Experian has launched a digital savings account offering variable interest rates and automated savings features for its members.
The newly introduced Experian Smart Money Digital Savings Account provides an APY of up to 4%, with no minimum deposit required. Daily compounding interest applies to all balances held in the account.
This addition expands Experian’s consumer financial services, moving beyond traditional credit monitoring and reporting. The company states that this rate is significantly higher than the national average savings rate in the US, though it remains subject to fluctuation.
Automated Savings and Account Integration
The savings account includes a Round Up feature for members who use both the Experian Smart Money Digital Checking Account and an eligible paid membership. This function rounds up debit card purchases from the checking account to the nearest dollar, with the difference transferred automatically into the savings account.
Experian notes that increased saving is a key priority among consumers, positioning the Round Up feature as a response to this demand. Members can fund their savings flexibly without needing direct deposit arrangements.
The Experian Smart Money accounts operate within the company’s existing membership structure, which offers access to credit reports, credit monitoring, dark web monitoring, and comparison services for insurance and credit cards. An AI-powered assistant is available to members for financial guidance based on their credit profiles.
Banking services are provided by Community Federal Savings Bank, an FDIC-insured institution. The Experian Smart Money Debit Card is issued by Community Federal Savings Bank under license from Mastercard International. Experian serves as a program manager, not a banking entity.
The launch continues Experian’s strategy of positioning itself as a ‘financial co-pilot’ for consumers, expanding its role into transactional banking products. The savings account is designed to support members at various stages of financial management, from emergency fund creation to wealth accumulation.
