Account Basics
Current isn’t set up like a traditional bank with distinct checking and savings accounts. Instead, Current accounts are hybrid accounts that combine checking and savings features. Accounts include a debit card and the ability to create Savings Pods for different goals. Current also offers accounts for teens.
Current banking services are provided through partnerships with Choice Financial Group and Cross River Bank, Members FDIC.
Current previously offered a paid Premium plan, but the company now offers the formerly Premium features for free. There are no monthly fees or hidden fees. You can use the debit card wherever Visa is accepted and at over 40,000 surcharge-free ATMs through the Allpoint ATM network. Current charges $2.50 per ATM transaction outside of its ATM network in addition to any fees charged by the ATM operator.
The amount of interest you’ll earn on funds in your Savings Pods depends on whether you receive monthly direct deposits totaling $200 or more. If you do, your savings will earn 4.00% bonus if you receive monthly direct deposits of $200 or more; if not receive 0.25% bonus[ ]. Also, you could get access to your paycheck up to two days early if you receive direct deposits through Current.
Here’s a closer look at some of Current’s top features.
- Savings Pods. A Savings Pod is like an account within your Current account that allows you to set a savings goal and put away money specifically for that goal. Savings Pods are a great spot to keep an emergency fund or set money aside for an upcoming vacation or other large expense. You’ll earn 4.00% bonus if you receive monthly direct deposits of $200 or more; if not receive 0.25% bonus.
- Budgets. Budgets are exactly what they sound like. Customers can set up budgets within the Current app to track spending throughout the month.
- Round-Ups. Current members can maximize their savings through a budgeting tool called Round-Ups. As you use your Current debit card, these purchases are rounded up to the nearest dollar. The rounded-up change is then added to the Savings Pod (or Giving Pod, for charitable giving) of the member’s choice. This feature is available for all Current accounts.
- Current Points. Current members can also earn cash back and other rewards through its Points reward program. Members can activate reward offers at over 14,000 participating retailers through the mobile app. As you swipe your Current card and make purchases, you can earn points redeemable for cash back.[ ]
- Early paydays. If you receive direct deposits in your Current account, you may be able to access your paychecks up to two days early.
- Overdrive. Current’s overdraft protection program lets you overdraft up to $200 on card purchases without paying overdraft fees. However, you must receive $500 or more in qualifying deposits over each 30-day period to access this feature. Members who don’t want to use Overdrive have the option of disabling it.[ ]
Teen Account
Parents can also open a Teen account through Current for their teenager. Teen accounts provide some financial freedom for teens while still giving parents control of several features to put guardrails in place.
Parents can transfer money to teens through the app, set up chores to complete, create automated allowance payments, set spending limits, block purchases at specific merchants and receive notifications of all purchases.
Teen accounts come with a debit card and access to similar features as the other accounts, like Round-Ups and Budgets. Teen accounts come with one Savings Pod and one Giving Pod for individuals interested in making charitable donations.
Access on the Go
The only way to access Current accounts is through its mobile app. The highly rated app is available for both iOS and Android and comes packed with helpful features like:
- Mobile check deposit
- Instant spending notifications
- Tools for tracking spending
- Current Pay, its peer-to-peer payment platform
- Google and Apple Pay
- Privacy controls
Parents can also control settings for Teen accounts from within the mobile app, including pausing debit cards, automating allowance payments and setting chores to complete.
Providing digital banking services, Current has no physical locations you can visit. While in-person support isn’t an option, customers still have other ways to seek help, including 24/7 live chat support within the app. Other support options include email and sending secure messages online. Phone support is currently limited due to the Covid-19 pandemic.
How Current Stacks Up
Current isn’t a bank and, in many ways, it operates differently from most online banks and other nonbanks. Current accounts are great for individuals who don’t want to pay fees and want budgeting and saving tools built into their bank accounts. Current’s Teen account is also an interesting offering with a lot of upsides and without an annual fee.
Frequently Asked Questions (FAQs)
Is Current FDIC insured?
Yes, Current is FDIC insured through Choice Financial Group (FDIC# 9423). The federal government protects your money up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
What bank does Current use?
Current’s banking services are provided by Choice Financial Group and Cross River Bank, Members FDIC.
How do I deposit money to my Current account?
You can deposit money into your Current account through mobile check deposit, direct deposit or electronic transfer from a linked bank account. You cannot use a mobile check deposit for your initial deposit when you open your account. After you have successfully received a deposit from a linked funding source, you can access the mobile check deposit feature. You can add cash to your Current account at participating retailers—up to $500 per transaction or $1,000 per day, up to a maximum of $10,000 per month—for a $3.50 fee per transaction.
Can I use my Current card at an ATM?
Yes, Current account holders have access to over 40,000 surcharge-free Allpoint ATMs across the U.S. Current charges a $2.50 fee per transaction for out-of-network ATM use. ATM operators may also charge a fee for out-of-network ATM use. While you can withdraw cash at an ATM, you cannot deposit cash at an ATM. You can add cash at participating retailers, as identified in the Current app.
How much does it cost to open an account with Current?
Current doesn’t charge anything to open or maintain an account. Current previously offered a paid Premium tier for $4.99 per month, and the Teen account formerly had an annual price tag of $36, but all features are now free across all Current accounts.
