Current Banking Services Review [2024]: Comprehensive Digital Banking for Families

BANKING - BANK REVIEWS
Current offers features others don't — like quicker paychecks and financial tools for teens.
Updated May 16, 2024
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Current1 is an online-only banking service that you access using a mobile app. It offers some unique features competitors don't, including fast direct deposits, instant removal of gas holds, special accounts for parents and teens,2 and Savings Pods to make putting money aside for a variety of goals easier.

While Current tries to modernize banking by addressing some annoying issues common to most checking accounts, it also has some limitations. For example, you can earn up to 4.00% (as of Nov. 21, 2023)3 bonus on balances within Savings Pods, but only up to $6,000.

That said, if you’re interested in receiving your paycheck sooner4 or helping your teenager learn good financial habits, then what Current has to offer could be a good fit for you.

Quick Summary

Receive your paycheck up to two days faster4 with this online bank.

  • Improve cash flow with earlier access to your direct deposit and immediate gas hold removals
  • Help your teen learn to manage their money with parent/teen banking
  • Simplify your savings goal with Savings Pods that include automatic round-ups
Visit Current
In this Current review

Key takeaways

  • Current is a fintech company offering online-only banking services that you can use via its mobile banking app. Current itself isn't a bank, but it works with Choice Financial Group and Cross River Bank (members FDIC) to offer Current Individual Accounts and teen accounts.
  • The Current Individual Account provides access to direct deposits up to two days faster4 than traditional banks, which can improve your cash flow.
  • The Current Build Visa® Credit Card is a secured card that can help you build a credit history with consistent on-time payments while paying a $0 annual fee.5
  • Current's parent/teen banking feature allows parents to set spending limits, monitor teen accounts, and provide allowances for teens, making it easier for young people to learn about managing money.
  • Current's Savings Pods feature simplifies saving by automatically rounding up purchases and transferring the difference to your savings pods, each with a specific savings goal.

Current overview

Current is a fintech company that Stuart Sopp founded in June 2015. It is registered under Finco Services, Inc. and headquartered in New York City, New York.

Current aims to improve budgeting and saving money by offering simpler and more accessible banking services. Current partners with Choice Financial Group and Cross River Bank, two institutions insured by the Federal Deposit Insurance Corporation (FDIC), to offer banking accounts and a secured card to its customers.

Current also partners with Zero Hash LLC and Zero Hash Liquidity Services LLC to offer cryptocurrency trading of more than 30 of the most popular coins. This includes bitcoin (BTC), ether (ETH), tether (USDT), and more. Crypto trades come with $0 trading fees.

Current Individual Account

This bank account helps you get paid up to two days faster with direct deposit,4 perform mobile check deposits, and automatically get gas holds removed.

The account gives you access to Savings Pods, where you can earn a bonus on savings3 of up to 4.00% (as of Nov. 21, 2023) on balances up to $6,000, save automatically with Round-Ups, and more.

You also get a Visa debit card that you can use anywhere Visa is accepted, along with over 40,000 Allpoint ATMs in the U.S. This account has a $0 monthly maintenance fee.6

Current teen account

The Current teen account allows parents to transfer money from their Current Individual Account directly to their teen’s account for instant access.

Parents can monitor their teen’s spending with notifications for each swipe and block certain merchants directly from the app. They can also set spending limits and automate allowance transfers to their teens.

Teens receive their own Visa debit card and can benefit from features such as round-ups and Savings Pods. This account has a $0 monthly maintenance fee.6

Current Build Visa® Credit Card

The Current Build Card is a secured Visa credit card designed to make building credit simple. The Build Card doesn’t require a credit check or a security deposit when you apply. Instead, it connects with your Current Individual Account to use your balance as its spending limit, with no minimum balance requirement.

As you use your Current Visa secured credit card, you can earn 1X to 7X points, depending on the merchant (and as long as you opt in within the mobile app). The card helps you avoid overspending by putting aside a portion of your cash balance equal to what you spent using the card.

