Current Review: Mobile Banking Platform That Pays 4% APY
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Current review: Mobile banking platform that pays 4% APY on up to $6,000
Current is a mobile fintech platform with banking products. Current; Savanna Durr/Insider
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The bottom line: Current could be a great choice if you'd like to earn a high interest rate on some of your savings, or are looking for budgeting features to help track your spending. It also might be ideal if you're a parent searching for a fee-free debit card for a teen. You'll want to consider other banking options if you prioritize earning a high interest rate on balances over $6,000, though.
Pros and cons
| Pros | Cons |
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Current Account
- 3 Savings Pods that let you earn up to 4% APY
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- No instant transfer fees to other Current members
- Early direct deposit
- Debit card included
- Budgeting tools: Round-ups and Spending Insights
- Earn cash back on debit card purchases
- $2.50 out-of-network ATM fee
- Does not accept cash deposits
- Can't overdraw from your account without the Overdrive feature
- Access to 40,000 fee-free Allpoint ATMs
- You may overdraw up to $200 from your account with no overdraft fees if you're eligible for Overdrive
- To be eligible for the Overdrive feature, you'll need to receive direct deposits $500 per month
- 3 Savings Pods: You may deposit up to $2,000 in each Savings Pod; Money that is kept in Savings Pods can earn 4% APY
- Round-Ups: Debit card purchases are rounded up to the nearest dollar and the change is deposited into a Savings Pod
- Spending Insights: You can create a budget that keeps track of specific categories of spending; Spending Insights monitors how much you spend and can issue alerts if you are close to your limit
- Cash back: You can earn cash back at 14,000 select stores when you use your debit card; Points be redeemed at the Current Shop for cash
- Issued through Choice Financial Group (Member FDIC)
The Current Account is a solid free hybrid checking/savings account. It might be appealing if you're comfortable keeping your money all in one place and looking for budgeting tools and savings features.
Most notably, Current lets you earn up to 4% APY through a savings feature called a Savings Pod. A Savings Pod may be used to save money for individual goals, and you can add an image and description to label how the money will be used. Each account has three Savings Pods, which can hold a maximum of $2,000 per pod.
You'll also get some notable perks common in checking accounts — for example, the Current Account has a two-day early direct deposit and lets you earn cash back on debit card purchases.
Current Teen Account
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Budgeting tool: Can create a budget for one category of spending
- 1 Giving Pod
- Can assign chores
- Parental monitoring to limit spending
- $2.50 out-of-network ATM fee
- Does not accept cash deposits
- Not eligible to earn interest through Savings Pods or get cash back
- Access to 40,000 fee-free Allpoint ATMs
- Giving Pod: Teens can set up a Giving Pod to help save money for donating to a charity
- Banking services issued through Choice Financial Group (Member FDIC)
Current also has a debit card for teens. To be eligible for the debit card, at least one parent will have to get a Current Account. Teens will need to open and link a separate account through a QR code.
Teens will be able to manage their debit card through the Current Teen Account, which doesn't have minimum balance requirements or monthly service fees.
With the Teen Account, you also have the unique option to donate to charities — choose from a list of organizations and save money through a Giving Pod.
How Current works
Current is a mobile fintech platform with banking products for adults and teens. Anyone over the age of 18 may open a hybrid checking/savings account. You may also open a debit card for a minor if you're a parent, but you'll have to open a Current Account first.
While Current isn't a bank, its banking services are issued through Choice Financial Group (Member FDIC). You may safely keep up to $250,000 in an FDIC-insured bank account.
If you have questions about Current banking products, you'll have to search through the website FAQ section or submit an email request. You can't call a customer representative on the phone.
The platform's mobile app is rated 4.6 out of 5 stars in the Google Play Store and 4.7 out of 5 stars in the Apple store.
Current trustworthiness and BBB rating
The Better Business Bureau rates businesses by assessing how they respond to customer complaints. Current has a B rating because the BBB has received a high volume of customer complaints filed against the business.
BBB ratings aren't necessarily the be-all and end-all. You may also want to talk to current customers or read online customer reviews.
The BBB website also has a note for Current saying it has received a pattern of complaints from consumers stating they've been locked out of their bank account or needed to dispute charges of fraudulent activity. Consumers also said these issues haven't been resolved by Current in a timely manner.
As of November 2021, the BBB reached out to Current regarding these complaints, and Current said it has been addressing these complaints and working on improving response times to these dilemmas.
Current vs. Chime
See how Current compares to Chime, another popular fintech banking platform.
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Banking structure Free hybrid checking/savings account | Banking structure Separate free checking and savings accounts |
Savings APY 4% APY on Savings Pod (Up to $6,000 total); No interest earned on money outside of Savings Pods | Savings APY 0.50% APY |
| Learn more | Learn more |
Choosing between Current and Chime may depend on what you prioritize in your banking experience.
Current offers a higher interest rate than Chime, but there are account balance limits — you only be able to earn 4% APY on up to $6,000 in Saving Pods. Money that isn't kept in Saving Pods won't earn any interest.
Meanwhile, Chime has a bit more of a straightforward approach. The Chime Savings Account pays 0.50% APY, and there aren't any limits.
You may also prefer Current to Chime if you're looking for more unique budgeting features. You can create a budget to keep track of your spending in certain categories or earn cash back on debit card purchases.
Current vs. Spruce
Current and Spruce both offer mobile banking products. See how the two stack up below.
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Banking structure Free hybrid checking/savings account | Banking structure Separate free checking and savings accounts |
Savings APY 4% APY on Savings Pod (Up to $6,000 total); No interest earned on money outside of Savings Pods | Savings APY |
| Learn more | Learn more |
Your decision between these two mobile banking platforms may ultimately hinge on how you would conduct your finances.
With Current, you'd be opening a hybrid checking/savings account. A hybrid account combines savings and checking features. You'll earn a high interest on money kept in three Savings Pods like you would with a savings account (although, there's a limit of $2,000 per pod). In terms of checking account features, you'll be able to receive early direct deposit and have access to a debit card.
Spruce has separate savings and checking accounts. The Spruce Spending Account also has a debit card and offers early direct deposit. Meanwhile, the Spruce Savings Account lets you save for individual savings goals. You won't be able to earn any interest on your savings, though.
Frequently asked questions
Is Current a free app?
You can open a Current Account and Teen Account, and there are no monthly service fees or subscription fees.
Can I deposit cash in the Current Account?
No, you won't be able to deposit cash. Instead, you'll have to link an external bank account and make transfers to deposit money into a Current Account.
If you're looking for online-only institutions that accept cash deposits at ATMs or stores, review our list here.
Which ATMs can I use with Current?
You'll have access to 40,000 fee-free ATMs in the Allpoint ATM network.
How much can you withdraw from the Current Account?
You may withdraw up to $500 daily from ATMs. The debit card has a daily spending limit of $2,000.
Current does not permit daily limit increases, so you won't be able to make one-time withdrawals or debit card purchases that exceed the limits.
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