Current is a banking app that offers a ton of different services that make your financial life easier. Whether you're a young adult, parent, or teen just starting out, there are options for you with Current.
Teaching your teens about money management is more interesting when its hands on. But it’s impractical to follow your teen around everywhere they go so you can monitor their spending.
Instead, you can use a banking app like the one from Current. It has plenty of parental controls to limit and monitor your teen's spending.
In this article, we’ll review what Current has to offer to anyone looking for a mobile-only banking experience with terrific features.
Quick Summary
- Banking app and Visa debit card with mobile-only account access
- Earn a solid bonus on your savings balance
- Teen plan offers money management and parental control features
- Access free Paycheck Advance of up to $500
Current Details | |
|---|---|
Product Name | Current |
Min Deposit | $0 |
Maintenance Fees | $0/mo |
Cashback Rewards | Yes |
Bonus On Savings Pods | up to 4.00% on up to $6,000 in savings1 |
Promotions | None |
Who Is Current?
Current is not actually a bank but instead is a financial technology company that helps people make smart money choices. It also provides various benefits through its account, including faster access to paychecks, spending insights, savings pods and cash back rewards, all without any overdraft fees or minimum balance requirements. It’s CEO is Stuart Sopp. Current was founded in June 2015 and is based in the Greater New York area. Current has raised $400M in funding to date.
They have some notable investors and partners, including popular YouTuber Mr. Beast.
The banking services Current offers are provided by Choice Financial Group and Cross River Bank, Members FDIC. The Current Visa Debit Card is also issued by Choice Financial Group, pursuant to a license from Visa U.SA. Inc, and can be used everywhere Visa debit cards are accepted.
⚠︎ This Is A Banking Service Provider, Not A Bank.
Current is a financial technology company, not a bank. While it uses partner banks to provide banking services, your FDIC-insurance protection may be limited. Read this article from the FDIC to understand the risks of using a non-bank company.
What Do They Offer?
Current's accounts offer up to two days faster availability of your paycheck, removal of gas station holds, and great money management for teens.
For now, these accounts are mobile-only. So not only are there no local branches available to visit, but there is no desktop account access or management offered either. As of writing, account accessibility is only offered through Current’s mobile app.
Personal Accounts
Current offers a solid personal account - all of this is included for $0 monthly maintenance fees2
- No Minimum Balance Requirements
- Build Your Credit By Using Your Card
- Overdraft up to $200 without any overdraft fees3
- Faster direct deposits (up to 2 days earlier)
- 40,000 Fee-Free ATMs
- Mobile Check Deposit
- Savings Pods
- Earn up to 15x points for unlimited cashback at participating retailers4
The most compelling features are the faster direct deposits and gas hold removals. Faster direct deposits mean money deposited from your paycheck should be available up to two days faster than the average direct deposit. Also, the fee-free overdraft up to $200 when you have a qualifying direct deposit can be helpful.
Current ignores the date that employers intend for your paycheck funds to be released. Instead, it credits your account moments after receiving it. This is a common feature of prepaid debit cards.
The gas hold feature removes holds placed on your card by gas stations, which is a feature uniquely offered by Current. Some gas stations may apply a hold of up to $100 on your card for days. These holds basically lock the amount being held, making it unavailable for spending. Current will immediately remove the hold so that you don’t lose any availability of your funds.
Teen Banking
The teen plan is designed with parental supervision and money management in mind. It’s a great way to help teach your teen about using money. Parental features include:
- Cashless convenience
- Instant transfer to your teen’s card
- Notifications for all purchases
- Ability to block specific merchants
- Ability to set spending limits
- Set chores to complete
- Automate allowance payments
- Multiple family members can add funds
The Teen plan, however doesn’t include any savings pods (explained next).
You might be better off finding a great starter checking account for kids.
Savings Pods
Current's savings pod are like savings accounts which can be used to section off funds for a specific savings goal. You can label each pod and money can be deposited/moved into a pod directly from your account, direct deposit, or automatically added through round-ups (to the nearest dollar) from purchases made with your card.
Current currently offers up to a 4.00% Bonus on up to $6,000 once you receive qualifying direct deposits. All you have to do to enable the interest feature is to move money from your spending balance to one of your Savings Pods.
Paycheck Advance
Current now offers a Paycheck Advance of up to $500. You can advance up to your qualifying limit as often as you wish, and no credit check is required for approval. Some users will be eligible to receive an Instant Advance within an hour, for an additional fee.
Here's how the signup process works:
1. Once you've opened your Current account, you can enroll in Paycheck Advance. This will allow you to access up to $500, with no interest charges. The minimum advance limit is $50.
2. To qualify for the maximum amount, you must either receive an eligible payroll direct deposit into your Current account, or link an external bank account into which you receive your payroll deposit.
3. If you don't receive the maximum Paycheck Advance limit ($500) immediately, it can grow over time providing you maintain your payroll direct deposit and maintain your account in good standing.
Rewards
Current has a points rewards program for its members. Now, account holders can earn up to 15x points on purchases money they spend at 14,000+ retailers, including popular names like Subway, Rite Aid, True Value and Cold Stone Creamery, which are redeemable for cash back in your Current account.
Points are credited instantly after purchase and can be redeemed at 100 points per dollar inside the Current app. Current estimates that its members could earn up to $165 in cash back per year by just using their card at participating gas stations alone. It also says that new offers will be added regularly and can be found in its app.
