Current Review – Why You Should Consider Signing Up

Mobile-only banks are becoming popular among millennials and Gen Z since they use mobile apps and online interfaces to conduct most of their activities. So, why not extend the same approach to banking too?

People can borrow money, make payments, deposit checks, transfer funds and invest in stocks through these banks without having to visit a branch. Current is a financial technology company that offers an account for easy money management using your phone.

The US-based financial technology company was founded by Stuart Sopp in 2015, who is now the CEO at Current. At the moment, Current has an impressive three million customers. Does that mean it’s worth the hype? We dissect this in the Current review below.

What is Current? 

Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and/or Cross River Bank, Member FDIC.
 
The Current Visa® Debit Card, which may be issued by Choice Financial Group and/or Cross River Bank, and the Current Visa® secured charge card, which is issued by Cross River Bank, are all issued pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. A Current deposit account is required to apply for the Current Visa® secured charge card. Independent approval required.

Current claims it’s not a bank but something better, because banks hold you back while Current tends to move you forward. The company aims to offer financial services to everyone, irrespective of their lifestyle or economic standing.

https://www.youtube.com/watch?v=fTy_WS0wcso

How to Open a Current Account? 

Opening a Current account is quite easy as the company says you can do it in just two minutes. If you have a smartphone, you can do it now. You’ll need to enter your Social Security Number and address to make the account.

  • Download the Current app from Google Play or Apple Play Store.
  • After downloading the app, tap ‘Get Started’ and follow the instructions on the screen.
  • Once you have filled in all the fields, you will receive a verification code.
  • You’ll need to use your phone’s camera to take a picture of yourself for verification and upload a picture of your government issued identification card.

Unlike traditional banking that can be prone to long application review times for your bank account to be approved – sometimes up to a week – in most cases, Current reviews your application in one business day.

This is much more ideal since you cannot use your bank account while it is still under review.

Who is Eligible for Applying?

You can apply for a Current account if you have:

  • A social security number
  • A US residential address
  • Are 18 or older

Get Current

Current Accounts 

Current has two main accounts; the Current Account and a Teen Account. Current recently combined their Basic account and Premium account to form the Current Account which includes advanced features with no monthly maintenance fee. However, other fees, such as out-of-network ATM fees, late payment fees, and foreign transaction fees, may still apply.

Current Account 

The Current Account has the following features:

  • Debit card
  • 3 Savings Pod that can earn 4.00% bonus*
  • No hidden fees1
  • Spending Insights
  • Potential early access to direct deposits3
  • Notifications for transactions and purchases

Early paycheck deposit is beneficial for people who are having financial problems, such as facing high interest rates on credit card debt.

* Boost 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. No minimum balance required. 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%. To earn a Boost rate of 4.00% with at least one Eligible Payroll Deposit equalling a minimum of $200. For more information, please refer to Current Boost Terms and Conditions (https://current.com/boost_terms_of_service/).

Current Teen Account 

It’s best to get your kids started early when it comes to money management. If they get a hand in it at any age, they will be more apt to handle money and credit wisely as adults. The Current Teen Account is available to U.S. citizens and permanent residents, and can be opened by a parent or legal guardian for their teen aged 13 to 17.

Current’s Teen account has the following features for parental control:

  • Set chores for teens to do
  • Cashless convenience
  • Fund addition by authorized family members
  • Allowance payments can be automated
  • Can set spending limits
  • Can block certain merchants
  • Get a notification for all purchases made by the child
  • Instant funds transfer to the teen’s account

One thing to note is that the teen account does not have Savings pods. This account is ideal if you want your kids to learn the importance of money management early in their lives.

Current Saving Pods 

One of the most interesting and useful features of Current is its Saving pods. You can think of them as similar to a savings account, one that you use to save for whatever you want, like a rainy day fund, vacation, and more.

Instead, you can make different ‘pods’ for separate goals. For instance, you can make a pod for a MacBook and another for going on vacation. Then, you can simply deposit money from your account into each pod, saving it up until you reach your monetary goal.

With the Current account, you get three Savings pod that can earn 4.00% bonus.

Points Program 

Rewards programs allow users to earn rewards on their purchases, such as points, miles or cash back.

Rewards programs vary widely in their characteristics. They may be targeted toward certain segments of the customer base, specific types of transactions, individual customers based on their spending habits, or even work on a generic level across all users.

They may also offer one-time rewards or accumulate points over time which can later be redeemed for various items like merchandise.

Current recently introduced Points that allow account holders to earn up to 1x points per dollar spent at groceries and dining. Some popular retailers include Rite Aid and Subway.

100 points come up to a dollar and are iredeemable for cash back on your Build Card/Current Account or offers in the Mobile App.

Transaction Limits 

It’s important to note that Current has some limits for transactions.

  • $2,500 a day for peer-to-peer payments via the app
  • $3,500 maximum purchases daily
  • $500 maximum ATM withdrawals

In general, these limits should not restrict you unless you do a lot of switching money back and forth or spend over $3,500 a day regularly. And we all know gas isn’t that expensive – yet!

