Founded with a mission to revolutionize personal finance, Current has quickly gained traction as a leading digital banking platform based in the United States.
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 offers a range of innovative financial products geared towards tech-savvy and mobile-first consumers. These include high-yield savings accounts, fee-free overdrafts, and early direct deposit features, providing users with more control and flexibility over their finances.
In this review, we will dive deeper into the key features and benefits of Current.
Overview
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.
Despite its strengths, Current is currently available primarily in the United States, limiting its accessibility to a global audience. Additionally, while it offers competitive rates and innovative features, traditional banking services like physical branches are not available.
In addition to its core banking services, Current offers a range of innovative financial products designed to provide customers with enhanced control and flexibility over their finances.
Founded on the principles of accessibility and modern financial management, Current provides features like high-yield savings accounts, which offer competitive interest rates to help users grow their savings more effectively. Users also benefit from fee-free overdrafts, allowing them to manage unexpected expenses without incurring additional costs, and early direct deposits, which enable them to access their paychecks up to two days in advance.
Furthermore, Current’s flagship product, the Current Account, combines everyday banking features with advanced financial tools to help users stay on top of their finances. The account includes a debit card that offers cashback rewards on everyday purchases, helping users save money on their routine expenses. Additionally, the app provides comprehensive financial wellness tools, such as spending insights and personalized savings goals, to assist users in managing their money more efficiently.
On the other hand, the company’s commitment to user empowerment extends to its transparent fee structure, with no hidden charges and access to a wide network of fee-free ATMs. Current also offers parental control features for teen accounts, allowing parents to monitor and guide their children’s spending and saving habits.
Pros and Cons
Pros
- No montlhy fees
- Earn cashback at more than 14,000 retailers
- No minimum balance requirements
- Earn up to 4.00% bonus through Savings Pods (maximum limit of $6,000)
- Up to 2-day early pay
- Credit building feature
Cons
- Interest only available in Savings Pods and limited amount of money
- No joint bank accounts
- Fees for cash deposits
- Response times from customer service can be slow
Account Types
With Current, you have only one option for current accounts!
The Current account plan comes with:
- No monthly fees
- No minimum balance requirements
- Free ATM withdrawals at 40,000-plus AllPoint ATMs (up to $500)
- Paid up to two days early (when using direct deposit)
- Current Visa debit card
- 4% interest rate on savings up to $6,000 through its savings pods feature
- Teen account option
- Cashback at over 14,000 retailers in the U.S.
- Fee-free overdraft feature (eligibility may apply)
- Cash deposits at 60,000 stores nationwide
- Instant gas hold removals
Credit building option
In order to build credit, you just need to use your card, even at the ATM, to build credit with everyday purchases. The credit building is just using the money in your account and enabling AutoPay (so you never miss a payment).
No matter what your credit history, there are no credit checks required to apply and build credit. So, in order to build credit with current, you will need to:
- Set up direct deposit: Unlock extra features, and get paid up to 2 days faster when you sign up and set up direct deposit.
- Swipe your card: Use your Build Card every time you swipe, even at the ATM, so it’s the only card you need.
- Track one balance: We put the money you spend aside in your Reserved Funds so you avoid overspending.
- Pay & build credit: Enable AutoPay or pay your balance and we’ll report it to TransUnion, which builds your credit history.
Crypto investment option
Buy and sell crypto without trading fees, so you can make the most of every dollar you put in.
In addition, unlike most other exchanges, Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested.
Once you download the Current app and agree to the terms and conditions, create and fund your account. You will then be able to instantly purchase crypto with a funded account through selecting ‘Buy’ on the coin of your choice, enter the amount, and you are now a crypto owner!
How to open an account
Current doesn’t charge anything to open or maintain an account. The only way to access Current accounts is through its mobile app. 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.
In order to use Current, you will need to download the application and credit your account to start using the platform.
Moreover, you will also be asked to provide the following:
- Be over the age of 18 and be a legal resident of United States
- A valid mobile phone number, email address and personal information (current address, date of birth, full name, and citizenship)
- Document for identity verification
Also, you may be asked a few questions about yourself and the purpose of your account (these questions will not impact your eligibility).
Note that you can only open your Current account in USD. That’s the only accepted currency!
The Current Card
No matter which account you choose, your Current card will be a Visa card, which you can use to make purchases around the world wherever Visa is accepted.
Likewise, you can spend in multiple currencies and get automatic money conversion at near the real exchange rate. Making international purchasing faster and easier.
Fees
Cash Withdrawal Fees
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.
Additionally, international ATM withdrawals come with a $3 fee!
Safety Measures
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. Current’s banking services are provided by Choice Financial Group and Cross River Bank, Members FDIC.
In fact, Current policies are designed to ensure the protection of personal information. In order to ensure your card’s security, Current offers several protective measures:
- Biometric authentication
- Spending limits to avoid unexpected expenses
- Much more safety features available
As a result of the fast evolution of new scams, Current is continually developing new solutions to combat the latest fraud and scam technologies.
Supported Countries
Current primarily serves customers within the United States, offering its innovative financial products to residents across the country. This localized approach ensures that anyone residing in the U.S. can easily access Current’s diverse range of banking solutions designed to align with ethical and sustainable principles.
Therefore, this availability means that if you reside in United States, you can easily open an account and access Current wide array of financial services.
Costumer Service
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.
Bottom line
Current has swiftly risen as a notable force in the financial sector, distinguishing itself with a commitment to innovative and user-friendly banking practices.
Founded with a mission to offer financial products that empower individuals through technology, Current provides a range of modern services. At its core is the Current Account, which integrates traditional banking features with a transparent fee structure and offers features like no overdraft fees up to $200, faster direct deposits, and fee-free ATMs within their network. This account includes a robust mobile app that offers real-time notifications, budgeting tools, and insights into spending habits, promoting better financial management.
In addition to its banking services, Current offers savings options with its Savings Pods feature, enabling customers to set aside money for specific goals. These Savings Pods earn interest, helping users grow their savings effectively.
Despite its strengths, Current is currently available primarily in the United States, which limits its accessibility to a global audience. Furthermore, traditional banking services such as physical branches are not offered, as Current operates entirely online.
In conclusion, Current stands out for its pioneering approach to integrating financial services with technology and user-centric features. Whether you’re interested in innovative banking, efficient saving, or seamless financial management through a mobile app, Current provides a compelling choice for individuals seeking a modern banking experience within the United States.
