Pros
- Access to a wide ATM network across the country with no fees
- No required minimum deposit to open an account
- Opportunity to earn a 4% annual interest bonus using Savings Pods
- No monthly maintenance charges
Cons
- Joint accounts are not available
- Teens can only access a debit card only if a parent has a Current account
- Interest is only earned on funds kept within Savings Pods, not on other balances
Current Overview
Current is a financial technology platform that partners with Cross River Bank and Choice Financial Group to offer banking services. It provides both checking and savings options without charging monthly fees, overdraft penalties, or requiring a minimum balance. Users can create up to three separate savings areas, known as pods, and earn up to 4.00% in bonus interest on up to $2,000 in each pod when direct deposits meet certain conditions.
You can link your account to the Current Visa Debit Card for daily purchases and earn cashback points at select retailers. If you’re looking to build credit, the Current Build card is available without interest or annual fees. Other features include early access to your paycheck, tools for managing your budget, financial tools for teens, and the option for paycheck advances. However, Current accounts are only accessible through its mobile app, and joint accounts are not available.
How it Works?
Anyone 18 and up open an account that combines both checking and savings features. Parents can also get a debit card for their child, but they must first set up a Current Account. Although Current is not a bank itself, it partners with Choice Financial Group (a member of the FDIC) to provide banking services. This means your money is protected up to $250,000 through FDIC insurance.
Current is a good choice for people who like to manage their money online and want a simple, hassle-free card. The account includes many useful perks without any monthly charges, such as high savings rewards and cashback offers. It’s also a smart option for those who want to improve their credit, thanks to the Current Build Card, which helps you build credit without interest or yearly fees.
Banking Services
Current Account
Current stands out by offering a single account that combines spending, saving, and credit-building tools. With a Current card, you can take advantage of benefits like getting your paycheck early, avoiding overdraft fees, and paying no monthly charges. This account is a strong option if you’re okay with managing your finances in one place and are interested in tools to help with budgeting and saving.
One of the standout features is the Savings Pod, which allows you to earn bonuses up to a 4%. You can create separate pods for different savings goals, customize them with a name and picture, and earn bonuses of up to $2,000 in each of the three pods available per account.
Current Teen Account
Current offers a debit card designed for teenagers, but a parent must first open a Current Account to get started. The teen then sets up their own linked account by scanning a QR code.
Through the Current Teen Account, teens can handle their spending without worrying about monthly fees or minimum balance rules. A special feature of this account is the Giving Pod, which lets teens set aside money for donations and support selected charities from a provided list.
Secured Credit Card
The Current Build Card is a secured credit card that stands out because it doesn’t charge interest or an annual fee. You also won’t go through a hard credit check when applying.
Your spending limit is based on the money you transfer into your Current account. As you use the card and make on-time payments, those payments are reported to TransUnion, which can help improve your credit score. However, if you miss a payment, a late fee of 3% of the total amount you owe will be applied.
Paycheck Advance
Current includes a helpful option called Paycheck Advance, which is meant to provide short-term financial support between paydays. There is no credit check involved, repayment is automatically set for your next paycheck, and applying or accepting the advance comes at no cost. If you need the money right away, there’s a fast delivery option available for a fee that depends on how much you’re borrowing.
To qualify, you need to receive payroll deposits from your employer, a payroll provider, or a government agency, either directly into your Current account or into an external account connected to the app. Other factors, like how often you deposit, spend, and use your account, also play a role. You can check your eligibility in the app’s Money section.
Rewards Program
Current has a rewards program that lets you earn points when you shop at over 14,000 partner stores, such as restaurants, gas stations, and local shops. These points can be exchanged for cash or other rewards, with 100 points equal to $1.
Some places offer bonus point rates, up to 15 times the usual amount, so you can collect points more quickly. To view nearby deals, just open the app and check the Points section. Unlike typical credit card rewards, you won’t earn points on every single purchase—only when you shop with participating businesses.
Fees
Like many modern financial services, Current does not charge fees for overdrafts. With its Overdrive feature, eligible users can overdraw their accounts by up to $200 without a penalty. To use Overdrive, you need to have at least $500 in direct deposits going into your account each month. However, this feature doesn’t apply to certain types of transactions, such as ATM withdrawals, peer-to-peer transfers, ACH payments (like bill pay), or transactions made through Current Pay—those will be declined if you don’t have enough funds.
If you aren’t eligible for Overdrive, any transaction that would put your balance below zero will be declined. In cases where an overdraft does happen, you’ll need to repay the amount right away with a new deposit.
While Current doesn’t have its own ATMs, you can withdraw cash for free at AllPoint ATMs across the U.S. Be aware, though, that the ATM operator may still charge a fee. If you use an ATM outside the AllPoint network, there’s a $2.50 fee per transaction. For international use, expect to pay $3 plus 3% for ATM withdrawals and an additional 3% fee for foreign purchases.
Customer Support
You can contact customer support anytime using the chat feature in the Current app. If you prefer speaking to someone, live phone support is available Monday through Friday from 9 a.m. to 8 p.m. Eastern Time. The phone number is only visible to users who are logged into their accounts. You can also get in touch by email or by filling out a form on Current’s website.
Keep in mind that certain details, like limits on savings rates and cashback offers, are not always easy to find and may be hidden in the FAQs or small print on the site.
Conclusion
Current may be a good option if you want to earn a higher interest rate on part of your savings or need tools to help manage your spending. It’s also a solid choice for parents who want a debit card for their teen without monthly fees. Keep in mind that the top high-yield savings accounts usually offer higher interest rates on balances above $6,000. Current works well for customers who prefer banking mostly through a mobile app, want a rewards debit card, and can take advantage of the high interest on smaller amounts saved in the Savings Pods.