Experian Targets Consumer Cash With High-Yield Savings Bet

Experian now offers consumers a high-yield digital savings account.

Available to consumers who have a paid membership with the company, the new Experian Smart Money Digital Savings Account currently offers variable annual percentage yields (APYs) up to 4%, according to a Monday (Feb. 9) press release.

The digital savings account has no minimum deposit or direct deposit requirement, according to the release.

Experian members who have both an Experian Smart Money Digital Checking Account and Digital Savings Account can use the company’s new Round Up feature that will round up their debit card purchases to the next nearest dollar and transfer the spare change to the savings account for automated savings, the release said.

The new savings account joins other benefits of an Experian membership that include access to a credit report, an auto insurance comparison shopping service, a credit card marketplace, dark web monitoring, credit monitoring, and an artificial intelligence-powered virtual assistant that can provide personalized educational information and tools for money management, per the release.

Community Federal Savings Bank (CFSB) is providing banking services and issuing the Experian Smart Money Debit Card, according to the release. The debit card is issued pursuant to a license from Mastercard International.

“Experian is committed to giving people smarter ways to manage their money as their financial co-pilot, and now they have even more opportunities to build a financial cushion,” Sean Healey, general manager of digital products, Experian Consumer Services at Experian, said in the release.

The company launched the Experian Smart Money Digital Checking Account and Debit Card in 2023, saying this product aims to provide consumers with a way to build credit without accumulating debt. The checking account allows consumers to pay eligible bills, such as utilities, rent and telecom, and have those payments added to their Experian credit file.

In another move, Experian said Tuesday (Feb. 3) that it plans to expand its presence in the mortgage industry by acquiring Own Up, an artificial intelligence-powered mortgage shopping platform. The company said the acquisition will add Own Up’s homebuying guidance and loan capabilities to Experian Marketplace, joining its existing ecosystem of credit cards, personal loans and auto insurance offers.