Dubbed the future of banking, Current features an assortment of banking services that take the hassle and stress out of financial management. The mobile banking app provides a seamless user experience with plenty of features, and you can sign up for an account in two minutes or less.

Current is a financial technology company, not a bank. Banking services provided by and Visa® Debit Card issued by Choice Financial Group, Member FDIC, pursuant to a license from Visa U.S.A. Inc and can be used everywhere Visa debit cards are accepted.

What is Current?

Current is an innovative financial technology platform based in the U.S. that provides money management tools for its users. These features help consumers save money and grow wealth through generous interest rates on savings accounts. The fintech company was founded by CEO Stuart Sopp to help meet the needs of Americans who are working towards improving their financial health.

Headquartered in New York, the company was founded in 2015 and launched its first product in 2017. Current is not a bank, but it offers banking services through Choice Financial Group, Member FDIC. To date, nearly 4 million Americans have created a Current Bank Account to make their money work for them.

How Does Current Work?

Current leverages technology to offer accounts that let you take control of your money. Its offerings include a debit card that easily syncs with your existing bank account, a user-friendly mobile app, and an assortment of perks that you won’t find with traditional financial institutions. Plus, you can manage your hard-earned money at the tap of a fingertip while on the go.

Even better, you can grow your money with Current Interest, and your funds are insured up to $250,000 by the FDIC. The interest rate you earn on your Current savings is more than what most banks offer. This higher rate helps Current’s customers reach their savings goals sooner. Members also have access to valuable tools and features to enhance their financial knowledge and well-being.

Current doesn’t stop with an attractive savings rate and great features. The mobile banking app also lets you easily create multiple bank accounts. Having multiple bank accounts allows you to categorize your savings goals and stay in control of your finances. For example, you can create bank accounts based on retirement, travel, education, and other key categories. Lumping the funds in one account can get confusing, and result in misallocated funds, but Current helps you avoid this issue.

Where is Current Available?

Current is available to customers throughout the United States.

Types Of Accounts Current Offers

Current has several accounts available for consumers looking to strengthen their finances. You can choose from three Current spend accounts:

Basic Account

The Basic Account is a free option that is ideal for consumers who want to give Current a try. A basic plan includes the following perks:

• A Basic White Card with a secured chip
• Spending insights and a budget for one category of spending
• Standard direct deposit
• One Savings Pod that earns 4.00% Annual Percentage Yield (APY) ⁽¹⁾ and pays daily on up to $2,000 in savings pods with Current Interest
• Real-time purchase alerts
• Fee-free ATM withdrawals ⁽²⁾ at Allpoint ATMs in the U.S.
• Instant money transfers
• Mobile check deposit
• Points for cash back from purchases with over 14,000 participating merchants

Premium Account

The Premium Account starts with a 30-day trial period and then has a $4.99 monthly fee. This account provides all the features of the Basic Account, along with the following benefits:

• An exclusive black Premium Card with tap-to-pay functionality
• Access to direct deposit up to 2 days early ⁽³⁾
• Three Savings Pods that earn 4.00% APY ⁽¹⁾ and pay daily on up to $6,000 in savings with Current Interest. Having two additional Savings Pods increases your maximum interest earnings by $400/yr. That’s more than enough to cover the $4.99 monthly fee.
• Overdrive, which allows for overdraft protection up to $200 ⁽⁵⁾
• Instant release of gas station authorization holds

Teen Account

Current makes it easy for teens to get started with banking, and parental controls help parents stay on top of their spending. The Teen Account has no subscription and includes the following features:

• A Black or White Card
• Budgeting capabilities for one spending category
• Standard direct deposit
• Real-time purchase alerts
• One Giving Pod
• Parental controls that put parents at ease while introducing young adults to more financial possibilities

It’s important to note that Teen Accounts do not have Overdrive overdraft protection. However, parental controls and spending limits can minimize the likelihood of a teen overdrawing their balance. In addition, the insights you receive from a Current account can help you make better financial decisions and achieve your savings goals faster.

Current Features

Current has several features that set it apart from traditional banks. Here’s a breakdown of unique features Current account holders enjoy:

Savings Pods

Current does not offer a savings account, but you can grow your money with a Savings Pod. Basic account holders get one Savings Pod, or you can have access to three if you open a Premium Account. Either way, you’ll earn 4.00% APY ⁽¹⁾ on the funds held in your Savings Pods over a 12-month period (capped at $2,000 per pod). Current’s 4.00% APY is better than the interest rate you’ll find at most banks, and it compounds every day.

Current Savings Pods do not have a minimum requirement. You can get started even if you can only invest $1. The money will grow over time, and you can continue contributing up to the $2,000 limit. Most banks have $100-$1,000 minimum deposit requirements for their CDs and high-yield savings accounts. If you use Current, you also don’t have to worry about your funds getting locked up. You can withdraw funds from a Current Savings Pod at any time without incurring any penalties.

Visa Debit Card

You’ll get a Visa debit card that can be used to make purchases or withdrawals anywhere in the U.S. around the globe where Visa is accepted. The Visa Debit Card protects you from having to use a credit card and incurring debt from your purchases. Unlike most debit cards, Current’s card has a rewards program. You can get up to 15 x points on every purchase that you can use to redeem cash, gift cards, and other rewards.