Transaction Limits
Current accounts do have a few limits worth noting. These include:
- $500 daily maximum in ATM withdrawals
- $2,000 daily maximum in card purchases
- $5,000 maximum transaction amount for peer-to-peer payments through Current Pay
Mobile App
Current accounts are managed through its mobile app. The mobile app is available for Android and iOS. Visit the Current website to download the app. On the Apple App Store, Current is rated 4.7 out of 5 from over 86k ratings. On the Google Play Store, the app is rated 4.6 out of 5 from more than 93k voters.
Are There Any Fees?
There are NO monthly maintenance fees or minimum balance requirements.
Out-of-network and third-party fees may apply as well. For example, the fee for using an out-of-network ATM is $2.50. There's also a $3.50 fee per transaction for adding cash.
How Does Current Compare?
Current's teen accounts and their accompanying parental supervision and money management tools are really what set it apart from the myriad of online banking apps available today. But even in the teen banking space there's some strong competition.
Depending on your situation, another banking app might be a better fit. Check out how Current compares in this quick chart:
Header | |  |  |
|---|---|---|---|
Rating | |||
Maintenance Fees | $0 | $0 | $0 |
Earns Cash Back | |||
Earns Interest | |||
Min Deposit | $0 | $0 | $50 |
ATM Network | 40,000+ ATMs | 55,000+ ATMs | 91,000+ ATMs |
Cell |
How Do I Open An Account?
As mentioned previously, Current's accounts are mobile-only. This means that you can only open an account through one of its mobile apps. You can download the app from the iOS or Android app store. Or you can text yourself a download link from its site.
Is My Money Safe?
Yes. Deposited funds are covered by FDIC insurance up to $250,000 through Current’s issuing bank, Choice Financial Group.
How Do I Contact Current?
You can reach a Current agent by live chat 24/7 inside the app. To speak with someone over the phone, you can call 1-888-851-1172. Finally, you can contact the Current team by email at support@current.com.
On Trustpilot, Current has a 2.8/5 customer service rating out over 2,200 reviews. It's not currently accredited with the Better Business Bureau (BBB) but it has a 1.9/5 rating and has been promptly responding to complaints.
Why Should You Trust Us?
I have been writing and researching banking and personal finance products since 2009. At The College Investor, we've been comparing and reviewing banks since 2018, and track the best banks for savings and money market accounts daily from a list of over 50 major banks and credit unions.
We have been following and reviewing Current since 2020, and are excited by their latest updates.
Furthermore, our compliance team reviews our rates every weekday to ensure that we are accurately showing the correct rates and terms so you can make an informed decision about where to open a savings account.
Who Is This For And Is It Worth It?
Overall, Current is a compelling offering if you're looking for a mobile solution to your banking needs. If faster direct deposits is a need that you have, then Current could be worth it. And if gas station holds noticeably affect you, again, may be worth considering.
Given that so many financial institutions offer methods for parents to control their children’s spending, parental spending features may not offer much of a selling point. But if your financial institution doesn’t have anything like that, Current’s Teen plan could definitely worth it.
It's important to point, however, that many banks (especially online banks) are able to match many of Current's features while also offering savings accounts and other products. Check out our list of the best online banks.
And be sure to compare Current's teen banking app options with our favorite starter checking accounts for kids.
Current FAQs
Here are a few of the most common questions that people ask about Current:
Does Current have any physical branches?
No, but it does offer fee-free cash withdrawals at over 40,000 Allpoint ATMs throughout the United States.
Can you deposit cash into your Current account?
Yes, but a $3.50 is applied to every cash deposit transaction.
Does Current let you overdraft?
Yes, but only if you enable Overdrive™ inside your account.
Can you earn rewards or bonuses with Current?
Yes, all members can earn cash back at participating retailers with the Current Visa Debit Card. Also, you can earn $1 for each friend you refer who opens a new account. Your friend will earn a $1 too!
Current Features
Minimum Deposit | $0 |
Minimum Balance | $0 |
Cash Back Rewards | Yes |
Paycheck Advance | Yes; Up to $500 with no credit check required. Instant access is available for a fee. |
Bonus On Savings Pods | up to 4.00% on up to $6,000 in savings |
Maintenance Fees | $0/mo |
Branches | None (online-only) |
ATM Availability | 40,000 Fee-Free Allpoint ATMs in the U.S. |
Out-Of-Network ATM Fee | $2.50 |
Cash Deposits Allowed | Yes, but there is a $3.50 fee per transaction |
Customer Service Number | 1-888-851-1172 |
Customer Service Hours | 24/7 chat availability |
Mobile App Availability | iOS and Android |
Bill Pay | Yes |
Mobile Check Deposit | Yes |
FDIC Certificate | 9423 |
Promotions | None |
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.
1Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.
2Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.
3Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.
4 You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.
Current Review
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Summary
Current is a banking app and debit card that offers faster direct deposits, gas hold refunds, parental controls, and more.
Pros
- Direct deposit up to 2 days faster
- Instant refunds on gas holds
- Teen banking with parental controls
- Free Paycheck Advance of up to $500
Cons
- Mobile-only: No local branches and no desktop account access
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications, including the New York Times, Wall Street Journal, Washington Post, ABC, NBC, Today, and more. He is also a regular contributor to Forbes.
Editor: Clint Proctor Reviewed by: Ashley Barnett
