Current Banking Review 2024: Up to 4.00% APY Savings

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Current

9.0

BankBonus.com rating

Expert Take

Current is an all-in-one credit building and banking platform with competitive APY, convenient features, and a rewarding spending account.

Pros

  • Great for teens and parents
  • Ability to build credit safely
  • No monthly or annual fee
  • Cash back opportunities
  • High Interest APY on savings

Cons

  • Some fees are unavoidable
  • Limited account options

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at Current

Current is a New York City-based fintech company that offers mobile-only bank accounts.

The company operates on the premise that banking and building your credit should go hand-in-hand.

In this post, you’ll get an idea of what sets Current apart, from its approach to banking to its accessibility for all ages.

Current Accounts

Current offers a comprehensive bank account with built-in checking, savings, credit building, and crypto trading.

It also offers a specialized teen account. We’ll unpack the features of both accounts below.

Current Account

When you open a Current account, you get an exclusive debit card and access to early direct deposit, along with savings pods that earn up to 4.00% APY.

There are also perks like fast gas station hold releases, spending insights, and the option to enroll in fee-free overdraft protection.

The biggest advantage of a Current account is its credit-building feature, Current Build. As a Current account holder, you can boost your credit score safely using the money in your account, building your credit with every swipe of your card, even at ATMs.

The account has no monthly fees or minimums for its premier perks and features.

Teen Banking

Teen Banking is an account specifically for teenagers and has some helpful features for both parents and their children. The account has no annual fee.

Parents can set spending limits, receive notifications for any purchases, and block specific merchants. You can also make instant transfers to your teen’s account, set chores to complete, and automate custom allowance payments.

For teens, the account is built around learning financial responsibility and budgeting skills. Teens can make purchases and build savings with their own account and debit card.

Teen Banking also comes with round-ups and access to Savings Pods.

Current Features

With Current, you’ll find several banking features that you won’t see anywhere else.

Current only offers a few account options, but it makes up for it with a distinct platform and awesome perks.

Mobile Banking

Current operates on an entirely mobile platform, meaning no physical branches and no banking from your desktop.

Everything from checking your balance to making transfers is done from the Current mobile banking app, which is among the top-rated banking apps for both iPhone and Android users.

The app currently has a rating of 4.7 stars (out of 5) in the App Store and 4.6 stars (out of 5) in the Google Play Store.

Current Build

This feature helps you automatically improve your credit when you bank with Current. In addition to getting a debit card at sign-up, you can also get a Build Card.

Unique from other credit cards, the Build Card allows you to safely boost your credit by only spending the money that’s available in your Current account and enrolling in AutoPay.

The card has no APR, annual fees, or credit limits, and Current doesn’t check your credit when you apply, so you can take advantage of this feature regardless of your credit history.

Cash Back

When you use your Current debit card at participating merchants, you can earn up to 15x points on purchases, which you can then redeem for cash back.

The Current app even has a map that lets you know which shops and retailers have cash back offers, making it easy to learn where to maximize your earnings when you are out and about.

Early Direct Deposit

When you sign up for direct deposit with a Current Account, your paycheck can show up in your account up to two days earlier than with traditional banks.

While most banks will wait until the funds clear completely to issue them, Current credits your account immediately.

Cash Deposits

One of the most common drawbacks of online banking is the inability to deposit cash, which is not a problem with Current.

On the mobile app, you’ll have access to a map that lets you know the location of 60,000 retailers that allow you to deposit cash into your Current account.

Current will generate a barcode that the cashier can scan, and all you have to do is hand them the cash.

40,000 Free ATMs

Current is part of the Allpoint ATM network, so you can use more than 40,000 fee-free ATMs. These ATM locations are also easy to track down using your Current app map so you don’t need to worry about ATM fees.

Overdraft Protection

Current doesn’t charge any overdraft fees. Its overdraft protection works by declining attempts to spend over your available balance, unless you enroll in Overdrive.

Overdrive lets you overdraft your account for up to $200 with no overdraft fees. To qualify, you need to enroll in direct deposits and receive at least $500 of direct deposits each month.

Once you get paid, Current will automatically apply it to your overdraft balance.

Automated Savings Pods

Current doesn’t offer a savings account, but its checking accounts come with a feature called Savings Pods, which help you automatically set money aside for specific purchases or savings goals.

There’s also an option to enable round-ups, which round off all of your debit card purchases to the nearest dollar and moves the remainder into a Savings Pod.

When you set up direct deposits totaling at least $200, you’ll earn a solid 4.00% APY on your savings, up to $2,000 per pod and $6,000 total.

Gas Hold Refunds

Since you swipe your card before they know how much you’re going to spend, some gas stations will place a temporary hold on your card when you go to fill up.

With Current, you won’t have to wait for it to clear. The gas station holds are instantly refunded so that you can access your funds right away.

Current Crypto

Current also offers crypto trading within its banking app. You can buy and sell more than 30 different coins on the platform, with fractional investments as low as $1.

When you sell a coin, the funds are immediately available in your Current account. There are no trading fees when you buy and sell crypto on the Current app.

Money Management Tools

Current helps you stay ahead of your finances with intuitive spending insights and budgeting tools in the app.