You can pay your balance manually or set up AutoPay. Current then reports your credit and payment activity to credit bureaus, which may help you build a credit history. The Current Build Visa® Credit Card has a $0 annual fee.5

Current Individual Account details

Current
Savings bonus Up to 4.00% (as of Nov. 21, 2023) on Savings Pods
Maximum balance for bonus $6,000
Minimum deposit to open account None
Monthly maintenance fees $0

ATM access Yes
Transactions limits Maximum of $500 in daily withdrawals from an ATM

Maximum of $3,000 in daily spending limit (purchases using your Current debit card and ATM withdrawals)

FDIC insured Yes, up to $250,000 per depositor per FDIC-insured bank
Visit Current

What we like about Current

  • Quicker qualifying direct deposits: With Current, you can get qualifying direct deposits credited to your account up to two days faster than with traditional banks. Accessing funds more quickly can help with your cash flow.
  • No monthly maintenance fees: Both the Current Individual Accounts and teen's accounts have $0 monthly fees.
  • Mobile check deposit: Not all online banks offer mobile check deposit, but Current does. You can easily make deposits by taking photos of the front and back of your check using your phone's camera and submitting a deposit request through the Current app. The app is available on Google Play for Android users and through the App Store for iPhone users.
  • Fee-free in-network ATM withdrawals: Account holders can withdraw their money without additional fees at over 40,000 AllPoint ATM locations. The Current debit card is a Visa card and can be used anywhere Visa is accepted. It is also supported by Apple Pay and can be added to your digital wallet.
  • Gas hold removals: When you buy gas, it’s common for the station to place a “hold” for a certain amount of money on your card. Current will provide an immediate removal for this hold. This means your money isn't tied up as it is when you use most debit cards at the pump.
  • Simple credit access with the Build Card: The Current Build Visa® Credit Card can simplify the process of building credit. It doesn’t require a credit check or security deposit, uses your Current Individual Account balance as its spending limit, offers reward points on purchases, and reports your activity to credit bureaus to help build your credit history. Plus, it has a $0 annual fee.
  • Cashback rewards on purchases: You can earn up to 15X points on debit card purchases at participating retailers. These points can then be redeemed for cash back into your Current Individual Account. If you apply and qualify for the Current Build Visa® Credit Card, you can earn 1X to 7X points, depending on the merchant (and as long as you opt in within the mobile app). 
  • Simple savings features: You can create up to three Savings Pods through the mobile app. You can add money to these pods manually, automatically, and by using the round-up feature, which automatically transfers the spare change from your purchases into your Savings Pod.
  • Easy access to customer service: Current customer support is available in some form 24/7 and 365 days per year. You have the ability to communicate with customer service via email, phone, and chat. 

  • Overdraft protection: You can access overdraft protection with no overdraft fees when you receive qualifying direct deposits and enable Current Overdrive on your account. Current Overdrive allows you to overdraft up to $200 while using your Current debit card.7

What Current could improve

  • Low maximum balance for savings bonus: You earn a savings bonus of up to 4.00% (as of Nov. 21, 2023) on the money you put into Savings Pods — but only up to $2,000 per Savings Pod and $6,000 in total. Some of the best checking accounts pay a better APY rate on higher balances.

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Current Individual Account vs. a traditional checking account

Current Individual Account differs in important ways from other online accounts and also from traditional checking accounts. Here are some of the key differences:

  • Current provides direct deposits up to two days faster than traditional banks and grants instant removal for gas holds, which most of the best banks don't.
  • Current offers special features for parents, including the ability to provide an allowance for teens, track spending, and link to multiple parent accounts. These features aren't common, even with other online or traditional banks that offer student or teen checking.
  • Current has no local branches to visit, while many traditional banks do.
  • You must use a mobile app for your Current account. Traditional banks and some other online banking services don't require this and allow you to manage your account in person or via the web.
  • Current has some strict limits that many other banks don't. This includes the $500-per-day withdrawal limit at ATMs and a $3,000 daily purchase limit using your debit card. Some other banks have higher daily limits for purchases and ATM withdrawals.

How to open a Current Individual Account

You can complete this process in just a few minutes on your iOS or Android device. To open a Current Individual Account:

  1. Download the Current app onto your mobile phone.
  2. Choose the type of account you want to open (an individual account or a parent/teen account).
  3. Provide some basic identifying information, including your Social Security number and a U.S. residential address.
  4. Choose how you want to fund your account. There’s no minimum balance requirement to open or maintain an account.
  5. Receive your Visa debit card within seven to 10 business days from the date you open your account.

