What Is Current?
Current is an innovative financial technology platform designed to help Americans level up their financial health. It offers a debit card, and you can choose from one of three accounts that feature useful budgeting resources, saving pods, overdraft protection and earlier direct deposit. It was launched in 2019, and more than 4 million consumers have signed up to take advantage of all Current has to offer.
Is Current a Bank?
Current is not a bank. The fintech company offers select banking services through Choice Financial Group, Member FDIC. This safeguard offers the same protections you will find at any traditional financial institution.
Benefits Of Current Money Management App
There’s a lot to love about the Current app. Over 4 million happy members decided to visit the website or get started with the mobile app. Desirable features that exceed traditional banks have kept customers engaged long after opening checking accounts with Current. There are three account options Current provides for its members:
The Current Account is free and includes the following:
- Basic White Visa debit card with a secured chip
- Standard direct deposit
- One budget for a single spending category
- Valuable spending insights
- Instant purchase notifications
- One savings pod that earns up to a 4 percent bonus on up to $6,000
There’s also a fee-free account option for teenagers that features these perks:
- White or Black Visa debit card
- Standard direct deposit
- One budget for a single spending category
- Instant purchase notifications
- One giving pod for charitable contributions
- Immediate release of gas station holds
Those features are just the beginning. We have a more comprehensive list of exclusive benefits Current members enjoy.
Current Visa Debit Card
The Current Visa debit card can be used anywhere VISA is accepted to make online purchases or withdraw funds from ATMs. Current provides a virtual debit card while you wait for the physical card to arrive by main. Basic and Teen account holders get a debit card with a secured chip. You can freeze and unfreeze your card at any time without making a phone call. This extra layer of protection will help if your card gets lost or stolen. If you sign up for a Premium Account, you’ll get a card with tap-to-pay functionality.
The Current Visa Debit Card also has a rewards program. You can earn up to 15 x points on qualifying purchases and get cashback on your purchases. So you don’t have to get a credit card and go deep into debt to get great rewards from your purchases.
Debit Card Rewards
Each time you swipe and use your Current debit card, you can earn redeemable points for cash or items. There are over 14,000 participating merchants nationwide, including local businesses, your favorite restaurants and gas stations. Even better, you can earn up to 15 points per dollar spent and use the Current app to find locations near you to help you earn even more. You don’t need a credit card to get cash back from your spending. The Current debit card works just fine, without the high credit card debt and double-digit interest rate.
Overdraft Protection
Also known as Overdrive™, overdraft protection lets you steer clear of fees when you overdraft up to $200. This feature is only available on Premium Accounts, and you must receive direct deposits of at least $500 per month to get this perk. Other banks will happily charge an overdraft fee even if you barely overdraw your account. Traditional banks have more overhead, making them less lenient than Current if you overdraw your balance.
Cash Deposits
You can make cash deposits to your Current account with ease at participating retailers you can find on the mobile app. Simply select the location you’d like to visit in the mobile app to generate a barcode. Then, ask the cashier to scan it and provide them with the cash. The deposit will appear in your account right away and be available for immediate use.
Fee-free ATMs
Current debit cardholders can make fee-free ATM withdrawals at more than 40,000 Allpoint ATMs nationwide. In addition, you can use the mobile app to find a location near you at the tap of a fingertip. This feature makes it convenient to find ATMs within the network in your neighborhood and while on the go.
High Yield Savings
Use a Current savings pod to make your dollar work harder for you. You’ll earn up to a 4.00 percent bonus if you maintain a balance of $0.01 or more over a 12-month period. This savings account rate is far more than what you will find at traditional banks. Since Current does not have physical branches, the fintech company pays far less overhead. Current passes the savings onto their loyal members.
It’s also important to note that you can withdraw funds from your high-yield savings account at any time. Most customers with traditional banks have to use CDs to match the interest rate on Current’s savings accounts. CDs can lock your money away for several months or years, depending on the maturity date. You would have to pay fees that wipe out your gains if you want to take money out of a CD early. Current provides a higher return without restrictions.
Budgeting Tools
A budget can help you stay on track and achieve your savings goals. Current lets you develop budgets to keep tabs on your spending. You can budget one expense category if you open a Basic Account or several with a Premium Account.
Current tracks your spending and provides insights that can help you save money. Their money management features also help you stay in check. Members can limit how much they spend each day and receive notifications for every purchase. When you keep your finances front and center, it’s easier to achieve your financial objectives and build wealth. Current’s resources help you focus on your finances and avoid distractions.
Reliable Customer Support
Current has a customer service team that responds to members’ questions 24/7. You can send an inquiry to the team and receive a quick response. The Current app boasts over 250,000 reviews on Google Play and the App Store combined, averaging 4.6 stars. Current’s customer support is part of the reason the app has accumulated numerous positive reviews and become the preferred choice for over four million members.
No Minimum Balance Requirements
Current does not have any minimum balance requirements. Other banks have requirements in place and charge a monthly fee if you fall below the minimum balance. The 4% annual percentage yield on Current savings account gives you a reason to keep funds in your account. Most financial institutions have minimum balance requirements and proceed to pay a low interest rate for your savings.
Mobile Check Deposits Eliminate Trips to the Bank
Time and money are two of your most valuable resources, and car rides to the bank and credit union reduce both of those resources. Mobile check deposits eliminate the need to visit your local bank. You can deposit checks through the Current mobile app by taking pictures of the endorsed check. You only need to take a picture of the front and back of the check through Current’s app. This setup provides faster access to your cash.
Current Accounts for Teens
Most banks let you create a joint checking account or custodial account for your teen and send a debit card to your teen. However, these financial institutions stop there instead of enriching the experience. Current gives teens more control over their finances while letting parents oversee purchases. In addition, your teen will receive a debit card and savings account that lets them earn up to a 4% bonus and other perks. They also won’t have to worry about visiting a local branch to manage their finances, something that’s been going out of style in recent years.
Current Teen Accounts are also a big win for parents. Parents can receive notifications for each purchase, block certain merchants from their teens’ accounts, automatically send allowance money, and more. Current provides a better financial management experience for teens and adults than traditional institutions.
Current App FAQs
Below are some frequently asked questions about Current.
The Current mobile app is a good app with over four million people nationwide. Current members use the app to more effectively manage their money and make it work harder for them through up to a 4% bonus savings account and investments like crypto. It also boasts exceptional ratings on the App Store and Google Play.
Yes. Current is a legit financial technology company that offers select financial services to over four million consumers. Current also has the desired FDIC status through Choice Financial Group.
Yes, Current encrypts user data to keep your information safe. Your funds are insured by the Federal Deposit Insurance Corporation, the same protection that makes traditional banks feel safe.
Yes. You can access many valuable financial tools and resources for free. Current has overdraft protection, allowing you to overdraw by up to $200 without incurring fees. Other banks charge fees the moment your account balance becomes negative.
Current uses Choice Financial Group, Member FDIC, to provide banking services to its customers.
