Current Review
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Current offers banking features like savings, and debit card options — but is it legit? Find out the pros, cons, and how it compares to Chime.
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Banking for Modern Life | |||
Overall Score | 4.4 | ||
Savings | 4.0 | ||
Minimum Deposit | 5.0 | ||
Checking | 5.0 | ||
Price | 5.0 | ||
Customer Service | 3.0 | ||
Mobile App | 5.0 | ||
Ease of Use | 5.0 | ||
Education | 3.0 | ||
Pros and Cons
- High savings rate
- Up to 15x cash back at 14k stores
- Ability to deposit cash
- No web platform
- Email-based support only
Bottom Line
Simple, digital-only banking app with impressive APY and cashback
Current is a digital-only app trying to make banking easier in the modern world. The platform also features a teens-only plan to help young adults learn to manage money.
But how much does it cost? And is it trustworthy?
Learn about the benefits, risks, and costs associated with Current in this review.
What is Current?
Current is an online banking app with no monthly fee. It offers a Visa debit card, free withdrawals at 40,000+ ATMs, and 4% APY on up to $6,000 in savings.
Current is actually a financial technology company. Banking service is provided by Choice Financial Group. This enables funds to be entitled to up to $250,000 of pass-through deposit insurance coverage from the FDIC.
To date, there are over 4 million users. Current was founded in 2015 by Stuart Sopp, the former Head of Trading at Morgan Stanley and Citi.
The company has received $402.4M in venture capital funding, including most recently a $220M Series D funding round in April 2021.
Yes. Deposits are handled by Choice Financial Group, a member of FDIC. That means that your deposits are guaranteed by the government up to $250,000.
Banking for Modern Life
- Get Paid Up to 2 Days Faster
- Fee-Free Overdraft up to $200 with Overdrive
- 40,000 fee-free Allpoint ATMs in the U.S.
- No minimum balance or hidden fees
Convenient Teen Account With Debit Card
- Easy transfers, set spending limits, automate allowances
- Age: 13 years and older
- Fees: No monthly or annual fee
Who is Current Best For
Current may be right for you if you:
- Are okay with only banking through an app
- Have smaller savings goals and want a high interest rate
- Use your debit card a lot and want cashback rewards
- Want a account for your teen
Current is also good if you have past banking mistakes and can't qualify for a traditional banking account. It does not check your credit or ChexSystems.
Current Pros and Cons
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Pros:
- $0 monthly fee
- 4% APY on up to $6,000 in savings
- Up to 15x cash back at 14,000 participating retailers
- Fee-free ATM access at 40,000 locations nationwide
- Up to $200 in fee-free overdrafts (for qualified customers)
- Get direct deposits up to 2 days earlier
- Cash deposits at 60,000 stores nationwide
- Instant gas hold removals (more on this later)
Cons:
- No online banking (only accessible within the mobile app)
- Fee to deposit cash
- No checkwriting
- Check deposits can take up to 5 business days
- Only email-based customer support
Banking services are provided by Choice Financial Group, Member FDIC. You can view more information by reading Current's terms of service.
How Much Does Current Cost?
Current offers two accounts:[1]
Current Account: No Monthly Fee
Teen Account: No Monthly Fee
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Quick Comparison
| Basic | Teen | ||
|---|---|---|---|
| Cost | Free | Free | |
| Direct Deposit | Up to 2 days early | Standard | |
| Debit Card | Exclusive Card with Tap to Pay | Standard White or Black chip card | |
| Savings | 3 Savings Pods with 4% APY on up to $6,000 | N/A | |
| Budgeting | Budgets for each category | Budget for a single category | |
| Visit Current to Learn More | |||
Current waives a lot of typical banking fees. It charges:
- No minimum balance requirements
- No overdraft fees
- No external or internal money transfer fees
- No fees at 40,000+ Allpoint ATMs
If you use an out-of-network ATM, you will be subject to a $2.50 fee.[2] International ATM withdrawals come with a $3 fee.[3]
How Does Current Work?
 |
To sign up for a Current account, follow these steps:
- Download the app on the Google Play Store or Apple App Store (or enter your phone number on Current's website to be sent a download link).
- Provide personal information including your name, phone number, email address, mailing address, and Social Security number.
- (Optional) Connect Current to a debit card or bank account to fund your account.
After signing up, you will be sent a debit card by mail. Your debit card will arrive by USPS within 7-10 business days.
Luckily, you don't have to wait 7-10 days to start using your account. Current gives you a virtual card that you can add to your digital phone wallet and use while you wait for your physical card to arrive.
Banking for Modern Life
- Get Paid Up to 2 Days Faster
- Fee-Free Overdraft up to $200 with Overdrive
- 40,000 fee-free Allpoint ATMs in the U.S.
- No minimum balance or hidden fees
Current Features
Intrigued by what Current has to offer? Below, take a look at some of their popular features to know whether Current is the right banking app for you.
1. High Interest on Savings
Current offers an outstanding interest rate on savings. All users have the option to open up to 3 Savings Pods. You can earn 4% APY on up to $6,000 ($2,000 of deposits per pod).
Savings Pods are great for creating separate savings goals, like for vacation, emergency fund, or upcoming large purchase.
You can turn on round-ups for a pod. This feature will round-up your transactions and automatically deposit them into your pod, so you will saving without thinking.
And you can move money in and out of your Savings Pods anytime you want. Unlike a traditional savings account, you're not limited to 6 transfers per month.
But the downside is that you only earn interest on a maximum of $2,000 per pod. This is kind of a bummer since many online savings accounts give you a high APY on your entire balance.
Current Savings with Interest - Up to 4% APY
- Any member who signs up for a Current Personal Account can get 4.00% Annual Percentage Yield ("APY") on up to a total of $6,000.
- Members simply add money to their Savings Pods and enable the Interest feature.
- Members can seamlessly transfer money between Savings Pods and their spending balance and interest accumulates daily.
CIT Bank Savings Connect - 3.60% APY
- Earn 15x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY922 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
2. Overdraft Protection
Not only does Current not charge overdraft fees, it will even give you a free pass if you do accidentally overdraw your account.
Current's Overdrive feature gives you fee-free overdraft up to $200. This feature is completely free as long as you qualify for it. It covers in-store or online purchases made with your debit card.
How to Qualify for Overdrive:
- Have an active Current account in good standing
- Be 18 years of age or older
- Receive $500 or more in qualifying direct deposits in each 30-day period
A qualifying direct deposit is an ACH transfer from your employer, payroll provider, or Social Security. Peer-to-peer transfers or mobile check deposits don't count.
3. Cashback at Popular Retailers
If you use your Current debit card at one of Current's 14,000 merchant partners, you can earn up to 15x points. These points are redeemable for cash or other items in the Current Shop.
Current's partners include popular national retailers (like Forever 21 and Burger King), as well as local businesses. It's a great way to support your local shops while earning rewards at the same time.
How to Earn Cashback:
- Find participating retailers in the Points tab in the Current app
- Shop with your Current Visa card
- Get points in your account
- Redeem them for cash for other items
4. Instant Cash Deposit
One impressive feature offered by Current is the ability to deposit cash into your account, but there's a $3.50 fee per transaction.[4] You can instantly add cash at over 60,000 stores nationwide using your Current account.
Cash deposits are available at convenient places like CVS, Walmart, and local grocery stores. You can add up to $500 cash per transaction (up to $1000 per day, and $10,000 per month).
How to Deposit Cash with Current:
- Log into the app to locate a cash deposit location near you
- Tap "View Barcode" from the map
- Show the barcode to a cashier at the checkout counter
- Give your money to the cashier
- Instantly view your money deposited into your account
5. Current Gas Hold Removal
When you visit a gas station and pay with a card, a "hold" is typically placed on your account for (usually) $100.
This is because, unlike most point-of-sale transactions, the total amount you are going to spend is unknown until you're done pumping.
For most banks, this hold can remain in place for up to 10 days until the transaction is finalized.
However, Current instantly removes all gas holds — saving you from the possibility of overdrawing your account before the hold is lifted.
6. Current Teen Account
Current also offers a Teen account that doesn't have a monthly or annual fee. This account helps give parents the ability to teach their children about spending and savings.
With the Teen account, parents can blacklist certain retailers, set spending limits, and automate allowance payments.
Another popular feature offered by Current inside the Teen account is the ability to assign chores and set the payment for each completed chore.
Convenient Teen Account With Debit Card
- Easy transfers, set spending limits, automate allowances
- Age: 13 years and older
- Fees: No monthly or annual fee
Current Crypto
Current now offers the ability to buy and sell crypto from the same app. There are no trading fees.
You can buy 27 popular coins, including Bitcoin, Ethereum, Dogecoin, and Shiba Inu. You only need $1 to purchase pieces of coins.
When you sell a coin, the cash will be available instantly in your Current account to use. You don't need to wait days for the trade to settle.
Additional Features from Current
Current offers more features that might convince you to open up an account. Review the points below to decide if Current is a good fit for your finances.
Faster direct deposits
If you enroll in direct deposit through the Current app, you can get your paycheck up to 2 days earlier.
Fee-free ATM withdrawals
You can withdraw cash at over 40,000 Allpoint ATMs with no fees. Just find your nearest location in the Current app. They're usually at places like drug stores, grocery stores, and local financial institutions.
Mobile check deposit
Just snap a photo of your check to deposit it into your account from anywhere. The limit is $2,000 per check. Note that it can take up to 5 business days for checks to clear.
Current Pay
Current Pay lets you pay and request money from other Current users instantly. It's free to send and receive money.
Money management tools
Get insights on your spending habits and patterns on the home screen of Current's mobile app. Current also lets you create budgets for different categories of spending.
Current Customer Complaints
Overall, Current boasts high average ratings from customers. A lot of the customers love how easy it is to use and the overdraft program.
Parents also like the Current Teen account where they can teach their children about spending and saving.
| Rating Source | Rating |
|---|---|
| Google Play Store | 4.6 stars, 138k ratings |
| Apple Store | 4.7 stars, 128k ratings |
| Trustpilot | 3.8 stars, 2,100 reviews |
But a lot of customers also complain about the slow customer support, since it's email-only. And it takes many days for check deposits to clear, which is hard if you're waiting for the funds.
Another alarming customer complaint seemed to pop up again and again: fraud risk. Some customers say that fraudulent charges were made on their account and little-to-no help was provided by Current Customer Support.
Representative Negative Review:
— jdubhair31, Apple App Store Review, 10/24/2020
How to Contact Customer Support
There are two ways to contact customer service for Current.
- Using the chat feature inside the app, where you will be directed by a chatbot to a human representative
- Filling out a form on the website and waiting for an email response.
Given the lack of direct lines of communication, it's not surprising that many customers become frustrated with Current customer service when they have issues like suspected identity theft.
However, most simple (and less urgent) questions can be answered with their online FAQ support center.
Current Alternatives
Given the complaints above, you may be curious to hear about alternative options. Below, see how Current compares to other popular apps like Chime and Greenlight.
Current vs Chime
Current and Chime are both digital-only financial companies offering impressive, modern features that traditional banks don't. This includes earlier direct deposit features, no-fee overdrafts, and "round-ups" to help you add to your savings.
Current offers a better APY on savings. Chime's savings account earns 2.0% APY. But you earn it on your entire balance, whereas Current's is only up to $6,000.
One advantage of Chime is that it offers a Credit Builder account to help you increase your credit score. No credit check is required.
However, Chime doesn't offer a Teen account, which makes Current the easy choice for parents who want to help their teens learn financial literacy.
| ||
 |  | |
Current | Chime | |
|---|---|---|
Banking for Modern Life - | Get Started - | |
Benefits and Features | ||
| Savings | 4.00% APY on your Savings Pod, on up to a total of $6,000 | 2.00% Annual Percentage Yield (APY). The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 19, 2022. No minimum balance required. Must have $0.01 in savings to earn interest. |
| Checking | Earn up to 15x points on purchases at participating merchants | No monthly service fee; no minimum balance; no overdraft fees; no foreign transaction fees |
| Minimum Deposit to Open | ||
| Mobile App | ||
| ATMs | Free access to 40,000+ Allpoint ATMs | Over 60,000 fee-free MoneyPass, Allpoint, and Visa Plus Alliance ATMs |
| Monthly Fee | ||
| | |
Current: Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC Chime: Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC. | ||
Current vs Greenlight
Current is geared toward teenagers and their parents while Greenlight focuses primarily on younger children, approximately elementary school age.
Both apps offer similar features and parental controls like transaction monitoring, spending limits, chore rewards, and the ability to blacklist certain retailers.
The primary differences between Greenlight and Current are the price point and the ability of Greenlight users to invest money in the stock market.
Current doesn't charge monthly or annual fee for their teen account compared to $4.99 per month for Greenlight. There's no subscription fee for Current Teen Account, however it requires a linked parent account.
The Bottom Line: Is Current Worth It?
Overall, Current offers a nice suite of features that makes it a good choice if you want a simple banking platform with no monthly fees.
Some of the most impressive features you'll get when you open a Current account include:
- 4% APY on up to $6,000
- Great overdraft protection
- Instant cash deposits
- Up to 15x in cashback
- User-friendly mobile app
- Faster direct deposits
But of course, no app is without its cons.
From customer reviews, it seems Current could stand improve their customer service and security. If you usually don't need banking help and are okay with using just an app, Current could work for you.
References
- ^ Current. What types of accounts does Current offer?, Retrieved 3/23/2022
- ^ Current. Can I use my Current card at ATMs?, Retrieved 3/23/2022
- ^ Current. Can I use my card Internationally?, Retrieved 3/23/2022
- ^ Current. Is there a fee to add cash?, Retrieved 7/22/2022
Banking for Modern Life
- Get Paid Up to 2 Days Faster
- Fee-Free Overdraft up to $200 with Overdrive
- 40,000 fee-free Allpoint ATMs in the U.S.
- No minimum balance or hidden fees
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
CIT Bank Savings Connect - 3.60% APY
- Earn 15x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
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