Using the funds in your Current account to make purchases can lead to better money habits. Consumers without high credit limits are less likely to spend impulsively. When you only use the funds in your bank account, you become more careful about how you allocate funds. It’s a useful alternative to racking up debt on a credit card.

Virtual Cards

Don’t want to carry your debit card in your pocket or risk losing it somewhere? Current has you covered. Account holders also get a virtual card that can be used before their physical card arrives in the mail. Like the debit card, it can be used anywhere Visa is accepted, and you can choose a unique PIN in the Current mobile app. In addition, virtual debit cards have more security features than physical copies, adding an extra layer of protection to your finances. If you sense something is off, you can temporarily freeze your debit card with a few clicks on the mobile app. You don’t have to call customer support to freeze and unfreeze your virtual debit card.

Add Cash Instantly

Add cash to your Current account instantly without having to visit an ATM or bank. Instead, you can visit over 60,000 stores around the U.S., select the “Add Cash” feature within the mobile app, and Current will provide you with an auto-generated barcode. The cashier will scan the barcode, take your cash, and you’ll have immediate access to the funds through your Current account.

Points for Cash Back

Earn points towards cash back by shopping with your favorite brands when you use your Current rewards debit card. Current gives you up to 15 points ⁽⁴⁾ per dollar spent at more than 14,000 merchants throughout the U.S. Consumers can find participating retailers by visiting the Points tab in the mobile app. Points can be redeemed for cash, gift cards, and other items in the Current Shop. It’s nice to know that you can get something back for everyday purchases without resorting to a credit card.

Faster Tax Refund Deposit

Current has partnered with TurboTax to get you faster access to your tax refund. If you file your tax return using the software, you could get your tax refund from the IRS direct deposited to your Current Premium account up to five days sooner ⁽³⁾ . The earlier availability of funds can make a difference in emergency expenses and provide greater peace of mind.

Overdraft Protection

Overdraft fees can sting during financial emergencies. Most banks charge $35-$38 if you overdraw your account, even if it’s by mistake or through a gas hold. Current minimizes the likelihood of incurring overdrafts through Overdrive. Current’s Overdrive feature provides overdraft protection of up to $200 ⁽⁵⁾ without overdraft fees. This special feature is available to premium account holders. To qualify, you must receive your paychecks through direct deposit (minimum $500 per month). Not only does Current provide overdraft protection, but the fintech company does not have any hidden account fees.

Cryptocurrency Services

Cryptocurrencies are speculative investments that some view as a haven from economic distress. Crypto soared upon the Silicon Valley Bank debacle as the stock market panicked. Bitcoin jumped over 70% in Q1 2023, while the S&P 500 only went up by 7%. Crypto is a more volatile asset but has enjoyed strong returns over the past few years.

You don’t have to get involved with cryptocurrency transactions, but it’s good to know that crypto is available for Current users. Current lets their users invest in over a dozen cryptocurrencies and does not charge an additional trading fee. Current has established cryptos like Bitcoin and Ethereum mixed in with smaller altcoins to provide more variety. Unfortunately, Current does not offer crypto for Hawaii users and has fewer cryptocurrencies available for New Yorkers due to regulations. You can initiate the purchase of cryptocurrency assets on the online banking platform and have more of your finances in the same dashboard.

What are Current Reviews Saying?

Current has accumulated thousands of reviews on the Apple App Store and Google Play. Many of Current’s users have good things to say about the online bank’s features, customer support, and interest in Savings Pods. Here are some of the reviews for Current:

• It’s the best banking app I’ve had, and it offers excellent technical support. So, if you want a mobile bank that has great features and that is easy to use, Current is the best in the business. — David B. (Google review)
• This app does what it says it does, there are no fees, and I’m usually able to find ATMs nearby. I don’t have any complaints about Current, and it’s better than the bank I switched from. — Erik (App Store review)
• The overdrive protection is the best thing ever for me. It’s helping me get through some tough times. I’m just waiting to see when my limit goes up more. But all and all, I love the Current app. And, of course, I get paid two days early from work, so that’s an ultra plus in my book. Thanks, everyone at current, for helping make the world a better place. — Big Duley (TrustPilot review)
• I really like Current. The support staff is great. I like you get statements deposits. Warnings notifications. Good service. — Wanda F. (TrustPilot review)
• They have always been fast and easy to deal with. If I ever have a problem, it’s always fixed by the time the call is ended. Would highly recommend it. — Jeanne (TrustPilot review)

How to Get Started with Current?

Current is accessible via the mobile app that can be downloaded through Google Play or the App Store. It’s easy to open an account and takes less than two minutes of your time.

Simply enter your mobile phone number in the form found on the website to receive a download link. Once the app is downloaded and ready for use, here’s what to do next:

• Step 1: Open the mobile app on your device and select the “Get Started” button.
• Step 2: Enter your mobile phone number to verify it’s you.
• Step 3: Input the verification code that you receive by text.
• Step 4: Enter your email address, first and last name, date of birth, physical address, and Social Security number.
• Step 5: Select the type of account you wish to open (i.e., personal or teen banking).
• Step 6: Confirm your mailing address.
• Step 7: Activate your virtual card if you’d like to start using your account right away.
• Step 8: Set up direct deposit (optional)and connect your external bank account to fund your new Current account (optional).
• Step 9: Access the dashboard to start managing your account.

Change The Way You Bank

Manage your money your way. Get started with Current in less than 2 minutes.