more than 14 million users have tried Experian Boost (which connects to an existing checking account or credit card), with an average score increase of 13 points.

In addition to the Boost feature, the Smart Money account will give customers access to fee-free ATMs, allow them to receive their direct deposit payroll funds up to two days early, and more. The account has no monthly fees or balance minimums and is available to free and paid Experian members. Additionally, new Smart Money customers can currently earn a $50 bonus when they open an account and set up direct deposit.

More from Experian:

The debut of Smart Money comes on the heels of another announcement involving Experian. Last month, the credit bureau alongside Equifax and TransUnion confirmed that their free weekly credit report feature (which was introduced in 2020 and has been extended multiple times) would become permanent. Previously, consumers could only obtain their reports once per year. Individuals can request their free credit report by visiting AnnualCreditReport.com.

What they’re saying:

Announcing the new account, Group President of Experian Consumer Services Jeff Softley stated, “With Experian Boost and Experian Go, we enabled millions of people who pay bills regularly to leverage their positive payment history to build their credit profiles. Now, we’ve made it more seamless to have those positive payments reflected with the Experian Smart Money Digital Checking Account so more consumers can reach their fullest financial potential.” Softley continued, “We have been revolutionizing the way credit and everyday finances mingle, and this offering is a natural next step in how we are using our technology to provide consumers greater credit-building power and financial control.”

My thoughts:

On the one hand, it’s a bit odd that a credit bureau is offering a checking product. After all, these bureaus have long been companies that consumers were customers of without any direct interaction. Of course, that’s changed in recent years — especially with Experian as they’ve not only offered premium credit monitoring but also their Boost product and now Smart Money.

In any case, the account itself seems like a decent option for those who want to take advantage of Boost without linking an external account. However, I’m a bit surprised that the account doesn’t double as a secured credit card akin to some credit-building FinTech options. Nevertheless, I’ll be interested to see how Experian Smart Money is received – and I might open an account myself in order to score that $50 bonus.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

2 Qatar Airways Privilege Club Credit Cards

Cardless Launches Two Qatar Airways Co-Branded Credit Cards

The FinTech startup Cardless is partnering with Qatar Airways to offer two new co-branded cards to the American market. About the cards: Recently, Cardless introduced its two latest rewards credit cards: The Qatar Airways Privilege Club Signature Card and the Qatar Airways Privilege Club Infinite Card. Starting with the Signature card, it earns 4x Avios on Qatar Airways purchases plus 2x Avios on dining purchases, and 1x Avios on all...
Yendo logo and credit card

Vehicle-Secured Credit Card Company Yendo Raises $165 Million

A FinTech that offers the first-ever credit card secured by a customer's vehicle has announced its latest round of funding. About the round: This week, Yendo announced that it had raised $165 million. However, this includes $150 million in debt financing and $15 million in equity. The debt portion was led by i80 group, while the strategic investors that participated in the equity round were not disclosed. Yendo previously raised...
woman holding her hands to her temple thinking

Lessons From a First-Time Home Buyer: Worst Time to Buy a House? There Are Always Exceptions

If you've been thinking about buying a house, looking at the news lately has likely disheartened you. As CNN reports, a recent Gallup poll found that 76% of Americans believe it's a bad time to buy — with only 21% saying it's a good time. There are several reasons for that sentiment, with the top two being the combination of high interest rates and high home prices. So, are you...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...