Credit Sesame launches new digital bank account Sesame Cash

Written by FinTech Futures
12th March 2020

Credit Sesame, a California-founded credit and loan finder, has launched a new digital banking account called Sesame Cash. The account is underpinned by Community Federal Savings Bank, an FDIC member.

Sesame Cash customers will get rewards for improving their credit scores

According to Adrian Nazari, founder and CEO of Credit Sesame, his company “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”. Sesame Cash, he explains, is “bridging that gap and unlocking a whole new set of benefits and capabilities in a new product category”.

The new digital banking service analyses consumers’ finances and their repayment ability against their credit to provide them with personalised recommendations.

Sounding very similar to a challenger bank, the account offers a no-fee debit card with Mastercard Zero Liability protection, no overdraft fees, no minimum balance, no monthly service fees, free access to more than 55,000 ATMs, the option for early payday, real-time transaction notifications, the ability to freeze/unfreeze the debit card, and virtual card integration with most major mobile wallets.

In addition, it provides a cash incentive programme for those improving their credit scores, and a free credit and identity theft protection.

In the next few months, Sesame Cash will be rolling out a smart bill pay service to enable customers to pay down debt faster, an auto-savings tool to round up debit card purchases to the nearest dollar, smart budgeting and rewards for everyday purchases.

The company says 61% of members see their credit score improve within the first six months of using its service. It also states that it has been operationally profitable since 2016.