Smartly is an online checking account with no monthly fees or minimum balance
Smartly is a checking account offered through a partnership between Customers Bank and a fintech company. It has no monthly maintenance fee, no minimum balance requirement, and no overdraft fees. You open it entirely online, and you can deposit checks by taking a photo with your phone.
The account comes with a debit card and access to a network of ATMs where you can withdraw cash for free. You also get online bill pay, mobile banking, and the ability to set up direct deposit. Interest rates on the account balance are typically very low or zero, depending on the current market and the account tier you choose.
Smartly markets itself to people who want a straightforward checking account without the fees that traditional banks charge. It's not a savings account, a money market account, or an investment product — it's a place to keep money for everyday spending and bill payments.
Key Takeaways
- Smartly charges no monthly fee, has no minimum balance, and does not charge overdraft fees.
- You can open an account online in minutes and deposit checks by photographing them with your phone.
- The account includes a debit card, online bill pay, and access to ATMs in the Allpoint network at no charge.
- Interest earned on your balance is typically very low or zero, so Smartly is for spending and bill payment, not for saving.
- You will need to provide your Social Security number, proof of identity, and proof of address to open an account.
How to open a Smartly checking account
You start on the Smartly website or mobile app. The process asks for your name, date of birth, Social Security number, and current address. You'll upload a photo of a government-issued ID — a driver's license or passport — and Smartly verifies it electronically.
Next, you confirm your address. Smartly may ask you to verify a small deposit that appears in your account within a few business days, or it may verify you immediately depending on what information it can cross-check. Once verification is complete, your account is active and you can start using it right away.
Your debit card arrives in the mail within 7 to 10 business days. Until it arrives, you can use your account number and routing number to set up direct deposit, or you can transfer money from another bank account you own.
What fees Smartly does and does not charge
Smartly does not charge a monthly maintenance fee, a minimum balance fee, an overdraft fee, or a non-sufficient funds fee. You will not be charged for using an ATM in the Allpoint network, which includes over 55,000 ATMs worldwide. There is no fee for online bill pay, mobile check deposit, or transferring money between your Smartly account and another bank account you own.
Smartly does charge fees in specific situations. If you use an ATM outside the Allpoint network, you pay whatever that ATM operator charges — Smartly does not reimburse it. If you order expedited delivery of a replacement debit card, there is a fee. If you request a paper statement, some versions may have a fee depending on your account type.
If your account goes negative and you do not bring it back to zero within a set period, Smartly may close the account. This is not an overdraft fee, but it is a consequence of maintaining a negative balance long-term.
How Smartly's debit card and ATM access work
Your Smartly debit card works like any other debit card at stores, restaurants, and online retailers. You swipe, insert, or tap it to pay, and the money comes directly from your checking account. There is no credit line — you can only spend what you have in the account.
For cash withdrawals, you can use any ATM in the Allpoint network at no charge. Allpoint includes ATMs at many grocery stores, pharmacies, and convenience stores, as well as standalone ATM networks. You can find a nearby Allpoint ATM using the Smartly app or the Allpoint website.
If you need cash from an ATM that is not part of Allpoint, you will pay whatever fee that ATM charges. Some ATMs charge $2 to $4 per withdrawal. Over time, using out-of-network ATMs can add up, so most Smartly users plan their cash withdrawals around Allpoint locations.
Mobile check deposit and how it works
Smartly lets you deposit checks by taking photos with your phone through the mobile app. You photograph the front and back of the check, enter the amount, and submit it. The check image is encrypted and sent to Smartly's processing system.
Smartly typically credits the deposit to your account within one business day. Some checks may take longer depending on the amount or the bank that issued the check. You do not need to mail the check or visit a branch — the entire process happens on your phone.
After you submit a mobile deposit, you should write "deposited" on the check and keep it for at least 30 days in case Smartly or the issuing bank needs to verify it. Do not deposit the same check twice, and do not deposit a check that has already been deposited elsewhere.
Interest rates and how Smartly compares to other banks
Smartly's checking account earns little to no interest on your balance. The rate varies depending on market conditions and your account tier, but it is typically far below what you would earn in a high-yield savings account. If earning interest on your money is important to you, Smartly is not the right account for that goal.
Smartly's main advantage over traditional banks is the lack of fees, not the interest rate. A traditional bank might charge $10 to $15 per month in maintenance fees, require a minimum balance of $500 or more, and charge $35 per overdraft. Smartly charges none of those. Over a year, the fee savings can be substantial.
If you want both no fees and interest on your balance, you would need to open a Smartly checking account for spending and a separate high-yield savings account at another bank for saving. Many people do this — they use Smartly for everyday transactions and keep their emergency fund or savings in a different account that earns interest.
What happens if you overdraw your account
If you spend more money than you have in your Smartly account, the transaction may be declined at the point of sale. Your debit card will not work, and you will not be able to complete the purchase. This is different from traditional banks, which often allow the transaction to go through and then charge you an overdraft fee.
In some cases, a transaction may post after your balance has already been spent on another transaction. If this happens and your account goes negative, Smartly does not charge an overdraft fee. However, you are still responsible for bringing the account back to zero. If the negative balance persists for an extended period, Smartly may close the account.
To avoid this situation, monitor your balance regularly through the app or online banking. Set up alerts so you know when your balance drops below a certain amount. Link your Smartly account to another bank account so you can transfer money quickly if you need it.
Frequently Asked Questions
Can I set up direct deposit with Smartly?
Yes. You can provide your employer or benefits administrator with your Smartly account number and routing number, and they can deposit your paycheck or benefits directly into your account. Direct deposit typically posts within one to two business days of being submitted.
What if I lose my Smartly debit card?
Contact Smartly through the app or website immediately to report the card lost or stolen. Smartly will deactivate the card so no one else can use it. A replacement card will be mailed to you at no charge within 7 to 10 business days. You can request expedited delivery for a fee if you need the card sooner.
Can I transfer money from Smartly to another bank account?
Yes. You can link another bank account you own and transfer money between Smartly and that account. Transfers typically take one to three business days. There is no fee for this service.
Is Smartly FDIC insured?
Yes. Smartly checking accounts are held at Customers Bank, which is FDIC insured. Your account is covered up to $250,000 per depositor, per bank, per ownership category. This means your money is protected if the bank fails.
Can I close my Smartly account anytime?
Yes. You can close your account through the app or website anytime. Make sure you have withdrawn or transferred all your money first. Once the account is closed, you cannot reopen it under the same account number.