Core Insights - Experian has launched a new savings account called the Smart Money Digital Savings Account, offering an annual percentage yield (APY) ranging from 2% to 4% based on membership levels [1][2] Membership and APY Structure - The APY is tiered according to the Experian membership level, with the following structure: - 4.00% for memberships costing $24.95 monthly or $249.99 annually and above - 3.00% for memberships costing between $0.01 to $249.99 annually - 2.00% for free memberships [3] Banking and Insurance - Experian is not a bank; its banking services are provided by Community Federal Savings Bank (CFSB), which is insured by the Federal Deposit Insurance Corp. (FDIC), protecting deposits up to $250,000 per depositor [4] Membership Eligibility - Memberships that qualify for the savings account include Experian CreditWorks, Experian IdentityWorks, Experian Premium, or Experian CreditCheck, all of which provide credit monitoring and alerts [5] Additional Features - Savings account holders with a connected Smart Money Digital Checking account can round up debit card purchases to the nearest dollar and transfer the difference to their savings account, available only to paid members [6] Competitive Comparison - The highest APY offered by Experian is competitive with leading high-yield savings accounts from banks or credit unions, many of which also charge no monthly fees [7] Considerations for Users - When selecting a savings account, factors beyond APY and fees should be considered, such as deposit and withdrawal methods, as Experian's options are limited to bank transfers or direct deposits [8]