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Pros and Cons of Current Money Management App

Written by Marc Guberti

Marc Guberti is a Certified Personal Finance Counselor who has been a finance freelance writer
for five years. He has covered personal finance, investing, banking, credit cards, business
financing, and other topics.
Marc’s work has appeared in US News & World Report, USA Today, Investor Place, and other
publications. He graduated from Fordham University with a finance degree and resides in
Scarsdale, New York.
When he’s not writing, Marc enjoys spending time with the family and watching movies with
them (mostly from the 1930s and 40s). Marc is an avid runner who aims to run over 100
marathons in his lifetime.

Updated February 14, 2024​

4 min. read​

Choosing a bank is an important decision. The bank you select impacts your savings rate, fees, account minimums, future financial opportunities, credit score, and other critical details. Traditional institutions have been around longer, but they continue relying on an aging business model that results in higher fees and lower interest rates on savings accounts.

Many household name banks reached their status with thousands of local branches. These brick-and-mortar buildings have significant overhead that limits their ability to give great perks to consumers. Online banks and fintech platforms have far less overhead and can pass those savings onto consumers. With traditional banks embracing digital technology, customers find themselves visiting local branches less often. This reduced reliance on in-person banking makes online banks and neo-banking companies more attractive. Current is a popular choice gaining momentum. We will cover the pros and cons of the fintech company so you know if a Current account is right for you.

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About Current Money Management App

Current is a leading fintech company that provides online financial services for over 4 million users. The company launched in 2015 and uses Choice Financial Group to provide banking services. The money in your Current account is insured by the Federal Deposit Insurance Corporation (FDIC), meaning there’s no risk in leaving money in the popular online solution. In addition, the company has features that help you save money and build wealth through investments and high-yielding savings accounts.

Pros of Current Money Management App

Current members have several advantages that help them minimize costs and build wealth.

No Hidden Fees

When you open an account with Current, you don’t have to worry about hidden fees. Traditional banks have more expenses, and they need to find ways to make ends meet. As a result, some of those banks use sneaky and excessive fees to cover rent and salaries. Current has fewer expenses which means no hidden fees for you.

Up to 4% Bonus on Savings

This perk alone makes Current a standout choice and separates it from traditional financial institutions. You would be lucky to find a traditional savings account with an APY above 0.5%. While 0.5% APY still would not be enough, a Current savings account provides a superior option. You get up to a 4% bonus on your savings, a rate you will have difficulty finding at other banks.

No Minimum Balance

Some banks use minimum balance requirements to force customers to keep money in the bank. Of course, you could go below the minimum balance requirements, but these pesky banks could then charge additional fees since you do not fulfill the minimum balance requirement. When you switch to Current, you don’t have to worry about a minimum balance or a monthly fee. You’re good to go whether you have a $1,000 balance or a $0.01 balance.

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Fee-free ATMs

Current has an ATM network partnership with AllPoint, which allows you to withdraw money from over 40,000 in-network ATMs without paying any fees. Current also has an in-app feature that lets you locate nearby in-network ATMs.

Overdraft Protection

Overdraft fees can accumulate in a hurry. While most banks will happily charge an overdraft fee the moment you overdraw your checking account by a penny, Current Overdrive gives you up to $200 in overdraft protection. Current gives you a buffer to repay your balance and get it back to positive before overdraft fees show up on your account.

Faster Deposits

Deposits are fast and easy on Current. You just have to take a picture of your endorsed check through the Current app. The fintech company handles the rest, and your funds will soon appear in your account.

Cashback Rewards

Over 14,000 merchants participate in Current’s cashback program, where you can earn up to 15x points on every purchase. You can cash in on rewards you accrue with your Current Visa Rewards Debit Card.

Gas Hold Removals

Gas companies use gas holds to ensure they receive enough funds to cover your purchase. For example, a gas company may put a $50 hold on your debit card even if you only buy $30 worth of gas. After completing your order, the gas company will remove the hold, and you will get your $20 back. However, this method can result in avoidable overdraft fees if you only had a $40 balance before the $50 gas hold took place. Current instantly removes gas holds for members and has overdraft protection, keeping you safe from unnecessary expenses.

Money Management Tools

Money management tools can strengthen your finances and track your spending. Current’s money management tools help you minimize expenses, improve your discipline, and achieve your financial goals sooner.

Teen Account

Current makes it easier for teens to embrace finances while having parental guidance. Teens can receive debit cards tied to their accounts and learn money lessons through experience. Parents can receive notifications on each purchase and monitor their spending. Parents can also automate allowance payments and set limits so their teens do not overspend.

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Account Security Features

Current has several security features such as two-step authentication, EMV chips on their cards, the ability to pause debit card spending if you lose your card, and other advantages. Unfortunately, hackers continue infiltrating companies, but Current has your back.

Cons of Current Money Management App

Current offers numerous advantages, but it’s good to view the fintech company from both perspectives before making a decision. We have outlined some of the disadvantages below.

No Physical Branches/Online Only

You’re stuck with online means if you use Current. Some people prefer to drive to their local branch to deposit checks and do other things, but others prefer to stay at home or do their finances on the go. Not everyone will like an online-only approach, but you may grow into it over time.

$6,000 Interest-Earning Cap

Current savings accounts have an incredible 4% bonus, but you can only create up to three savings accounts on Current. You cannot put more than $2,000 into each Current savings pod, meaning you’re capped at $6,000 in savings. Granted, that still adds up to $150/yr interest.

International ATM and Transaction Fees

Current has over 40,000 in-network ATMs that have no fees, but you will have to pay other ATM fees. If you frequently use ATMs and are nowhere near one of Current’s in-network ATMs, you may want to give this disadvantage more consideration.

$10,000 Maximum Balance Limit

If you want to move an entire fortune to Current, you’re out of luck. The fintech company only supports $10,000 balances. So if you put $6000 into a Current savings account, you only have $4,000 left for a checking account. While Current offers numerous advantages, these limits can prove frustrating to users. You can create a bank account with another company if you exceed a $10,000 balance. Some people will make that adjustment for the 4% bonus and Current’s other features, but the maximum balance limit isn’t for everyone.

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How to Sign Up for a Current Account

A Current account has many resources to offer people seeking to build wealth and improve their finances. You can create a Current account by visiting the website or downloading the mobile app on Google Play or the App Store. It only takes two minutes to create a Current account and upgrade your experience.

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