For example, you can track your monthly spending habits and set budget targets for specific categories like food and gas.

Current Pay

Current offers an in-house service that lets you transfer funds to other Current users called Current Pay. It works similarly to services like Zelle, Venmo, or Cash App, allowing instant transfers with no fees.

Current Fees

There are no hidden fees with Current and the bank provides a clear disclaimer for any that do exist.

The Current account, teen account, and Current Build have no monthly or annual fees, but you may run into the following fees.

  • Out-of-network ATM fee: $2.50; $3 internationally
  • Card replacement: $5
  • Cash deposit: $3.50
  • International fee: 3.00% per transaction

Getting Started

Signing up for an account with Current takes just a few minutes, but remember that you can only use the service on a mobile device.

To sign up for a checking account online, download the Current app, or visit the website and enter your phone number to receive a download link.

From there, all you need is your Social Security Number, a US residential address, and a smartphone that can receive text messages.

You can then fund your account through direct deposit, transfer money with an ACH, or deposit cash or a check.

Rembmer, Current doesn’t run a credit check of any kind for new account holders, so you don’t have to worry about a hard credit pull hurting your score.

Current Bank Promotions

Current has a $50 signup bonus and referral bonus. To earn the signup bonus, you’ll need to use the code WELCOME50 at signup, then get a qualifying $200 direct deposit within 45 days of opening your account.

To be eligible for the referral bonus, just invite friends to join Current from the app.

If they join using your link or referral code and receive a direct deposit of at least $200 within 45 days, both of you will get a $50 bonus in your accounts.

Here are a few of the other top bank bonuses you may want to consider:

Unfortunately, there are currently no active Current promotions. Check out these bonus offers instead:

BankBonusExpiresRequirements 
PNC Bank LogoPNC Virtual Wallet® up to $400 July 1, 2024
  • Direct Deposit
Chase Business Complete Checking® LogoChase Chase Business Complete Checking® $300 July 22, 2024
  • Min Balance
  • Card Spend (optional)
TD Bank LogoTD Bank Beyond Checking $300 January 1, 2025
  • Direct Deposit
see all bonuses

Security

Current provides a secure mobile banking platform that protects your information from unauthorized individuals.

Each user has their own unique login, and you can enable fingerprint and face ID locks for added security. (So you don’t have to worry about your teen having access to your personal account unless you want them to).

Current also allows you to set up real-time spending notifications, which helps you an eye on your teen’s spending and any suspicious transactions.

You can pause all transactions on your debit card if you misplace it, and if you happen to find it, you can simply unlock it rather than ordering a new one.

Most importantly, your Current account is FDIC insured through its banking partners, so your deposits up to $250,000 are protected.

Customer Service

Current offers pretty solid customer support for being a mobile-app-only bank account.

You can chat with an agent 24/7 through the app, submit an email, or fill out an online form to be contacted.

Current’s user-friendly tools should help you through most issues, and there are also FAQ sections on the website for personal checking and teen banking.

Overall, Current has built up a decent reputation for the quality of its customer service, as is shown by its 4.2-star (out of 5) rating on TrustPilot, which is a higher score than you’ll find with most bigger national banks.

Pros & Cons

Pros

  • Great for teens and parents
  • Ability to build credit safely
  • Intuitive mobile app
  • No monthly or annual fee
  • Cash back opportunities
  • High-interest APY on savings

Cons

  • Some fees are unavoidable
  • Limited account options

Alternatives to Current

Current is one of many online banking platforms that has popped up in recent years.

If you’re looking for an online-only bank that offers a bit more in terms of account options, some top alternatives include:

If you want to look into other options for your teenager, you might try:

FAQs

New-age banks like Current tend to generate a lot of questions, especially if you’re used to traditional banking. Here are a few of the most common questions we’re hearing.

Is Current legit?

Yes, Current is a legit and reliable bank that has built up nearly 1 million users and is backed by multiple member FDIC financial institutions.

Is the Current debit card good?

Yes, the Current debit card is a good option and comes with a few interesting features, including access to fee-free Allpoint ATMs, cash deposits at select retailers, and the opportunity to earn cash back with participating merchants. Plus, if you misplace your card, you can pause transactions until you find it.

Who is the Current banking through?

Current offers its accounts through Choice Financial, an FDIC-backed, Minnesota-based bank.

Does Current charge a monthly fee?

Current doesn’t charge a monthly fee for any of its bank accounts or cards. The banking platform has no hidden fees and is transparent about the few fees it does charge.

Is Current Right For You?

As you can see, Current is unique in many ways. You are unlikely to find account features like automated Savings Pods and the ability to deposit cash at nearby retailers with other online banks.

Current also offers a highly functional and well-liked mobile app. There are some fees, but the opportunity to earn cash rewards should offset them.

And with tools specifically engineered to serve both young people and their parents, Current is one of the best bank options for tens.

There are some drawbacks, though. People who are more established in their financial journey might not appreciate the spending and deposit limits and the inability to earn an APY on deposits.

Now that you know what you can expect from Current, the process of finding the perfect account for you (or your teenager) should feel a little closer to completion.

Here’s to your financial future and whatever it holds.

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