The fintech landscape is rapidly evolving. Online banks have several great features, and financial institutions have been digitizing many of their services for years. Zelle is a pioneer in the space that helps consumers send and receive money. Despite only launching in 2017, Zelle has accumulated over 100 million users and has processed nearly $1.5 trillion in transactions. Current is an online banking app gaining momentum that recently eclipsed four million users. Do these two companies provide synergy for Current’s members? We will share the details on getting Zelle set up for your Current account.
Current is a fintech company that provides online banking services through Choice Financial Group, Member FDIC. Current does not have physical branches, which significantly reduces the fintech company’s overhead. Current passes these savings onto consumers through 4% APY on savings accounts, overdraft protection of up to $200, automatic savings through Current round-up purchases, and other perks.
Current has no hidden fees or minimum account balance requirements. Many financial institutions use these gimmicks to get more money from their customers. Members can also save money across Current’s ATM network. Current partners with Allpoint ATMs to provide fee-free withdrawals across over 40,000 in-network ATMs. The online banking services provider also offers Teen Accounts with parental oversight. You can get your child started with a bank account and monitor their expenses. Parents can even block certain merchants and send automated allowances to their children’s bank accounts.
Current lets you grow your money at 4% APY, but you can also invest in crypto. Current lets its members diversify their portfolios with over 30 digital currencies. You won’t have to pay any trading fees if you invest with the Current mobile app. Since the app has your crypto and checking account in one place, you can instantly convert crypto into cash and use it to address emergency expenses. Under the traditional format, it would take several days to transfer converted crypto from a brokerage account to your checking account.
Current is an all-in-one money management resource that provides resources to strengthen your finances. The fintech company has amassed over 4 million members since being founded in 2015. The fintech company has headquarters located in New York.
What is Zelle?
Zelle is an online payment network that allows people to easily exchange money. For example, you can use Zelle to pay for a restaurant visit, send money to a friend, and cover other expenses. Many banks already integrate with Zelle, making the company’s services more accessible. Over 1,000 banks make Zelle accessible to customers, but if your bank doesn’t connect with Zelle, you don’t have to worry. Zelle has several workarounds and allows you to make quick and safe money transfers.
The company launched in 2017 and has its headquarters located in Scottsdale, Arizona. Early Warning Services, LLC, a fintech company owned by seven of the largest U.S. financial institutions, created Zelle. Bank of America, Truist, Capital One, JP Morgan Chase, PNC Bank, U.S. Bank, and Wells Fargo are the seven banks that own Early Warning Services, LLC.
How Does Zelle Work?
Zelle connects with your bank account and lets you use those funds to pay people. If someone sends you money through Zelle, the funds will go straight to your bank account. You will have to create a Zelle account with your mobile phone number or email address to get started. Most banks let you create an account from their respective apps, but you can also create an account with the Zelle app.
If you want to pay someone, Zelle lets you enter the person’s email address or mobile number. You can then inform Zelle of how much you would like to pay the person. After inputting your details and submitting the payment, Zelle will handle the rest. Your funds will get transferred to the recipient’s account. Transactions have no fees, and you can send money to someone with Zelle even if you use different banks to store your cash. If the recipient does not have a Zelle account, they will receive a notification detailing how to receive the money. It’s a simple and quick process, even if the recipient does not have a Zelle account.
Does Current Work with Zelle?
Although Current is not a bank, Current members can still use Zelle. Current provides banking services through Choice Financial Group and the Metropolitan Commercial Bank. You can integrate with Zelle using Current’s partnership with the Metropolitan Commercial Bank. You can find that bank on Zelle’s Get Started page and get started. It’s a bit of a workaround, but Current members can transfer money to friends and accept payments through their Current checking accounts.
Linking Current with Zelle
Connecting your Current account with Zelle requires a few extra steps, but the process is straightforward once you see it in action. You can follow these steps to link your Current account with Zelle.
Downloading the Zelle App
Since Current doesn’t have an integration with Zelle, you will have to download the Zelle app. You can get Zelle in the App Store or Google Play.
Registering Without a Bank
After downloading the app, follow the steps to create a Zelle account. You can register for Zelle without adding a bank account.
Add Your Current Account to Zelle
You can add your Current account to Zelle using the workaround we discussed earlier. You can look for the Metropolitan Commercial Bank on Zelle’s list or connect your Current debit card. Zelle lets you send and receive payments through a debit card. Current’s debit card connects to your checking account, providing a backdoor to using Zelle to process money transfers.
How to Open an Account with Current
A Current account can up-level your finances with spending insights, access to investments, budgeting tools, and other perks. You can create a Current account by visiting the website or downloading the mobile app. Current will walk you through the process and have your account set up within two minutes. You can then connect Zelle through their app and start saving money at one of the most attractive APYs in the industry.