What Smartly is and who offers it
Smartly is a checking account product offered by Customers Bank, a Pennsylvania-based FDIC-insured bank. It is not a separate fintech app or a service layered on top of another bank — it is an actual checking account held at Customers Bank itself. The account is marketed primarily through the Smartly app and website, though the underlying account is a standard demand deposit account.
Customers Bank has been operating since 1974 and holds deposits insured by the FDIC up to $250,000 per depositor. This means your money in a Smartly account has the same federal protection as money in any traditional bank checking account.
Key Takeaways
- Smartly is a checking account held at Customers Bank, accessed through a mobile app, with no monthly maintenance fees and no minimum balance requirement.
- The account pays interest on your balance — the rate varies and is set by Customers Bank, so you earn money on money you keep in the account.
- You get a debit card, online bill pay, and ACH transfers, but there is no physical branch network; all banking happens through the app or website.
- Overdraft protection is not automatic; if you spend more than your balance, the transaction may be declined or you may incur an overdraft fee depending on the transaction type.
- Deposits happen through mobile check deposit, ACH transfers, or wire transfers — there is no way to deposit cash directly.
How you deposit and withdraw money
Smartly has no physical branches and does not accept cash deposits. To move money into your account, you can use mobile check deposit (photograph a check through the app), receive ACH transfers from another bank or employer, or receive wire transfers. ACH transfers typically take one to three business days; wire transfers usually arrive the same day or next business day.
To withdraw money, you use the debit card at any ATM that accepts Visa (Smartly cards are Visa debit cards). You can also transfer money out via ACH to another bank account you own, which takes one to three business days. Some ATM networks charge a fee for out-of-network withdrawals — Smartly does not reimburse these fees, so using an ATM from a major network that does not charge you is the lowest-cost option.
Interest rates and how money grows in the account
Smartly checking accounts earn interest on your balance. The rate is set by Customers Bank and changes over time based on market conditions and the bank's own decisions. You do not choose the rate — it applies to all Smartly customers. Interest is calculated daily and paid monthly, meaning the bank looks at your balance each day, adds up those daily balances, and deposits the interest earned into your account once a month.
Because interest rates change, the amount you earn will vary month to month. When the Federal Reserve raises or lowers its benchmark rate, banks typically adjust their savings and checking rates within weeks, though they are not required to. If you want to know the current rate before opening an account, you can check the Smartly website or contact customer service through the app.
Fees and what they cover
Smartly has no monthly maintenance fee and no minimum balance requirement. You will not be charged straightforward for having the account open. However, other fees can explore in specific situations. If you overdraw your account — spend more than your balance — you may face an overdraft fee. The amount of this fee and whether it applies depends on the transaction type and Customers Bank's overdraft policy at the time.
Out-of-network ATM fees are charged by the ATM operator, not by Smartly, so Smartly cannot control or waive them. Wire transfer fees may explore if you send money out via wire, though receiving wire transfers is typically free. Check the Smartly fee schedule on their website or in the app for the current list of fees and amounts, as these can change.
How bill pay and transfers work
Smartly offers online bill pay through the app and website. You enter a biller's information (utility company, credit card issuer, landlord, etc.), set up a payment amount and date, and the bank sends the payment on your behalf. Bill pay typically takes three to five business days to reach the biller, so you need to plan ahead — paying a utility bill the day before it is due will likely miss the important date.
You can also transfer money to other accounts you own at different banks using ACH transfers. These are free and take one to three business days. Smartly does not offer peer-to-peer payment services like Venmo or PayPal built into the app, so sending money to another person requires either a bill pay payment (if they are set up as a biller) or giving them your account and routing number for an ACH transfer.
Overdraft protection and what happens when you overspend
Smartly does not automatically link to a savings account or credit line for overdraft protection. If you attempt a transaction that would overdraw your account, the transaction may be declined, or it may go through and you may be charged an overdraft fee. The outcome depends on the transaction type — debit card purchases are often declined, while ACH transfers and checks may process and then trigger a fee.
If you overdraw, you are responsible for bringing your balance back to zero or positive. The bank will not automatically transfer money from another account. Some customers set up a transfer from another bank account to Smartly as a manual safety net, but this requires you to remember to do it.
Who should consider a Smartly account and who should look elsewhere
Smartly works well for people who do most of their banking on a phone, do not need to deposit cash, and want to earn interest on their checking balance without paying a monthly fee. It is useful if you receive paychecks via direct deposit and pay bills online. It is less suitable if you frequently deposit cash, need to speak to someone in person, or want overdraft protection linked to a savings account or credit line.
If you need a physical branch for deposits or withdrawals, a traditional bank with local branches is a better fit. If you want overdraft protection, you may need to open a savings account at Smartly as well and set up manual transfers, or choose a bank that offers automatic overdraft protection. If you rarely check your balance and want a low-friction account, the interest-earning feature and lack of fees make Smartly competitive.
Frequently Asked Questions
Can I deposit cash into a Smartly account?
No. Smartly does not accept cash deposits directly. You can deposit checks through mobile check deposit or receive money via ACH transfer or wire transfer, but there is no way to put cash into the account. If you need to deposit cash regularly, you would need to use a different bank or convert cash to a check first.
What happens if my balance goes negative?
If you overdraw, you may be charged an overdraft fee. The transaction may be declined, or it may process and then trigger the fee — it depends on the transaction type. You are responsible for bringing your balance back to positive. Smartly does not automatically transfer money from another account to cover the overdraft.
How long does it take to receive a direct deposit?
Direct deposits typically arrive within one business day of being sent by your employer, though some employers process payroll on different schedules. Check with your employer about their deposit timing. Once the deposit is sent, Smartly usually posts it the next business day.
Is my money safe in a Smartly account?
Yes. Smartly accounts are held at Customers Bank, which is FDIC-insured. Your deposits are protected up to $250,000 per depositor. This is the same federal protection that applies to checking accounts at any FDIC-insured bank.
Can I use my Smartly debit card everywhere?
Your Smartly card is a Visa debit card, so it works anywhere Visa is accepted. You can use it at stores, online, and at ATMs. Out-of-network ATM withdrawals may incur a fee charged by the ATM operator, not by Smartly.