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. Members also have access to valuable tools and features to enhance their financial knowledge and well-being.
Current lets you easily create multiple bank accounts. This feature makes it easier 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.
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:
The Basic Account is a subscription fee-free option that 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
The Premium Account starts with a 30-day trial period and then costs $4.99 per month. 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
- Overdrive, which allows for overdraft protection up to $200 (5)
- Instant release of gas station authorization holds
Current makes it easy for teens to get started with banking. 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.
Here’s a breakdown of unique features Current account holders enjoy:
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.
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. Using the funds in your Current account to make purchases can lead to better money habits.
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.
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 or items in the Current Shop.
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.
Current’s Overdrive feature provides overdraft protection of up to $200 (5) without overdraft fees. It’s 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.
What are Current Reviews Saying?
- 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.