Experian has introduced a digital savings account offering variable interest rates and automated savings features for its members.
Following this announcement, the US-based credit reporting company has launched the Experian Smart Money Digital Savings Account, which offers variable Annual Percentage Yields (APYs) of up to 4%, with no minimum deposit requirement. The account is available to Experian members and includes daily compounding interest on all balances.
In addition, the product extends Experian's consumer financial services portfolio beyond credit monitoring and reporting. According to the company, the APY rate represents approximately ten times the national average savings rate in the US, though the rate is variable and subject to change.
Automated savings and account integration
According to the official press release, the savings account will include a Round Up feature for members who hold both the Experian Smart Money Digital Checking Account and Digital Savings Account, alongside an eligible paid membership. This function rounds up debit card purchases from the checking account to the nearest dollar, with the difference automatically transferred to the savings account.
Experian cited internal research indicating that increased saving is a priority among consumers, positioning the automated transfer feature as a response to this demand. The account does not require direct deposit arrangements, allowing flexibility in how members fund their savings.
Moreover, the savings product operates within Experian's existing membership structure, which provides access to credit reports, credit monitoring, dark web monitoring, and comparison services for insurance and credit cards. An artificial intelligence-powered assistant is also available to members for financial guidance based on their credit profiles.
Banking services for the Experian Smart Money accounts are provided by Community Federal Savings Bank, a Member FDIC institution. The Experian Smart Money Debit Card is issued by Community Federal Savings Bank under licence from Mastercard International. Experian functions as a programme manager rather than a banking entity.
The launch follows Experian's positioning as what it describes as a 'financial co-pilot' for consumers, expanding its role beyond credit data services into transactional banking products. The company stated the savings account is designed to support members across different stages of their financial management, from emergency fund creation to wealth accumulation.
