Current Banking Review [2023]: Your Payday Comes 2 Days Sooner

Current 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, 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 its APY rate of 4.00% (as of May 23, 2023) only on balances up to $6,000.

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

Key takeaways

• Current Bank is an online-only banking service that you can use via its banking app. Current itself isn't a bank, but it works with Choice Financial Group and Cross River Bank (both are member FDIC) to offer Current accounts and teen accounts. Both account types are free to open.
• The Current personal checking account provides direct deposits up to two days faster than traditional banks, which can improve your cash flow.
• 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 savings pods, each with a specific savings goal.
  

Current personal checking account basics

APY	4.00% (as of May 23, 2023)
Maximum balance for APY	$6,000
Minimum deposit to open account	None
Monthly maintenance fees	$0 for a Current account $0 for a teen account
ATM access	Yes
Transactions limits	Maximum of $500 in daily withdrawals from an ATM Maximum of $2,000 in daily purchases using your Current debit card
FDIC insured	Yes, up to $250,000
	Visit Current

What we like about the Current personal checking account

Before we begin talking about the various features of a Current personal checking account, you should first know that there are two different account options.

Type of Current account	Monthly service fees	Special features	# of savings pods
Current account	$0	Gas holds instantly credited Direct deposits up to two days faster	3
Teen account	$0	Parents can set spending limits and monitor teen's accounts Parents can set up automatic funds transfers to provide an allowance	1

With that in mind, here's what we liked about Current bank accounts and the features each account type has to offer:

• Direct deposits are made available faster: Current promises that you can get direct deposits credited to your account up to two days faster than with traditional banks. This means if your employer makes direct deposits and your paycheck would normally be available to you on a Friday, you could get the cash as soon as Wednesday! Accessing funds more quickly can help with your cash flow, provided you have a premium account with Current and can take advantage of this feature.
• No monthly fees: Both the Current and teen accounts are free for users.
• 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.
• Free ATM withdrawals: Account holders can withdraw their money for free at over 55,000 different ATM locations. The Current 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 refunds: When you buy gas, it’s not uncommon for the station to place a “hold” for a certain amount of money on your card. Depending on where you live, this could range up to $100 or more. If you pay with your Current premium checking account, though, Current will provide an immediate refund for this hold. This means your money isn't tied up as it is when you use most debit cards at the pump.
• Cash back at select retailers: You can earn up to 15X points when you use your card at participating merchants. These points can then be redeemed for cash back into your Current account.
• Parent/teen banking makes helping your kids manage money easier: Current offers special accounts for teens that give parents tons of control while introducing young people to their first checking account. Teens can get their own account and debit card, but parents can set spending limits, block specific merchants, receive notifications about their teen's spending behavior, and even schedule an allowance for their kids.
• Savings Pods make saving money simpler: You can create up to three Savings Pods with a Current account. Creating a Savings Pod is simple to do using your mobile app, and you can give each pod a title to represent what you're saving for. You can move money into pods automatically by choosing the round-up feature. This features rounds up the change from every purchase you make and transfers the difference to your savings pod. You can also add money via manual transfer from your checking account or have funds directly deposited into your pod. You can even add a photo to each pod to further inspire you to work toward your savings goal. 
  

• 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: Account users may be eligible for free overdraft protection through Current Overdrive. This service allows you to overdraft up to $100 without incurring fees when spending with a Current debit card.

What the Current personal checking account could improve

• Low maximum APY balance: You earn 4.00% (as of May 23, 2023) interest on the money you put into your Current checking account — but only up to $2,000 per Savings Pod and $6,000 in total. Since this is a checking account, not a savings account, this isn't unusual. However, some of the best checking accounts pay a better interest rate on higher balances. Learn how checking vs. savings accounts compare.
  

Current personal checking account vs. a traditional checking account

Current personal checking 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 refunds 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 $2,000 daily purchase limit using your debit card. Some other banks have higher daily limits for purchases and ATM withdrawals.

How to open a Current personal checking account

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

1. Download the Current app onto your mobile phone.
2. Choose the type of account you want to open (a checking 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 deposit and 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 transfer 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.

How to withdraw money from a Current personal checking account

You can withdraw money from a Current personal checking 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 $2,000 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 personal checking account fees

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

Current banking customer service

Current can be contacted via a form on the bank's website, or you can initiate a chat with a customer service representative in the bank's mobile app. You can also contact the company by calling their phone number: 888-851-1172.

Telephone customer support is available weekdays from 9 a.m. to 6 p.m. EST, as well as Saturdays from 9 a.m. to 5 p.m. EST. In-app live chats are available on weekdays only from 9 a.m. to 8 p.m. EST.

FAQ about Current 

Current Bank: 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.

Disclaimer: All rates and fees are accurate as of May 9, 2023.