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Additionally, the account comes with no monthly fees or minimum balance requirements to keep track of.
Perks
Experians Smart Money Digital Checking account offers a big perk in the form of credit building.
This means you dont have to take on debt to build credit.
you might use this account instead.
Additionally, account holders who set up direct deposit could earn a $50 bonus.
Youll need at least $1,000 in direct deposits within 45 business days ofopening the account.
Access
Since Experian isnt abank, it doesnt offer any physical branches to manage your account.
Instead, you could tackle everything related to your account management through the mobile app.
The highly rated mobile app can make it easy to handle your funds.
You also have the option to deposit cash with the help of participating retailers like CVS and Walmart.
Or request a physical debit card to reach you via mail.
Notably, banking services are provided by Community Federal Savings Bank.
Fees
Experians Smart Money Digital Checking account doesnt 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.
Out-of-web connection ATM transactions come with a $3 fee.
While it is free to request your first physical debit card, replacement cards are $5 each.
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 isnt the right fit for everyone.
Here are some other options to consider.
In addition to earning interest, the account doesnt come with any monthly fees or minimum deposit requirements.
SoFi Checking
SoFis checking account is another interest-bearing account, with a current APY of.
But youll need to be comfortable with managing your account entirely online.
One of the major downsides to this account is that it doesnt offer any interest-bearing options.
Final Take
Its rare to find a checking account designed to help you build your credit score.
Rates are subject to change; unless otherwise noted, rates are updated periodically.
All other information on accounts is accurate as of June 25, 2024.
