If you have more than one bank account at the same company, they probably already connect to each other. Linking to external bank accounts or third-party apps may require a few simple steps.
If you have two or more bank accounts, such as a savings and checking account, you may want to link them to give you more flexibility and control over your finances. Linking your bank accounts allows you to easily transfer money between them. For example, you could transfer funds from your savings to checking to pay bills or move money into savings to earn a higher interest rate. You can also usually connect to outside bank accounts or payment apps to send money, make payments, plan your budget, or get other benefits.
Heres how to link your bank accounts, whether theyre with the same bank or with different financial institutions and apps.
Opening a new credit card or getting approved for a loan often requires a credit check. To do a credit check, lenders look at your credit reports from the three major credit bureaus – Experian, Equifax, and TransUnion. These reports list your credit accounts and payment history, which is used to calculate your credit scores.
Your overall credit utilization (the ratio of the credit you’re using to the total credit limit) is one of the things that affects your credit score. Your credit score will go up if you have a low utilization rate.
One way to lower your utilization is to make timely monthly payments on all your bills, not just credit cards. Rent, utilities, insurance – these all help show that you reliably pay your obligations. But this bill payment history traditionally hasn’t been included on credit reports or factored into credit scores.
Experian aims to change that with its free Experian Boost service By linking your bank accounts to your Experian profile, Experian Boost can identify your recurring bill payments Adding this positive payment history to your credit file may increase your credit scores.
How Exactly Does Experian Boost Work?
With Experian Boost you securely connect your checking savings, or credit card accounts to your Experian account. This allows Experian to analyze your regular bill payments for utilities, cell phone service, video streaming services, and even rent.
If Experian finds that you consistently make payments on time, your FICO® Scores may go up right away. When members improve their credit, it usually goes up by up to 13 points. Some members see even bigger jumps.
The best part about Experian Boost is that it’s completely free for anyone to use. Plus, it’s easy to sign up and connect your accounts. It only takes a few minutes to get started.
Is It Safe to Provide Your Bank Account Details?
There is always some risk when you give a business access to your bank accounts. It makes sense to wonder, “Is it safe for Experian to have my bank account information?”
The short answer is yes, it’s generally safe to connect your accounts. Here’s why:
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Experian uses bank-level security encryption – Any data transfer between your bank, Experian, and their partner Finicity is encrypted with the same technology banks rely on.
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No account details are stored – Experian uses a tokenization system so your login credentials aren’t stored. This removes a key vulnerability.
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You control the access – You choose which accounts to connect and can easily remove account access anytime.
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Limited risk if breached – Even in a data breach, the tokenized data would have no value to attackers.
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Personal information can be deleted—You can ask Experian to delete information about you that isn’t in your credit report.
While no data system is ever 100% secure, Experian takes meaningful steps to protect your information. Tens of thousands of members have safely connected their accounts with no issues reported.
Step-By-Step Guide to Linking Your Accounts with Experian Boost
If you want to see if Experian Boost can help increase your credit scores, here is exactly how you connect your bank accounts:
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Sign up for a free Experian account – You’ll need an Experian account to use Experian Boost. Creating one only takes a couple minutes.
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Locate the connected accounts section – After logging into your Experian account, you’ll see a tab for managing connected accounts.
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Choose your bank – Click to add an account. Search for your bank’s name and select it when it appears.
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Enter your credentials – Log into your online banking account to verify your identity. You may also need to enter a code.
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Pick accounts to connect – Select which accounts, like checking or savings, you want to link.
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Confirm your selections – Review the accounts you’ve chosen and officially approve Experian’s access.
Once connected, Experian Boost will automatically start searching your payment history for positive bill payments. If boost-eligible payments are found, your FICO® Scores could increase in a matter of minutes!
Disconnecting Accounts and Removing Data
Did you change your mind about sharing your banking information with Experian Boost? No problem. You can easily disconnect your accounts at any time. Just revisit the connected accounts section of your Experian profile and click “Disconnect” by the appropriate account.
Disconnecting means Experian can no longer access account data or track payments for Experian Boost. Any FICO® Score increases from Experian Boost may be removed after disconnecting an account.
You can also request Experian delete any personal data (outside of your credit report) that they have saved. Visit Experian’s personal data page and submit your request there.
The Bottom Line – Experian Boost Is a Secure Way to Raise Your Credit Scores
After learning how it works, most people feel comfortable linking their financial accounts to Experian Boost. Experian prioritizes security and gives you complete control over the information you share. Plus, you have the option to disconnect your accounts or delete data at any point.
On the other hand, connecting to Experian Boost has no risks and huge potential upside. Just a few minutes linking your accounts could lead to an immediate increase in your credit scores. With higher scores, you can qualify for better loan terms, lower interest rates, and more attractive credit card offers.
Overall, Experian Boost is a secure and worthwhile tool to try leveraging. The safety measures should give you peace of mind while the potential credit score gains make it well worth your time. Sign up for your Experian account today to get started with this free service.
How to Link Bank Accounts From the Same Bank
Typically, when you open a new account at your current bank or credit union, it is automatically linked to your existing accounts so you can quickly move money between them. When you open your account, you can fund your new account with your existing one.
By linking your savings and checking accounts, you can use your savings as a backup for overdraft protection. That means funds can automatically transfer from your savings to a checking account to cover a transaction that would otherwise overdraw your account and incur an overdraft fee.
If your accounts with the same bank or credit union arent linked, ask a representative to link them for you. Once linked, all of your accounts should be detailed when you log in to your account or review your bank statement.
What Are Linked Bank Accounts?
A linked bank account is when one account connects to another account at the same financial institution or an external bank. For example, your checking account may be linked to your savings and credit card accounts. You could also link your bank account to a payment app like PayPal or Venmo to quickly and easily make online purchases or money transfers.
When you link bank accounts, the accounts dont become one. They remain separate, but the connection gives you the convenience of transferring money from your computer or smartphone without visiting a bank or ATM. Linking external bank accounts can be beneficial when you open an online bank account, allowing you to fund your account without having to search for an in-network ATM to deposit funds.
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Is it safe to link a bank account to Experian?
FAQ
Should you connect a bank account to Experian?
By securely connecting your current account to your Experian account, you can show us how well you manage your money. We’ll look for signs that you handle your money wisely, like paying your bills on time for Netflix, Spotify, and Council Tax and putting money into savings or investment accounts.
Is it safe to have Experian monitor your bank account?
Yes—and checking it doesn’t lower your score. You’re performing what’s called a soft inquiry. This is completely safe and has no effect on your credit score. It’s different from a hard inquiry, which happens when you apply for a loan or credit card and a lender checks your credit report.
Is it safe to share data with Experian?
Experian also utilizes systems access controls to protect your information. Experian continually monitors access to its systems to detect unauthorized attempts to gain access to information. Please be aware, however, that no data security measures can be guaranteed to be completely effective.
Is linking my bank account safe?
When your bank accounts are linked, they usually use strong security measures to keep your information safe. These include encryption, tokenization, multi-factor authentication, biometric authentication, and monitoring for fraud. Third-party apps may offer useful tools, but not all provide the same level of security as banks.