Written by Sophia Acevedo, CEPF; edited by Laura Grace Tarpley; reviewed by Evelyn He
Updated
2024-01-24T20:04:11Z
- Pros and cons
- Current Account
- Current Teen Account
- How Current works
- Is Current trustworthy?
- How Current compares
- FAQs
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Current Account
On Current's website
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 4.00% bonus
Minimum Opening Deposit
$0
Pros
- 3 Savings Pods that let you earn up to 4.00% bonus
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- No instant transfer fees to other Current members
- Early direct deposit
- Debit card included
- Budgeting tools: Round-ups and Spending Insights
- Earn cash back on debit card purchases
Cons
- $2.50 out-of-network ATM fee
- Can't overdraw from your account without the Overdrive feature
Product Details
- Access to 40,000 fee-free Allpoint ATMs
- You may overdraw up to $200 from your account with no overdraft fees if you're eligible for Overdrive
- To be eligible for the Overdrive feature, you'll need to receive direct deposits $500 per month
- 3 Savings Pods: You may deposit up to $2,000 in each Savings Pod; Money that is kept in Savings Pods can earn 4.00% bonus
- Round-Ups: Debit card purchases are rounded up to the nearest dollar and the change is deposited into a Savings Pod
- Spending Insights: You can create a budget that keeps track of specific categories of spending; Spending Insights monitors how much you spend and can issue alerts if you are close to your limit
- Cash back: You can earn cash back at 14,000 select stores when you use your debit card; Points be redeemed at the Current Shop for cash
- Issued through Choice Financial Group (Member FDIC)
Pros and cons
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Current Account
The Current Account is a solid free hybrid checking/savings account. It might be appealing if you're comfortable keeping your money all in one place and looking for budgeting tools and savings features.
Most notably, Current lets you earn up to 4.00% bonus through a savings feature called a Savings Pod. A Savings Pod may be used to save money for individual goals, and you can add an image and description to label how the money will be used. Each account has three Savings Pods, which can earn bonuses maximum of $2,000 per pod.
You'll also get some notable perks common in checking accounts — for example, the Current Account has a two-day early direct deposit and lets you earn cash back on debit card purchases.
Current Teen Account
Current also has a debit card for teens. To be eligible for the debit card, at least one parent will have to get a Current Account. Teens will need to open and link a separate account through a QR code.
Teens will be able to manage their debit card through the Current Teen Account, which doesn't have minimum balance requirements or monthly service fees.
With the Teen Account, you also have the unique option to donate to charities — choose from a list of organizations and save money through a Giving Pod.
How Current works
Current is a mobile fintech platform with banking products for adults and teens. Anyone over the age of 18 may open a hybrid checking/savings account. You may also open a debit card for a minor if you're a parent, but you'll have to open a Current Account first.
While Current isn't a bank, its banking services are issued through Choice Financial Group (Member FDIC). You may safely keep up to $250,000 in an FDIC-insured bank account.
If you have questions about Current's banking products, you'll have to search through the website FAQ section or submit an email request. You can't call a customer representative on the phone.
The platform's mobile app is rated 4.6 out of 5 stars in the Google Play Store and 4.7 out of 5 stars in the Apple store.
Current trustworthiness and BBB rating
The Better Business Bureau rates businesses by assessing how they respond to customer complaints. Current has a D rating because the BBB has received a high volume of customer complaints, and Current hasn't fixed the recurring problems customers complain about.
Current hasn't been involved in any recent public controversies or lawsuits.
How Current compares
Current vs. Chime
See how the Current app compares to Chime, another popular fintech banking platform.
Choosing between Current and Chime may depend on what you prioritize in your banking experience.
Current offers a higher interest rate than Chime, but there are account balance limits and money that isn't kept in Saving Pods won't earn any interest.
Meanwhile, the Chime Savings Account has a bit more of a straightforward approach. There aren't any limits on account balance to earn the bonus. However, you would need to open the Chime® Checking Account before opening the Chime Savings Account.
You may also prefer Current to Chime if you're looking for more unique budgeting features. You can create a budget to keep track of your spending in certain categories or earn cash back on debit card purchases.
Current vs. Spruce
Current and Spruce both offer mobile banking products. See how the two stack up below.
Your decision between these two mobile banking platforms may ultimately hinge on how you would conduct your finances.
With Current, you'd be opening a hybrid checking/savings account. A hybrid account combines savings and checking features. You'll earn a high interest on money kept in three Savings Pods like you would with a savings account (although, there's a limit of $2,000 per pod that can earn bonuses). In terms of checking account features, you'll be able to receive early direct deposit and have access to a debit card.
Spruce has separate savings and checking accounts. The Spruce Spending Account also has a debit card and offers early direct deposit. Meanwhile, the Spruce Savings Account lets you save for individual savings goals. You won't be able to earn any interest on your savings, though.
Frequently asked questions
Is Current a free app?
You can open a Current Account and Teen Account, and there are no monthly service fees or subscription fees.
Can I deposit cash in the Current Account?
You may deposit cash at over 60,000 stores. You may also link an external bank account and make transfers to deposit money into a Current Account.
If you're looking for more online-only institutions that accept cash deposits at ATMs or stores, review our list here.
Which ATMs can I use with Current?
You'll have access to 40,000 fee-free ATMs in the Allpoint ATM network.
How much can you withdraw from the Current Account?
You may withdraw up to $500 daily from ATMs. The debit card has a daily spending limit of $2,000.
Current does not permit daily limit increases, so you won't be able to make one-time withdrawals or debit card purchases that exceed the limits.
Sophia Acevedo, CEPF
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She edits and writes bank reviews, banking guides, and banking and savings articles for the Personal Finance Insider team. She is also a Certified Educator in Personal Finance (CEPF).Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
Evelyn He
Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
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