Current is a banking app that offers a tonne of different services that make your financial life easier. Whether you’re a young adult, parent, or teen just starting out, there are options for you with Current. Current Review: Pros
Teaching your teens about money management is more engaging when it’s hands-on. But it’s impractical to follow your teen around everywhere they go so you can monitor their spending.
Instead, you can use a banking app like the one from Current. It has plenty of parental controls to limit and monitor your teen’s spending. Current Review: Pros
In this article, we’ll review what Current has to offer to anyone looking for a mobile-only banking experience with terrific features.
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Current Details |
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Product Name |
Current |
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Min Deposit |
$0 |
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Maintenance Fees |
$0/mo |
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Cashback Rewards |
Yes |
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Bonus On Savings Pods |
up to 4.00% on up to $6,000 in savings1 |
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Promotions, Current Review: Pros, Cons, And Alternatives |
None |
Table of Contents
Who Is Current? Current Review: Pros, Cons, And Alternatives
Current is not actually a bank but instead is a financial technology company that helps people make smart money choices. It also provides various benefits through its account, including faster access to paying cheques, spending insights, savings pods, and cashback rewards, all without any overdraft fees or minimum balance requirements. Its CEO is Stuart Sopp. Current was founded in June 2015 and is based in the Greater New York area. Current has raised $400M in funding to date. Current Review: Pros
They have some notable investors and partners, including popular YouTuber Mr Beast. Current Review: Pros
Choice Financial Group and Cross River Bank, both members of the FDIC, provide the banking services that Current offers. The Current Visa Credit card is also issued by Choice Financial Group, pursuant to a licence from Visa U.S.A. Inc., and can be used everywhere Visa is accepted. Current Review: Pros
⚠︎ This Is A Banking Service Provider, Not A Bank.
Current is a financial technology company, not a bank. While it uses partner banks to provide banking services, your FDIC-insurance protection may be limited. Read this article from the FDIC to understand the risks of using a non-bank company. Current Review: Pros
What Do They Offer? Current Review: Pros, Cons, And Alternatives
Current’s accounts offer up to two days faster availability of your pay cheque, removal of gas station holds, and great money management for teens. Current Review: Pros
For now, these accounts are mobile-only. There are no local branches to visit, nor is desktop account access or management offered. As of writing, account accessibility is only offered through Current’s mobile app.
Personal Accounts on Current Review: Pros, Cons, And Alternatives
Current offers a solid personal account – all of this is included for $0 monthly maintenance fees2
- No Minimum Balance Requirements
- Build Your Credit By Using Your Card
- Overdraft up to $200 without any overdraft fees3
- Faster direct deposits (up to 2 days earlier)
- 40,000 Fee-Free ATMs
- Mobile Cheque Deposit
- Savings Pods
- Earn up to 15x points for unlimited cashback at participating retailers4
The most compelling features are the faster direct deposits and gas hold removals. Faster direct deposits mean money deposited from your pay cheque should be available up to two days faster than the average direct deposit. Also, the fee-free overdraft of up to $200 when you have a qualifying direct deposit can be helpful. Current Review: Pros
Current ignores the date that employers intend for your pay cheque funds to be released. Instead, it credits your account moments after receiving it. This function is a common feature of prepaid debit cards.
The gas hold feature eliminates the holds that gas stations place on your card, which is a service uniquely offered by Current. Some gas stations may apply a hold on your card for up to $100 for days. These holds basically lock the amount being held, making it unavailable for spending. Current will immediately remove the hold so that you don’t lose any access to your funds. Current Review: Pros, Cons, And Alternatives
Credit Building on Current Review: Pros
The Current Build Card is a secured Visa charge card that helps users boost their credit while using their existing Current account balance. Instead of managing a separate spending and credit account, all funds are managed from the same pool, making it easier to manage.
There is an option to enable AutoPay for the charge card, so your payments are handled automatically each month. Perhaps the best part is that your payment history is now shared with all three credit bureaus — Equifax, Experian, and TransUnion. Current Review: Pros, Cons, And Alternatives
Teen Banking on Current Review: Pros
The teen plan is designed with parental supervision and money management in mind. It’s a wonderful way to help teach your teen about using money. Parental features include:
- Cashless convenience
- Instant transfer to your teen’s card
- Notifications for all purchases
- Ability to block specific merchants
- Ability to set spending limits
- Set chores to complete
- Automate allowance payments
- Multiple family members can add funds
The Teen plan, however, doesn’t include any savings pods (explained next).
You might be better off finding a great starter checking account for kids.
Related: These Are The Best Prepaid Cards For Teens Current Review: Pros, Cons, And Alternatives
Savings Pods on Current Review: Pros
Current’s savings pods are like savings accounts which can be used to section off funds for a specific savings goal. You can label each pod, and money can be deposited/moved into a pod directly from your account, direct deposit, or automatically added through round-ups (to the nearest dollar) from purchases made with your card.
Current currently offers up to a 4.00% Bonus on up to $6,000 once you receive qualifying direct deposits. To enable the interest feature, just move money from your spending balance to a Savings Pod.
Pay cheque Advance on Current Review: Pros
Current now offers a Paycheck Advance of up to $500. You can advance up to your qualifying limit as often as you wish, and no credit check is required for approval. Some users will be eligible to receive an Instant Advance within an hour, for an additional fee.
Here’s how the signup process works: Current Review: Pros, Cons, And Alternatives
1. Once you’ve opened your Current account, you can enrol in Pay cheque Advance. This will allow you to access up to $500, with no interest charges. The minimum advance limit is $50.
