Credit Sesame premieres new checking account with credit repair suggestions
Sesame Cash offers no-fee checking with built-in analysis to help improve your credit and spending habits.
Financial literacy website Credit Sesame has announced the launch of Sesame Cash, a new digital bank product targeted at the more than half of all Americans that both live paycheck to paycheck and make daily financial decisions based on their cash and credit on hand. The platform seeks to make it easier to save by offering insight into one’s spending and offering personalized recommendations.
At a glance
Name: Sesame Cash
Features: No-fee digital checking, surcharge-free access to over 55,000 ATMs nationwide, Mastercard-branded debit card, recommendations on credit and banking services based on one’s spending habits and repayment abilities, real-time notifications, early payday option, $1 million credit and identity protection package, cash rewards for credit improvement, daily credit score refreshes
Fees: None disclosed
Limitations: Currently only available to Credit Sesame customers. Will be offered publicly in the future.
Credit Sesame is primarily a credit repair service. Branding what it offers as personal credit management, the website provides its users with tools to access their credit, understand what their credit scores mean and find and secure products — such as secured credit cards — that would help build up their credit.
In that vein, Sesame Cash works similarly. The platform — via its mobile app — offers free daily updates on one’s credit score based on insight into the customer’s spending and repayment habits. The app also actively considers banking and credit products to recommend that would help bolster the customer’s credit score.
The platform offers access to a fee-free checking account that both offers direct deposit and linking to external bank accounts as possible funding sources. Key features, such as surcharge-free access to a nationwide network of ATMs, up to $100 per month in cash incentives for improving your credit score and $1 million in identity theft protection help distinguish Sesame Cash from other challenger banks.
“Through the use of advanced machine learning and AI, we’ve helped millions of consumers improve and manage their credit. However, we identified the disconnect between consumers’ cash and credit — how much cash you have, and how and when you use your cash has an impact on your credit health,” said Adrian Nazari, Credit Sesame Founder and CEO, in the announcement.
“With Sesame Cash, we are now bridging that gap and unlocking a whole new set of benefits and capabilities in a new product category. This underscores our mission and commitment to innovation and financial inclusion, and the importance we place in working with partners who share the same ethos.”
Credit Sesame claims a success rate of 61% of its customer base that sees a credit score improvement in their first six months using the service. 50% claim that their scores improve by more than 10 points in the same time period.