Experian's Digital Checking Account (Reviewed)

Experian just released a digital checking account. It features a $50 bonus and a virtual card. As of October 2024, Experian is the only credit bureau (the other two are TransUnion and Equifax) to offer this type of account. While Experian is not a bank, it partnered with Community Federal Savings Bank (CFSB) to offer this service. Here's what we like and what we don't.

Pros	Cons
No monthly fees No minimum balance Virtual card $50 cash bonus (with specific requirements) Can deposit cash through money transfer services	Doesn't earn interest Low cash bonus Can only link a checking account for deposits (not savings account) Experian doesn't specify the rate that money is swept to partner bank. Only money in partner bank is FDIC insured.

Overall, the Experian account is intended for individuals trying to raise their credit scores. The Experian website uses language like "build credit without the debt." If this isn't your situation, we think there are better financial products out there.