Current Features 

Although Current has a limited number of features, the provisions are definitely useful for everyday users. Here are some of them.

No In-Network ATM Withdrawal Fees¹

Current cardholders can withdraw money from 40,000 in-network Allpoint ATMs in the country without ATM fees1.

Even better, finding an ATM location is very easy. You just have to open your Current app and select the Money tab. Then, look for an in-network ATM around you.

Gas Hold Removals 

Sometimes, when you pay at gas stations with your debit card, they put a hold of several hundred or sometimes one thousand dollars on your account, pending verification from the bank that the purchase was valid.

This is a form of fraud protection that essentially ensures you won’t get stuck with a $200 bill if someone somehow tricks the gas station into believing they legitimately got $200 worth of fuel in a car that only holds 2 gallons.

Gas stations and other establishments have been doing this for years without any notification to consumers (and without much sympathy when consumers were angry about it).

However, Current offers instant gas holds removals to Current Account holders.

When you pay at a gas station using your Current card, a hold will be placed on your account. But Current will instantly remove this hold, sending you a push notification of the amount that has been refunded.

Automated Savings 

Some banks offer round-ups, which means that the change is added to your account when you purchase something with your debit card.  Round-ups are a form of automated savings that can add up quickly if you use your card all the time.

You may then elect what denomination is rounded (usually either to the nearest dollar or five dollars). Finally, you must indicate that there will be no rounding when making certain types of transactions and purchases – such as those made while traveling internationally, which are typically non-rounded.

Current also offers this feature. Here’s how to activate it:

  • Go to the app and tap on Savings Pods.
  • Here, you can create a pod for whatever you need to save money for.
  • Turn the round-ups option on. It will round all your purchases to the nearest dollar, and the subtracted amount will be added to your pod.

You can also edit the pod if you no longer want to send money to it.

How Good is the Current Mobile App?

The Current mobile app does the job without adding any nuisance to the money management process. It’s easy to work through, and all the features are conveniently accessible.

Banking is so much more than just transferring money from one place to another or having a debit card. It’s about convenience and security, which is what the Current mobile app promises you with its many great features.

The spending insights give you an idea of how you spend your money every month. This will help you see a pattern and work on your expenses accordingly. Moreover, the Current app provides you with all the information in an organized manner which makes it easier to read through and understand.

You can check balances, recent transactions and even transfer money just by tapping on the screen of your mobile device.

More importantly, the app lets you locate the nearest in-network ATM so that you don’t have to pay anything on transactions1. Here’s what the Current mobile app lets you do:

  • See instant refunds on gas holds
  • Find in-network ATMs
  • See early paycheck arrival
  • Get notifications for purchases and transactions.

How Safe is Current?

Current is quite safe since the company gives immense importance to member privacy. Here are some security features:

  • Face ID Lock and Fingerprint Lock: To maximize security, you can put a biometric lock on your app.
  • Secured Transactions: Owing to the EMV chip on the card, the data on your card is safe from skimmers.
  • Secure Connections: The online channel is secure, giving you peace of mind for fund transfers.
  • Pause Transactions: If you have lost your card, you can pause transactions from your app to prevent unauthorized expenditure. Likewise, resuming card transactions is also possible in the app.

Pros of Current 

  • Overdraft: With a Current Account, you can have up to a $75 overdraft2 without any overdraft fee.
  • Potential Early Paycheck: You may get access to your paycheck earlier with direct deposit.
  • No Minimum Balance: You do not need to have any minimum balance in your account.
  • No In-Network ATM Fees: Current has a huge network of over 40,000 in-network ATMs, allowing users to withdraw money without fees at those locations. Out-of-network ATMs may incur fees1.
  • Automated Savings: The Saving Pods allow users to save money for different things and use automated saving options for rounding off change from their purchases.
  • Instant Hold Removals: Current Account holders get instant gas hold removals.

Cons of Current 

  • Overseas Fees: If you use the Current debit card abroad, you’ll have to pay transaction and ATM fees.

Who is Current For? 

Current is ideal for people who don’t want to visit bank branches and only intend to use their phones for banking. Moreover, you can withdraw cash, pay bills within few taps, check balances, transfer money among your accounts etc.

So, if you’re a student or someone who wants financial convenience, this app is for you. However, we’d advise against the Basic Account since it lacks many features.

On the other hand, the Premium account is more reasonable, while the Teen Account is ideal for parents who want their children to learn financial responsibility early.

Meanwhile, it’s not ideal for people who’re looking for an extensive range of features, such as saving accounts, and CDs.

What Are People Saying About Current?

Don’t just take our word for it – people who are using Current overall have positive things to say about it. Reviews from users mention:

  • Ease of use
  • The ability to pause and unpause the card
  • The ability to receive direct deposit from a paycheck at least a day in advance

Some of the biggest complaints about Current seem to focus on customer service, so be aware that if you do use Current, they prioritize online support above calling.

Important financial information:

Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and/or Cross River Bank, Member FDIC.

1 Some 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.

2 Current Accounts only

3 Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Delays by the employer, payer, or their banks may result in delayed access to funds beyond our control.

Learn more about Current

Related articles: