Current is a financial technology company offering banking products and services. It leverages technology to upgrade your banking experience and meet your unique banking needs.
About Current
What is Current?
Established in 2015, Current is revolutionizing the banking industry. It serves over 4 million users with innovative banking solutions and leverages technology to provide a simplified digital money management experience.
Is Current a Bank?
In short, no. Current partners with Choice Financial Group and Cross River Bank to provide financial solutions. Both banks are FDIC-insured and provide up to $250,000 in coverage per depositor per account.
Current Banking Products and Services
Current provides various financial products to meet your everyday banking needs so you can more effectively manage your finances.
Current High-yield Savings Account
The Current High-Yield Savings Account is designed to help your savings grow much faster than a traditional savings account, offering an attractive 4.00% APY. This account divides your savings into up to three Savings Pods, which can be beneficial for setting and achieving specific financial goals. You must have at least $200 worth of monthly recurring direct deposits to qualify for the advertised APY. If this requirement isn’t met, the APY drops to a lower rate of 0.25%.
Current Spend Account
The Current Spend Account provides a convenient way to handle daily transactions with its accompanying debit card. This account is designed for both domestic and global use, allowing fee-free withdrawals at over 40,000 ATMs nationwide. Users also benefit from the lack of monthly service fees and are not required to maintain a minimum balance.
Current Build Card
If you want to improve your credit health, the Current Build Card makes it possible without adding to your debt load. Plus, there are no credit checks, and it uses AutoPay to ensure you never miss a payment to help build a positive payment history.
Current Crypto
Current Crypto extends the functionality of the Current app by allowing users to engage with the cryptocurrency market. With over 30 popular cryptocurrencies available, users can buy, sell and hold digital assets directly within the app. Starting with as little as $1 in your Current account, you can dive into the world of crypto, which makes it accessible and straightforward for both beginners and experienced traders.
Current Mobile App
The Current Mobile App is a comprehensive mobile banking solution that puts financial management at your fingertips. It offers a range of features, including the ability to manage funds, deposit checks electronically, review transaction history and access early direct deposits, all from the convenience of your mobile device.
Current App Features
The Current App offers a suite of features designed to provide you with a modern, fee-conscious banking experience. Below is a closer look at each.
Current Boost
When you swipe your Current Visa debit card, you can earn cashback offers with Current Boost. It works with over 14,000 participating retailers and rewards you for everyday purchases.
Round Ups
This feature automatically rounds up each transaction to the nearest dollar and deposits the difference into your savings pod. It provides a way to meet your savings goals faster with no effort on your part.
Fee-free Overdraft
You can access up to $100 in fee-free overdraft protection when you receive monthly qualifying direct deposits. It’s a perk that could save you a bundle during those times when funds are low and your spending slightly exceeds your available balance.
Instant Gas Hold Refunds
Gas station holds are a nuisance that can place a dent in your wallet if money’s tight. Current understands the inconvenience they pose and automatically releases the difference between what you actually spend and the preauthorized hold amount.
Get Paid Faster
Current provides a feature that allows users to receive their paychecks up to two days earlier than the traditional payday by setting up direct deposit with their Current account. This can be a significant advantage for budgeting and cash flow, particularly for those who may need earlier access to their earnings.
Security Measures
Current is committed to protecting your personal information and funds. It implements enhanced security measures, including instant notifications for transactions and the ability to instantly freeze your Visa debit card, providing you with control over your account’s security at all times.
FDIC Insurance
Beyond the security features, Current provides peace of mind through FDIC insurance. Deposits are insured up to $250,000 by the FDIC through Choice Financial, ensuring that your money is protected in the event of a bank failure.
How to Bank with Current
Banking with Current provides a modern and mobile-friendly approach to managing your finances. Below, you’ll find detailed steps to get started, including the requirements you must meet and how you can easily open your account.
Requirements and Eligibility
To start banking with Current, you must meet certain requirements:
- Age: You need to be at least 18 years old, although Current offers services for younger individuals through a teen account, provided there is adult supervision.
- Residency: Banking with Current is primarily available to U.S. residents, so you’ll need to have a valid U.S. address.
- Identification: Secure your account with valid government-issued identification, such as a passport or a driver’s license.
Opening an Account with Current
If you decide to join Current and take advantage of its banking services, here’s what to expect:
- Download the mobile app: First, you’ll need to download the Current mobile app, which is readily available in your smartphone’s app store, whether you’re using an iOS or Android device. The app is designed to be user-friendly, ensuring a smooth and straightforward download and installation process.
- Personal details: Once the app is installed, the next step is to create your account. You’ll be prompted to provide essential personal details such as your full name, residential address and Social Security number (SSN). This information is necessary for identity verification and to comply with federal banking regulations.
- Verification: Current uses an automated system to verify your identity quickly and securely. This step is vital to help prevent fraud and ensure that only you have access to your account. The verification process typically involves checking the information you’ve provided against public records to confirm your identity.
- Deposits: After your account is verified, you’ll want to set up a way to fund it. Current offers several convenient options for direct deposits, such as paycheck deposits from your employer. Alternatively, the app provides information on nearby retailers where you can deposit cash directly into your Current account if you prefer to fund your account that way.
- Funding: With your account set up and verified, the final step is to add funds. You can transfer money from another bank account, deposit a check through the app or use one of the cash deposit locations mentioned earlier. Once your account is funded, you can start using your Current card for purchases, ATM withdrawals, and other transactions.
Benefits of Banking with Current Bank
- No hidden fees or minimum balance requirements
- Generous APY of 4.00% on Savings Pods
- Access over 40,000 fee-free AllPoint ATMs
- Get paid up to two days sooner
- Earn cash back rewards on everyday purchases
- Instant cash hold removals
- Up to $100 in fee-free overdraft protection
- Teen banking solutions
Cons of Banking with Current Bank
- Limited to online banking
- Interest earnings on savings capped at $6,000
- Qualifying direct deposits required to earn advertised APY
- Maximum balance limit of $10,000
Comparing Current with Traditional Banks
Although Current is not a bank, it offers many of the same features that warrant a comparison between the two. Here’s a look at how Current stacks up to traditional banks.
Interest Rates
Current shines with its high-yield savings options. You can enjoy a significant 4.00% APY on savings, although limits apply, with caps set at $2,000 per savings pod. However, traditional banks typically offer lower APYs on traditional savings accounts, often falling below 1.00%.
Fee Structures
Current advertises fewer fees compared to many traditional banks. There is no overdraft fee, contrasting with traditional banks that often charge for overdrafts. Monthly maintenance fees and minimum balance requirements are common with traditional banks but are not a concern with your Current account.
Access and Convenience
Your Current account offers complete mobile banking, letting you manage your finances virtually anytime and anywhere. While they can have robust online platforms, traditional banks focus on in-person services through their extensive network of brick-and-mortar branches. This can be beneficial if you prefer face-to-face banking.
Perks and Rewards
Current steps up with rewards, providing points on purchases made with the Current debit card. These can be redeemed for cash. Many traditional banks also offer rewards, particularly through credit card programs, which might include cashback, points, or miles. However, debit card rewards are less common among these institutions.
Is Current the Right Banking Solution for You?
As with any banking solution, determining if it’s right for you depends on what you’re looking for in a financial institution. Consider all the perks that come with a Current account, along with the potential drawbacks of choosing to handle your banking through a mobile app.
Ultimately, Current could be ideal if you desire a more modern approach to banking. But if you value face-to-face interactions and a more extensive range of financial products, it’s worth exploring other options.
How to Start Banking with Current
To get started with Current, visit the website and enter your phone number to receive a link to download the mobile app. Or you can download the app directly from Google Play or the App Store. Once you’ve done so, create a free account to explore and access all Current has to offer.
Be sure to refer to the detailed instructions provided earlier if you need a refresher on how to open an account.