You have numerous options for funding your Current account including:

  • Using mobile deposits by taking a picture of your checks to deposit them into your account. Checks typically clear within five business days.
  • Linking an external bank account and transferring money via an ACH transfer.
  • Setting up direct deposit so money goes directly into your account when you're paid by your employer or receive certain government benefits.

Current Benefits

  • Online-only banking service11 offering individual and teen accounts
  • Get paid up to 2 days faster with direct deposit4
  • Saving Pods offering earnings up to 4.00% (as of Nov. 21, 2023) bonus3 and automatic roundups
  • $0 monthly fees5
  • FDIC Insured through Choice Financial Group

How to withdraw money from Current Individual Account

You can withdraw money from a Current Individual Account by:

  • Using your card at an ATM. You're limited to withdrawing $500 per day.
  • Making purchases with your debit card anywhere Visa is accepted. You can make up to $3,000 in purchases daily. You can also use your card through Apple Pay.
  • Transferring funds to an external bank account.

You can even access money while abroad, but there's a $3 fee for each cash withdrawal at an ATM and a 3% foreign transaction fee charged when using your card to make purchases outside of the U.S. If you will be frequently traveling internationally, then you may want to consider banks that don't charge international ATM fees.

Other Current Individual Account fees

Overdraft fee $0
Stop payment fee N/A
ACH transfers $0
Incoming wire N/A
Outgoing wire N/A

Current customer service

Chat support is available 24/7. You can chat with an agent directly in the Current app by heading to the Support section of your account and tapping Contact Us. You can also contact them via email at support@current.com or by a contact form on the bank's website. Their phone number is 888-851-1172 but they don't emphasize this point of contact on their website so using the other contact options may be more effective.

Current FAQ 

Is Current banking safe?

Current is a financial technology company that partners with Choice Financial Group and Cross River Bank to offer banking services. Your Current Individual Account is insured by the Federal Deposit Insurance Corporation (FDIC), which protects your money up to $250,000 per depositor per FDIC-insured bank.

How do I activate my Current card?

You can activate your Current card using the bank's mobile app. To do this:

  1. Select the account you're activating the card for
  2. Scroll to the bottom, select “Account Settings,” and then hit "Activate" next to the card you wish to activate
  3. Enter the card's expiration date
  4. Confirm the CVV (Card Verification Value) security code on the back of the card
  5. Select a PIN number for your card and confirm it by entering it twice

It’s also possible to activate your card via phone by calling 888-851-1172.

How do I deposit money into my Current account?

Money can be deposited into your Current account by taking a photo of your checks and using mobile deposits or by setting up direct deposit. You can also transfer funds from an external bank account.

Can I have two Current accounts?

You can create multiple teen accounts for different young people, each of which are linked to your Current Individual Account.

Does Current offer joint accounts?

Current doesn’t allow joint bank accounts for parents, but multiple co-parents — all with their own Current Individual Account — can be added to each teen's account. This means if you start an account for your teen, the child's other parent with a Current Individual Account could link to your teen's account as well.

Current: bottom line

Current adds some novel features to mobile banking that other financial institutions might not offer, including its parent/teen accounts. But you should consider if you’re willing to spend within the strict daily limits when you could easily find a bank without these perimeters. But if the ability to easily provide an allowance for your teen and track your teen's spending is important to you, then Current might be a good fit for your family.

If getting faster access to your paycheck, mobile support, and multiple options for transferring money automatically to savings are features you're looking for, signing up for Current is a financial decision worth considering.

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Author Details

Christy Rakoczy Christy Rakoczy has a Juris Doctorate from UCLA Law School with a focus in Business Law, and a Certificate in Business Marketing with an English Degree from The University of Rochester. As a full-time personal finance writer, she writes about all things money-related but her special areas of focus are credit cards, personal loans, student loans, mortgages, smart debt payoff strategies, and retirement and Social Security. Her work has been featured by USA Today, MSN Money, CNN Money and more, and you can learn more at her LinkedIn profile.
Yahia Barakah, CEPF Yahia Barakah, CEPF, is a Senior Editor at FinanceBuzz and has created finance-focused content since 2011. As a Certified Educator of Personal Finance, he has a background in institutional investment and asset management, as well as a deep passion for financial literacy.