When considering banks, millennials look for convenient solutions that match their lifestyle. That’s why fintech companies like Current are becoming so popular.
Technically, Current isn’t a bank, but a fintech that bundles online banking services with premium rewards and the ability to safely build credit using from your checking account.
We’ve included all the details below in this Current review to help you decide if it’s a good fit for your personal financial situation.
Skip straight to sign up for Current.
What is Current Banking?
Current is part of a new class of online-only banks that operate without any brick-and-mortar locations. You can access Current with an Android or iOS device.
To date, Current has racked up roughly $402 million in funding, and it operates out of New York.
What Bank Does Current Use?
While Current isn’t a bank itself, it’s backed by Choice Financial Group, which is an FDIC-insured financial institution.
Top Features of Current Banking
Here are the top features of banking with Current:
Current is committed to helping accountholders build their credit as they bank. When you open a Current account, you get access to the Build Card. This credit card is a great tool for boosting your credit without risking spending beyond your means.
By only spending what’s available in your Current account and enrolling in AutoPay, you can safely improve your credit.
You can use the card just like your Current debit card and work towards improving your score with every swipe, including at ATMs.
While Current reports your credit use to the credit bureaus, it doesn’t require a credit check or to apply, making it a great option if you have a subpar credit score.
There are no credit limits, annual fees, or APR tied to the card.
Savings Pods: Earn 4.00% APY
Current’s savings pods can help you put money aside for rainy-day emergency funds or your next vacation.
You can also opt to automatically round up all payments to the nearest dollar and put the remaining balance toward the savings goal of your choice.
The biggest advantage of Savings Pods is their competitive interest. You’ll earn 4.00% APY on your savings balance when you receive a direct deposit of at least $200.
You can earn the 4.00% APY on up to $2,000 per savings pod, and $6,000 across all pods.
Overdrive is Current’s version of overdraft protection. To access it, you need to enroll in a Premium account and receive at least $500 via direct deposit each month.
You’ll start with $25 of overdraft protection. If you want more, you’ll have to ask the bank for a review. Once your financial profile is strong enough, it’s possible to receive up to $200 of coverage. If you go over this amount, your purchase will decline.
Get Paid up to 2 Days Early
Current delivers paychecks up to two days faster than traditional banks. When you sign up for direct deposit with your Current account, and your employer processes your pay, Current will pay your funds out early.
Current also lets you trade cryptocurrency directly from your Current dashboard. You can easily execute trades on more than 30 popular coins, with no trading fees.
You can also purchase fractions of coins with an investment as low as $1. Buying and selling coins in the app is easy, and funds from sales are instantly made available in your Current account balance.
Teen and Child Banking
Current is one of our top picks if you’re looking for debit cards for children and teenagers.
As the parent or caregiver, you remain in full control of the account. You can place spending limits, block certain merchants, and receive notifications about when and where your child’s card is being used.
Current Visa Rewards Debit Card
Current offers a unique points system for cardholders. You can earn up to 7x points on standard debit card purchases and get cash back at more than 14,000 merchants.
Current makes it easy to find offers around town. All you have to do is look at the company’s mobile map and find a nearby deal. After that, simply buy something at the participating retailer and you’ll receive points.
In addition to a physical debit card, Current also provides a virtual card. You can add this card to Google Pay or Apple Pay.
A virtual card is convenient because it lets you move money back and forth between physical and digital spending. You can also pause the card at any time if you need a gut check on your finances.
Most online banks make you deposit money into a third-party checking account and transfer the money into your account. This is inconvenient and takes extra time.
Current offers a workaround. The company partners with more than 60,000 stores — including popular destinations like 7-Eleven and CVS to allow you to easily deposit cash into your online account.
Current lets you deposit up to $500 per transaction and $1,000 per day, up to $10,000 per month. To make a deposit, simply tell the cashier your intentions. Then pull up a barcode in the app, have the cashier scan it, and collect a receipt.
Current offers access to more than 40,000 ATMs through the Allpoint network with no ATM fee.
You can easily find fee-free ATMs near you in the Current app.
Current offers a useful budgeting tool that shows where your money is going and how much you have left to spend (depending on the budget limits you set).
While Current doesn’t make our list of the best budgeting apps to track all of your bank and investing accounts and spending, it’s a valuable tool for managing the funds in your Current account.
Pricing & Fees
It’s completely free to sign up for a Current account, and there’s no minimum opening deposit or minimum balance requirement. What’s more, there are no monthly maintenance fees, which many traditional banks charge.
Current does charge a few fees, like a $2.50 out-of-network ATM fee. If you travel internationally, you can expect to incur a 3% fee on card transactions and a $3 ATM fee.