2. To qualify for the maximum amount, you must either receive an eligible payroll direct deposit into your Current account, or link an external bank account into which you receive your payroll deposit.
3. If you don’t receive the maximum Pay cheque Advance limit ($500) immediately, it can grow over time, provided you maintain your payroll direct deposit and maintain your account in excellent standing.
Rewards
Current has a points rewards programme for its members. Now, account holders can earn up to 15x points on purchases with money they spend at 14,000+ retailers, including popular names like Subway, Rite Aid, True Value and Cold Stone Creamery, which are redeemable for cashback in your Current account.
Points are credited instantly after purchase and can be redeemed at 100 points per dollar inside the Current app. Current estimates are that its members could earn up to $165 in cashback per year by just using their card at participating gas stations alone. It also says that new offers will be added regularly and can be found in its app.
Transaction Limits
Current accounts do have a few limits worth noting. These include:
- $500 daily maximum in ATM withdrawals
- $2,000 daily maximum in card purchases
- $5,000 maximum transaction amount for peer-to-peer payments through Current Pay
Mobile App on Current Review: Pros, Cons, And Alternatives
Current accounts are managed through its mobile app. The mobile app is available for Android and iOS. Visit the Current website to download the app. On the Apple App Store, Current is rated 4.7 out of 5 from over 86k ratings. On the Google Play Store, the app is rated 4.6 out of 5 by more than 93,000 voters.
Are There Any Fees?
There are NO monthly maintenance fees or minimum balance requirements.
Out-of-network and third-party fees may apply as well. For example, the fee for using an out-of-network ATM is $2.50. There’s also a $3.50 fee per transaction for adding cash.
How Does Current Compare?
Current’s teen accounts and their accompanying parental supervision and money management tools are really what set it apart from the myriad of online banking apps available today. But even in the teens’ banking space, there’s some strong competition.
Depending on your situation, another banking app might be a better fit. Check out how Current compares in this quick chart:
How Do I Open An Account?
As mentioned previously, Current’s accounts are mobile-only. This means that you can only open an account through one of its mobile apps. You can download the app from the iOS or Android app store. Or you can text yourself a download link from its site.
Is My Money Safe?
Yes. Deposited funds are covered by FDIC insurance up to $250,000 through Current’s issuing bank, Choice Financial Group.
How Do I Contact Current?
You can reach a current agent 24/7 via live chat inside the app. To speak with someone over the phone, you can call 1-888-851-1172. Finally, you can contact the Current team by email at support@current.com.
On Trustpilot, Current has a 2.8/5 customer service rating out of over 2,200 reviews. It’s not currently accredited with the Better Business Bureau (BBB), but it has a 1.9/5 rating and has been promptly responding to complaints.
Why Should You Trust Us?
I have been writing and researching banking and personal finance products since 2009. At The College Investor, we’ve been comparing and reviewing banks since 2018, and track the best banks for savings and money market accounts daily from a list of over 50 major banks and credit unions.
We have been following and reviewing Current since 2020, and we are excited about their latest updates.
Furthermore, our compliance team reviews our rates every weekday to ensure that we are accurately showing the correct rates and terms so you can make an informed decision about where to open a savings account.
Who’s this app for, and is it worth it?
Overall, Current is a compelling offering if you’re looking for a mobile solution to your banking needs. If faster direct deposits are a need that you have, then Current could be worth it. And if gas station holdings noticeably affect you, again, they may be worth considering.
Given that so many financial institutions offer methods for parents to control their children’s spending, parental spending features may not offer much of a selling point. But if your financial institution doesn’t have anything like that, Current’s Teen plan could definitely be worth it.
It’s important to point out, however, that many banks (especially online banks) are able to match many of Current’s features while also offering savings accounts and other products. Check out our list of the best online banks.
And be sure to compare Current’s teen banking app options with our favourite starter checking accounts for kids.
Current FAQs
Here are a few of the most common questions that people ask about Current:
Does Current have any physical branches?
No, but it does offer fee-free cash withdrawals at over 40,000 Allpoint ATMs throughout the United States.
Can you deposit cash into your Current account?
Yes, but a $3.50 fee is applied to every cash deposit transaction.
Does Current let you overdraft?
Yes, but only if you enable Overdrive™ inside your account.
Can you earn rewards or bonuses with Current?
Yes, all members can earn cashback at participating retailers with the Current Visa Debit Card. Also, you can earn $1 for each friend you refer who opens a new account. Your friend will earn a $1 too!
Current Features on Current Review: Pros
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Minimum Deposit |
$0 |
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Minimum Balance |
$0 |
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Cashback Rewards |
Yes |
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Pay cheque Advance |
Yes, Up to $500 with no credit check required. Instant access is available for a fee. |
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Bonus On Savings Pods |
up to 4.00% on up to $6,000 in savings |
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Maintenance Fees |
$0/mo |
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Branches |
None (online-only) |
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ATM Availability |
40,000 Fee-Free Allpoint ATMs in the U.S. |
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Out-Of-Network ATM Fee |
$2.50 |
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Cash Deposits Allowed |
Yes, but there is a $3.50 fee per transaction |
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Customer Service Number |
1-888-851-1172 |
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Customer Service Hours |
24/7 chat availability |
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Mobile App Availability |
iOS and Android |
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Bill Pay |
Yes |
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Mobile Cheque Deposit |
Yes |
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FDIC Certificate |
9423 |
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Promotions |
None
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