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To view important disclosures about the Experian Smart Money™ Digital Checking Account & Debit Card, visit experian.com/legal.
Tax season can be exciting when you're expecting to end up with money back in your pocket. But, as is the case with any influx of cash, choosing what to do with the refund Uncle Sam owes you can be overwhelming. For starters, where should you deposit the funds?
Using the Experian Smart Money™ Digital Checking Account and Debit Card for your tax refund could give you a way to build credit over timeØ if you use the account for eligible bill payments. Here's how it works.
How Does Experian Smart Money Work?
Experian Smart Money is a digital checking account and debit card that you can open through a free or paid Experian membership. Anyone over age 18 who resides in the 50 U.S. states and District of Columbia is eligible to open an Experian Smart Money Digital Checking Accountӂ.
The Experian Smart Money Digital Checking Account and Debit Card links to Experian Boost®ø to give you credit for eligible bills you pay with your debit card. For a bill to qualify, you'll need to make at least three eligible payments within the last six months, including a payment within the last three months.
How to Deposit Your Tax Refund Into Your Experian Smart Money Account
It's easy to deposit your tax refund into your Experian Smart Money Digital Checking Account. Here are steps to follow:
- Sign up for an Experian Smart Money Digital Checking Account. To open an Experian Smart Money Digital Checking Account, you'll need either a free or paid Experian membership. Once you have a membership, you can open an Experian Smart Money account by navigating to Experian.com or through your Experian account app. It's free to sign up, and registering only takes a few minutes. Once you're approved, you can add your debit card to your digital wallet if you want to start using it right away with contactless tap to pay.
- Request IRS direct deposit when you file taxes. After you've filled out your tax returns and are preparing to file, your tax software will prompt you to choose how you'd like to receive your refund. Select the option for direct deposit. Alternatively, if you're working with a tax preparer, let them know that you want direct deposit for your refund.
- Enter your account information. To finish setting up your refund deposit, enter your Experian Smart Money Digital Checking Account routing number and account number. Double-check your numbers for accuracy, and hit submit. Alternatively, provide these numbers to your tax preparer.
- Wait for your deposit. You may be able to sign up for processing alerts from the IRS through your tax software to stay updated on the status of your refund. Once you have funds in your account, you can also request a physical debit card at no cost and use it for withdrawals and deposits too#.
Benefits of Using Experian Smart Money for Your Tax Refund
Depositing your tax refund in your Experian Smart Money Digital Checking Account and Debit Card offers several advantages.
- No account minimums: Minimum opening deposits or low balance fees can be a huge barrier to getting started with banking. But there's no minimum deposit to open an Experian Smart Money Digital Checking Account. Plus, you won't be charged fees if you have no money in your account. Receiving your tax refund can take time, and you don't want to have to worry about fees for a low account balance in the interim.
- No junk fees: Opening a digital checking account to house your tax refund shouldn't mean forking over money to junk fees. The Experian Smart Money Digital Checking account doesn't charge monthly fees¶. There also are generally no fees to make transfers, set up direct deposit or pay your bills.
- Link your bill payments to Experian Boost: An Experian Smart Money Digital Checking Account links to Experian Boost to give you credit for eligible bill payments. Switching over bills like rent, cell phone, streaming and utilities to your digital checking account could help you add positive payment history to your Experian credit file and improve your FICO® Score☉ powered by Experian.
- Use your account right away: Upon signing up for an Experian Smart Money Digital Checking Account, you'll get instant access to your virtual debit card. Once you fund your account, you can also request a physical debit cardΔ. You'll also get instant access to digital checking essentials like online bill pay and money transfers.
- Federal Deposit Insurance Corp. (FDIC) insured: The Experian Smart Money Digital Checking Account is issued by the Community Federal Savings Bank (CFSB), member FDIC§. That means money you deposit into your account is insured up to $250,000 for each account ownership category.
- Access to a large network of ATMs: You'll pay nothing to withdraw money from your Experian Smart Money Digital Checking Account at more than 55,000 fee-free ATMs worldwide**.
The Bottom Line
Managing your financial life is a balancing act, and tax season can be a particularly demanding time. Deciding where to put your tax refund—and how to spend it—comes down to your personal goals. The Experian Smart Money Digital Checking Account could be a good option, especially if your priorities include limiting checking fees and integrating credit-building toolsØ. Alongside your account, you'll also have access to your credit report and FICO® Score, credit report monitoring and more through your Experian membership.