Bilt is a checking account, not a savings account
Bilt is a checking account designed specifically for renters. It functions like a standard checking account — you deposit money, write checks, use a debit card, and pay bills from it — but with one major difference: Bilt earns you rewards points every time you pay rent, whether you pay your landlord directly or through the app.
The account itself has no monthly fees, no minimum balance requirement, and no overdraft fees. You get a debit card and online bill pay, the same as you would with a traditional checking account from a bank. The rewards component is the feature that sets it apart, not the account type itself.
Because Bilt is a checking account, your money is not locked away and you do not earn interest on your balance the way you would in a savings account. You can access your funds whenever you need them, which is the trade-off for the flexibility that comes with a checking product.
Key Takeaways
- Bilt is a checking account that lets you earn rewards points when you pay rent, not a savings account that earns interest.
- You can use Bilt like any other checking account — deposit money, pay bills, use the debit card, and write checks.
- There are no monthly fees, no minimum balance, and no overdraft fees, which makes it cheaper to maintain than many traditional checking accounts.
- Your money stays liquid and accessible in a checking account, so you should keep a separate savings account elsewhere if you want to set money aside and earn interest.
How Bilt's rewards work with rent payments
When you pay rent through Bilt, you earn 1 point per dollar spent. Those points can be redeemed for cash back, travel rewards, or other redemption options depending on what Bilt offers at the time you redeem. The rewards are the main reason renters open a Bilt account — it turns a mandatory expense into a way to get something back.
You can pay rent through the Bilt app directly to your landlord, or you can use Bilt's bill pay feature to send a check or ACH transfer. Either way, as long as the payment is coded as rent, you earn the points. This is different from a savings account, which would not offer rewards tied to spending.
The rewards do not replace the need for a separate savings account. Bilt is meant to be your primary checking account for daily expenses and rent payments, while a savings account elsewhere holds money you want to keep separate and untouched.
Checking account features Bilt includes
Bilt comes with a debit card that works at any merchant that accepts Visa. You can withdraw cash from ATMs, though Bilt does not operate its own ATM network — you will use third-party ATMs and may pay a fee depending on the network. You get online banking access, mobile app access, and the ability to set up automatic bill payments.
Direct deposit works with Bilt, so you can have your paycheck deposited straight into the account. You can also transfer money in and out using ACH transfers or by linking other bank accounts. These are standard checking account features that Bilt provides alongside the rent rewards.
One thing Bilt does not offer is a physical checkbook by default, though you can request one. Most users manage the account entirely through the app and debit card, which is typical for newer fintech checking accounts.
Why Bilt is not a savings account
A savings account is designed to hold money you want to keep separate from your spending money and earn interest on. Bilt earns zero interest on your balance. Money sitting in Bilt does not grow — it only stays there until you spend it or transfer it elsewhere.
Savings accounts typically have limits on how many withdrawals you can make per month, and they charge fees if you exceed those limits. Bilt has no withdrawal limits because it is a checking account. You can move money in and out as often as you need.
If you want to earn interest on money you are setting aside, you need a separate savings account at a bank or credit union. Bilt is not the place for that money — it is the place for money you use to pay bills and rent.
When to use Bilt versus a traditional checking account
If you rent and want to earn rewards on rent payments, Bilt makes sense as your primary checking account. The lack of fees and the rent rewards offset the fact that you could get similar checking features elsewhere. If you do not rent or your landlord does not accept Bilt payments, a traditional checking account at a bank or credit union may be a better fit.
Bilt works best for renters who pay rent regularly and want to capture value from that expense. If you pay rent once a year or very infrequently, the rewards may not add up to much. If you prefer to bank with a traditional institution that has physical branches, Bilt is online-only and may feel limiting.
You can have both a Bilt checking account and a traditional checking account at the same time. Many people use Bilt for rent and everyday spending, then keep a separate account at a larger bank for backup or for accessing physical branches.
Setting up direct deposit and transfers with Bilt
Direct deposit into Bilt works the same way as with any other checking account. You provide your employer with your Bilt routing number and account number, and your paycheck deposits automatically on payday. Bilt's routing number is available in the app under account details.
You can also transfer money into Bilt from another bank account using ACH transfer, which usually takes one to three business days. The Bilt app lets you link external accounts and initiate transfers without leaving the app. Transferring money out of Bilt to another account works the same way.
If you need to move money faster, you can use your debit card to withdraw cash from an ATM, though you may pay a fee. Some ATM networks charge $2 to $3 per withdrawal, so this is not the cheapest way to move money, but it is an option if you need cash immediately.
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. Your balance stays flat unless you add more money to it. If you want to earn interest, you need a separate savings account at a bank or credit union.
Do I have to pay rent through Bilt to use the account?
No. You can use Bilt as a regular checking account for everyday expenses, bill pay, and direct deposit without ever paying rent through it. However, you will not earn the rent rewards unless you use Bilt to pay rent.
What happens to my rewards points if I stop using Bilt?
That depends on Bilt's current policy on point expiration. Check the app or Bilt's website for details on whether points expire after a certain period of inactivity. Most reward programs do have expiration policies, so redeem points before closing the account.
Can I use Bilt if my landlord does not accept it?
Yes. You can still use Bilt as a checking account for other bills and expenses. You just will not earn rent rewards if you cannot pay rent through Bilt. You could use Bilt's bill pay to send a check to your landlord, but that would not trigger the rent rewards.
Is my money safe in a Bilt checking account?
Bilt is a financial technology company that partners with banks to hold deposits. Your account is FDIC insured up to $250,000, the same as money in a traditional bank checking account. Your deposits are protected even if Bilt goes out of business.