Bilt is a checking account, not a savings account

A Bilt account is a checking account. It comes with a debit card, lets you write checks, and is designed for everyday spending and bill payments — the same basic purpose as any other checking account at a traditional bank.

The main difference is that Bilt is built specifically around rent payments. When you pay your rent through the Bilt app or website, you earn rewards points on that transaction. With a regular checking account at a bank or credit union, you would not earn anything for paying rent.

If you are looking for a place to set money aside and earn interest, you would need a separate savings account. Bilt does not offer a savings product.

Key Takeaways

  • Bilt is a checking account with a debit card, designed for daily spending and bill payments.
  • The account earns you rewards points when you pay rent through the Bilt platform, which regular checking accounts do not do.
  • You cannot earn interest on money sitting in a Bilt account the way you can in a savings account.
  • If you want both checking and savings, you would open a Bilt checking account and a separate savings account elsewhere.

How Bilt checking works differently from a standard checking account

A standard checking account at a bank or credit union lets you deposit money, spend it with a debit card, pay bills, and write checks. Bilt does all of that. The difference is what happens when you pay rent.

When you use Bilt to pay your rent — either by transferring money to your landlord or by paying through the app — you earn points on that payment. Those points can be redeemed for travel rewards, gift cards, or statement credits. A regular checking account gives you no reward for paying rent; it is just a transaction.

Bilt also reports your on-time rent payments to the three major credit bureaus (Equifax, Experian, and TransUnion). This can help build your credit history if you do not have much credit yet or if you are rebuilding. Most checking accounts do not do this.

What you cannot do with a Bilt account

Because Bilt is a checking account, not a savings account, you cannot earn interest on your balance. If you keep $5,000 in your Bilt account, it will still be $5,000 next month — it will not grow.

A savings account, by contrast, earns interest. The amount varies depending on the bank and the current interest rate environment, but money in a savings account grows over time. If you want to save money and have it earn interest, you need a savings account, which Bilt does not offer.

You also cannot use Bilt as your only account if you want to save. You would need to open a savings account at another bank or credit union and transfer money there when you want to set it aside.

When to use Bilt versus a traditional checking account

Use Bilt if you pay rent regularly and want to earn rewards on those payments. The points add up over time, especially if you have a high rent payment. If you never pay rent — for example, if you own your home or live with family — Bilt offers less value than a regular checking account.

Use a traditional checking account if you want a simpler product without rewards, or if you prefer to bank with a credit union or a bank you already use. There is no penalty for choosing a regular checking account; it is just a different choice based on what matters to you.

Many people use both. They might open a Bilt account to pay rent and earn rewards, and keep a checking account at their main bank for other bills and spending. This is a common approach and works fine — you just need to manage two accounts instead of one.

How to move money in and out of Bilt

You can deposit money into Bilt through a bank transfer (also called an ACH transfer) from another account you own. You provide your Bilt account and routing number, and money moves from your other bank into Bilt, usually within one to three business days.

You can also set up direct deposit, so your paycheck goes straight into Bilt. This works the same way as direct deposit into any other checking account — you give your employer your Bilt account and routing number.

To move money out, you can transfer it back to another account you own, or use your Bilt debit card to spend it. You can also write checks from Bilt, though this is less common for younger account holders.

Fees and costs

Bilt charges no monthly account fee. There is no minimum balance required to keep the account open. You do not pay to use the debit card or to make transfers.

You may pay fees if you overdraft your account (spend more than you have), but this is true of most checking accounts. Bilt's overdraft policy is the same as other banks: if you go negative, you will be charged a fee unless you have overdraft protection set up.

Frequently Asked Questions

Can I earn interest on money in my Bilt account?

No. Bilt is a checking account, and checking accounts do not earn interest. If you want to earn interest on your money, you need a separate savings account at Bilt, another bank, or a credit union.

Do I need a Bilt account to pay rent?

No. You can pay rent with any checking account, a credit card, a money order, or a check. Bilt is useful only if you want to earn rewards points on your rent payments and have your rent reported to credit bureaus.

Can I use Bilt as my only bank account?

Yes, if you do not need a savings account. Bilt works as a complete checking account for daily spending, bills, and rent. If you want to save money and earn interest, you would need to open a savings account elsewhere.

What happens to my rewards points?

You can redeem Bilt rewards points for travel bookings, gift cards, or statement credits that reduce your account balance. The exact options depend on Bilt's current rewards program, which can change.

Is Bilt FDIC insured?

Yes. Bilt is a checking account at a bank, and deposits are insured by the FDIC up to $250,000 per account holder. This means your money is protected if the bank fails.