Current also charges $5 to replace your debit card and $3.50 to deposit cash into your account.
All in all, these fees are reasonable and relatively common in the industry.
Since Current is a mobile app, you’ll need a smartphone to use it. You can use this app with an Android or iOS device, and the phone needs to be able to receive text messages.
In addition, you’ll need to provide some basic information including a Social Security number and a residential address in the United States.
From there, you just need to fund your account to start spending, saving, and building your credit.
Current brings premium financial services to everyone with a variety of modern lifestyles to help improve their financial outcomes.
Current Promotions for 2023
Here are the top promotions for Current:
Refer someone to Current, and the company will give you a $50 bonus.
Once your friend opens an account with your link or referral code and makes a qualifying $200 direct deposit within 45 days, you’ll both get $50 bonuses.
Current Signup Bonus
Current also has a $50 bonus when you receive a payroll direct deposit of $200 or more within 45 days of opening the account. Use the code WELCOME50 to access this promotion. This is only for new Premium members.
Feeling unsure about mobile banking? That’s understandable. But rest assured, Current is an app that you can trust.
Here’s a breakdown of some of Current’s security features:
- Secure bank connections: The company offers private and secure bank connections to third-party institutions. In other words, you can safely transfer money from companies like Wells Fargo and Chase.
- Secure transactions: Current provides EMV chips for its debit cards to prevent data skimming at terminals and ATMs.
- Fingerprint and face ID: Want to use biometric features to protect your account? Current supports fingerprint and face ID for extra security.
- Pause and resume transactions: If you lose your debit card, you can easily log into the Current app and lock your card then resume at any time without penalty.
Current does not have a customer service phone number on its website that you can contact.
Instead, the company asks you to submit tickets through its support center. There’s also a live chat feature on the app.
Thankfully, chat agents are available 24/7, and Current’s customer service is highly rated on Trustpilot, with a 4.2/5 on Trustpilot.
Pros and Cons
To recap, here are some of the biggest advantages and disadvantages of banking with Current:
- No monthly fees or account minimum
- Teen banking option
- Credit building feature
- 2-day early pay
- Above-average savings rate
- No physical branches
- Fee to deposit cash
Alternatives to Current
Here are some alternatives to Current banking:
Aspiration also offers no ATM fees through its Allpoint affiliation, and you can receive your paycheck two days early through direct deposit. The company has a hybrid cash account offering up to 10% cashback on some purchases and up to 3.00% APY through an Aspiration Plus subscription.
One thing to note about Aspiration is the company’s commitment to sustainability. According to the company, savings and debit card purchases won’t be used to fund the oil or coal industries. The company also offers a “Plant Your Change” feature to offset carbon emissions.
Ally Bank is a popular online bank offering industry-leading rates for checking, savings, CDs, and IRAs. The company provides a user-friendly app with no account minimums or monthly maintenance fees. You also get up to $200 of overdraft protection.
Chime has no hidden fees and offers a high-yield savings account with a 2.00% APY. It also has an extensive ATM network, with over 60,000 fee-free ATMs.
Frequently Asked Questions
Here are the most frequently asked questions about Current banking.
Is Current legit?
Yes, Current is legit, safe and trustworthy. The company has a user base of more than 4 million customers and high ratings in the Google Play and App Stores. It’s a trustworthy online bank, offering FDIC-insured accounts through Choice Financial Group.
Is Current a good bank?
Yes, Current is a good bank, ranking very highly in the Google Play and App Store with a rating of 4.6 stars and 4.7 stars, respectively. Current is also highly rated on Trustpilot.
Is Current a real bank?
Current is a fintech that offers bank accounts backed by FDIC insurance. It has a solid reputation among industry experts and account holders.
What bank does Current use?
Current is backed by Choice Financial Group, which is an FDIC-insured financial institution.
Does Current let you deposit cash through an ATM?
Unfortunately, you can only make withdrawals through Current’s ATM network. You can easily deposit cash at Current’s partner retailers and deposit mobile checks in the app.
Does Current offer interest?
Yes. Current offers interest when you transfer money to your savings pods. You can currently earn 4.00% APY on up to $6,000 of your savings balance when you receive qualifying direct deposits.
Is Current Banking Best for You?
Current is an interesting newcomer in the competitive online bank landscape. With low to no fees and a slick mobile app, it should serve as a solid checking solution for many.
However, if you frequently need to deposit cash or like to call your bank for customer support, you should probably think twice before opening a Current account.
We keep a running list of the best online banks, look around and select the best bank for your needs. You’re bound to find one that fits your financial needs and puts you on the path to prosperity.