Current Banking Services Review [2024]: Banking that Builds Credit

Current³ <p><b>Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC</b>. 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 back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.</p> is an online-only banking service that you access using a mobile app. It offers some helpful features, including fast direct deposits, instant removal of gas holds, special accounts for parents and teens,⁴ <p>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.</p> and Savings Pods to make putting money aside for a variety of goals easier.

What sets Current apart the most, though, is its Build Card, which is a form of a secured credit card. Unlike typical secured cards, you don’t need to make a specific deposit and can still build credit using the card. Account holders can also earn a 4.00% (as of Nov. 21, 2023)APY ⁵ <p>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. 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.<br></p> bonus on balances within Savings Pods, but only on balances of up to $6,000.

Current offers many unique features that make it a good fit for anyone looking to build credit, help teens learn financial responsibility, or want to earn a boosted APY on their savings.

Current overview

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
Investments	Cryptocurrency with no commissions6 <p>Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.</p>
Advance	Paycheck advance of $50 to $500 with no credit check
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Current Individual Account

This Current spend account allows you to get paid up to two days early with direct deposit,⁷ <p>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. Direct deposit and earlier availability of funds is subject to timing of payer's submission of deposits.</p> perform mobile check deposits, and it automatically removes gas holds.

The account also provides access to Savings Pods, where you can earn a bonus on savings⁵ <p>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. 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.<br></p> of up to 4.00% (as of Nov. 21, 2023) APY on balances up to $6,000, automatic Round-Ups, and the ability to earn points on swipes made with your Current Visa® or Current Build Visa® card.

Account holders also get access to over 40,000 Allpoint ATMs in the U.S and can use the account without paying a monthly maintenance fee.⁸ <p>Out of network cash withdrawal fees, third-party, and cash load fees may apply.</p>

Current teen account

The Current teen account is an additional linked account to the parent’s Current Individual Account. Parents can instantly transfer money, monitor a teen's spending, and even block merchants directly in the app. Parents can also set spending limits and automate allowance transfers to their teens.

These are all great features for parents to have. A friend who has two teens and uses Current told me that it’s great to know she can instantly transfer funds to her kids’ accounts when they are out without her. She also uses the spending tracker as a way to talk to her kids about money, what they did right, and what they could do better next time. There’s nothing better than real-world experience.

In addition, teens receive their own Visa debit card and can benefit from features such as round-ups and a Saving and Giving Pod. This account has a $0 monthly maintenance fee.⁸ <p>Out of network cash withdrawal fees, third-party, and cash load fees may apply.</p>

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 TransUnion, which may help you build a credit history.

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 faster can help with your cash flow.
• No monthly maintenance fees: The Current Individual Accounts and teen's accounts have $0 monthly fees.
• Mobile check deposit: Current, like many online banks, offers the convenient feature of mobile check deposit. All you need is a photo of the front and back of your check taken using your phone's camera and to upload it in the mobile app.
• Fee-free in-network ATM withdrawals: Account holders can withdraw their money at over 40,000 AllPoint ATM locations without additional fees. The Current debit card is a Visa card you can use anywhere Visa is accepted. You can also add it to your digital wallet.
• Gas hold removals: When you buy gas, it’s common for the station to place a “hold” on your card for a certain amount of money. Current will typically remove this hold immediately. This means you don't have money unnecessarily 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 TransUnion to help build your credit history.
• Cashback rewards on purchases: You can earn up to 7X points on debit card purchases at participating retailers. You can redeem these points 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: The mobile app allows you to create up to three Savings Pods. You can add money to these pods manually, automatically, or 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 24/7 and 365 days per year. You can reach out for assistance 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.⁹ <p>Actual 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 <a href="https://current.com/overdraft_protection_terms_of_service/" target="_blank" rel="noopener noreferrer">Fee-free Overdraft Terms and Conditions</a>. Individual Current Accounts only.</p>

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. You may find better rates with some of the best checking accounts.
• No local branches: All banking transactions must take place on the app or via an ATM. To avoid ATM fees, you must find an Allpoint ATM, or you’ll pay $2.50 per transaction.
• Withdrawal limit: Current limits ATM withdrawals to $500 per day, and the daily purchase limit is $3,000, including ATM withdrawals. There’s no way to increase this limit.

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:

• Mobile deposit: Take a picture of your checks to deposit them into your account. Checks typically clear within five business days.
• External account: Link an external bank account and transfer money via an ACH transfer.
• Direct deposit: Set up direct deposit so your earnings money go directly into your account when you're paid by your employer or receive certain government benefits.

Other Current Individual Account fees

Overdraft fee	$09 <p>Actual 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 <a href="https://current.com/overdraft_protection_terms_of_service/" target="_blank" rel="noopener noreferrer">Fee-free Overdraft Terms and Conditions</a>. Individual Current Accounts only.</p>
Stop payment fee	N/A
ACH transfers	$0
Incoming wire	N/A
Outgoing wire	N/A

Current FAQ

Current: bottom line

Current offers a modern banking process for adults and teens. If you’re comfortable banking online, or want to avoid monthly fees, Current offers a great opportunity. However, it’s the best fit for consumers who need to build credit and don’t want a traditional secured credit card.

Current offers many helpful features, as you’ll find with most bank accounts, including early access to direct deposit, a large ATM network, and opportunities for savings pods. The key is to determine if you are comfortable banking on an app and not having a local bank to visit.