Bank Smartly is a mobile-first checking account with no monthly fees and no minimum balance
Bank Smartly is an online checking account designed for people who want to manage money through their phone or computer rather than visiting a physical branch. The account charges no monthly maintenance fee, requires no minimum balance to open or keep the account active, and offers a debit card that works at any ATM or store that accepts Visa.
The account is run by Customers Bank, a Pennsylvania-based bank that is insured by the Federal Deposit Insurance Corporation (FDIC), which means your money is protected up to $250,000 if the bank fails. You open the account entirely online — no paperwork, no appointment needed — and can start using it within minutes of approval.
Bank Smartly does not offer physical branches or in-person service. If you need to deposit cash or speak to someone face-to-face, this account is not the right fit. But if you handle most banking through your phone and rarely need to deposit cash, the low cost and straightforward setup make it worth considering.
Key Takeaways
- Bank Smartly charges no monthly fee and has no minimum balance requirement, so there is no cost to open or maintain the account.
- You manage the account entirely through the mobile app or website — there are no physical branches to visit.
- The account includes a Visa debit card, access to ATMs nationwide, and FDIC insurance protection up to $250,000.
- Direct deposit is available, and you can transfer money to and from other banks using ACH transfers or wire transfers.
- The account does not offer check writing, so you cannot pay bills by mailing a check.
How to open a Bank Smartly checking account
Opening the account takes about five to ten minutes and requires a valid government-issued ID, your Social Security number, and a phone number or email address. You download the Bank Smartly app or visit the website, enter your personal information, and verify your identity. The bank may ask you to take a photo of your ID or answer security questions to confirm who you are.
Once you are approved — usually within minutes — you receive a temporary debit card number that you can use immediately to make online purchases or withdraw cash at ATMs. Your physical debit card arrives by mail within seven to ten business days. You can start using the account right away, even before the card shows up.
You do not need to have money in the account to open it. The account is free to open and free to keep open, so there is no penalty if you want to wait before depositing your first dollar.
Fees and costs you should know about
Bank Smartly charges no monthly maintenance fee, no overdraft fee, and no fee for using your debit card. There is no fee to transfer money between Bank Smartly and another bank, and no fee to receive direct deposit.
However, the bank does charge fees in specific situations. If you overdraw your account — spend more money than you have — Bank Smartly does not allow the transaction to go through, so you will not face an overdraft fee. But if you use an out-of-network ATM (an ATM that is not part of the Allpoint network), you may be charged a fee by the ATM operator, not by Bank Smartly. The bank reimburses some of these fees, but not all, depending on the ATM.
Wire transfers to other banks cost $15 to $25, depending on whether the transfer is domestic or international. Incoming wire transfers are free. If you need to close the account, there is no closing fee.
How deposits and withdrawals work
You can deposit money into your Bank Smartly account through direct deposit, ACH transfer from another bank, or wire transfer. You cannot deposit cash or checks directly through the app — there is no mobile check deposit feature and no way to deposit cash at a Bank Smartly location because the bank has no physical branches.
If you receive a paper check and need to deposit it, you have two options: transfer the money from another bank account you control (if the check is already deposited there), or ask the person or organization who issued the check to send the money by direct deposit or ACH transfer instead. Some employers and government agencies will do this if you ask.
Withdrawals work through your debit card at any ATM in the Allpoint network, which includes over 55,000 ATMs worldwide. You can also withdraw money by transferring it to another bank account you own. There is no limit on how many withdrawals you can make per month.
Direct deposit and bill payment options
Bank Smartly supports direct deposit, so you can have your paycheck, tax refund, or government benefit payment sent directly to your account. To set up direct deposit, you provide your employer or the paying organization with your Bank Smartly account number and routing number (9021000021). The money usually arrives within one to two business days of the scheduled deposit date.
The account does not include a checkbook or check-writing service, so you cannot pay bills by mailing a check. Instead, you can pay bills by transferring money to another account using the Bank Smartly app, or by giving your debit card number to the company you owe money to. Some bills can be paid through ACH transfer, which is free and takes one to three business days.
If you need to pay someone who only accepts checks, you can transfer money to another bank account you control and write a check from there. This adds an extra step but is possible if you have access to another checking account.
Security and fraud protection
Bank Smartly uses encryption to protect your login information and requires you to set up a PIN or biometric login (fingerprint or face recognition) on the app. If your debit card is lost or stolen, you can freeze or cancel it instantly through the app without calling customer service.
The account includes fraud protection under federal law. If someone uses your debit card without permission, you are liable for no more than $50 if you report the fraud within two business days, and no more than $500 if you report it within 60 days. After 60 days, you may lose all protection, so report fraud as soon as you notice it.
Bank Smartly also monitors accounts for suspicious activity and may contact you if unusual transactions appear. You can set up alerts through the app to notify you of every transaction, large transactions only, or low balance warnings.
When Bank Smartly checking might not be the right choice
Bank Smartly works well if you handle most banking through your phone, receive direct deposit, and rarely need to deposit cash or write checks. But it is not a good fit if you need any of the following: the ability to deposit cash or checks, access to a physical branch, check-writing capability, or customer service by phone (Bank Smartly offers support through the app and email only, not by calling a phone number).
If you have a job that pays you in cash, or if you receive checks regularly and do not want to transfer them through another bank, a traditional checking account at a bank with branches may serve you better. Similarly, if you prefer to speak to a person when you have questions, Bank Smartly's app-only support may frustrate you.
The account also does not offer overdraft protection or a savings account, so if you want to earn interest on money you are not spending right away, you would need to open a separate savings account elsewhere.
Frequently Asked Questions
Can I use my Bank Smartly debit card at any ATM?
You can use it at any ATM in the Allpoint network, which includes over 55,000 ATMs worldwide. Out-of-network ATMs may charge you a fee, though Bank Smartly reimburses some of these fees. Check the app to find Allpoint ATMs near you before you need cash.
What happens if I overdraw my account?
Bank Smartly does not allow overdrafts, so transactions will be declined if you do not have enough money. You will not be charged an overdraft fee because the transaction simply will not go through. This protects you from spending money you do not have.
How long does it take to receive my debit card in the mail?
Your physical debit card arrives within seven to ten business days of account opening. You can use a temporary card number immediately through the app to make online purchases or withdraw cash at ATMs while you wait for the physical card.
Can I deposit checks through the Bank Smartly app?
No, Bank Smartly does not offer mobile check deposit. If you receive a check, you can transfer money from another bank account you control, or ask the check issuer to send the money by direct deposit instead.
Is my money safe if Bank Smartly goes out of business?
Yes. Bank Smartly is FDIC-insured, which means your money is protected up to $250,000 if the bank fails. Your deposits are backed by the federal government, so you will not lose money due to bank failure.