If you’ve shopped around for savings accounts lately, you’ve probably noticed that the rate of return is rather unimpressive. And you may have found a product at a financial institution that paid a bit more in interest, but the minimum deposit requirement was more than you could afford to sock away.
Now, you wonder if a high-interest savings account is worth it or if it’s more sensible to put your funds elsewhere.
The good news is there’s an innovative online platform with a feature that lets you earn a sizable return on your money, and there are no minimum deposit or monthly minimum balance requirements. Even better, you won’t have to undergo a credit check to get started.
It’s called Current, and you can use its “Savings Pods” to make your money work harder for you. Current also offers a suite of money management tools that help you save money. As a result, your existing money works harder for you, and you’ll have more incoming reinforcements to strengthen your finances.
What Is Current?
Headquartered in New York, Current is a leading financial technology company that offers FDIC-insured banking services through its partnership with Choice Financial Group, Member FDIC. The online platform aims to help its members upgrade their lives and transform their finances by leveraging technology to deliver inspirational products. The digital bank has helped over 4 million customers to date get closer to their savings goals. In addition, members can select from high-yielding Current accounts, cryptocurrency assets, and other opportunities to grow their wealth.
How Does Current Work?
When you fill out your personal information (i.e., email, Social Security number, and phone number) and sign up for an account through the app, you get a Current Visa debit card that seamlessly connects to your external bank account. Each of your debit card purchases can help you get rewards, with some purchases qualifying for 15x cash back. You can also get a virtual card to start using before your physical card arrives in the mail, typically within 7 to 10 business days.
Once your account is active, you can begin using all the tools and features available in your dashboard on the mobile app. Current has several resources that reflect the future of banking and make frequent updates to enhance the user experience. These features have been designed to improve your spending, saving, and access to cash. Current also offers crypto services and does not charge an additional trading fee on cryptocurrency transactions.
Types Of Accounts Current Offers
New Current users can choose from several account types. While each plan has similar features, they are worth a closer look due to subtle differences. We have outlined the available account options for Current customers.
Current Spend accounts provide money management tools and enticing rewards. You can keep track of your spending and discover insights that reveal how you can save money. Customers choose from the following Current Spend Accounts:
- Basic Account: Members get a Basic White Visa debit card with a secured chip, standard direct deposit, mobile check deposit, instant money transfers, points for cash back from purchases with over 14,000 participating merchants (3) , purchase alerts, and a Savings Pod that earns you 4.00% APY (1) on your money. There’s no monthly fee to open a Basic plan, making it a good choice for new Current customers.
- Premium Account: Members get the same benefits as a basic checking account, along with additional perks. Premium account holders get a debit card with tap-to-pay capabilities, early direct deposit up to two days faster (4) , three Savings Pods, overdraft protection up to $200 (5) , and instant releases on gas holds. The monthly fee is only $4.99, but you can recoup the fee with Savings Pods, which outperform some of the best high-yield savings accounts available.
- Teen Account: There’s no monthly maintenance fee to open a Current Teen Account, and your teen will get a Visa debit card, direct deposit, real-time purchase alerts, and a Giving Pod. Parental controls allow parents to set spending limits and other precautions to help young adults cultivate prudent money habits. These accounts balance a teen’s desire for financial freedom with a parent’s desire for safety and security. Parents can directly transfer money to their teen’s bank account, block certain merchants, and receive notifications about recent purchases. Teen accounts are a good fit for teens and parents that want an easier teen banking experience.
Quick note: Current account holders get a 30-day free trial to test drive the platform (2) .
Current does not offer a savings account. Instead, you can use the Savings Pods to earn an annual percentage yield (APY) on your money that compounds every day. It’s available on both Basic and Premium Accounts, and it has better yields than high-yield savings accounts. You can add funds to the balance in your Savings Pod by funding it with your Current Balance, an external bank account, or a check deposit. You can earn up to 4% APY on your funds, which is more than 20 times the national average. You’ll receive payments every day as your money sits in a Current Savings Pod while knowing your cash is in an FDIC-insured bank.
You won’t have to lock away your money for a set period of time to use Current Savings Pods. This is a major selling point for traditional bank users who frequently come across restrictions. Unlike Certificates of Deposit and Bonds, which require you to lock away your money for over a year to get a 3% return, you can take money out of a Current Savings Pod anytime. If you discover a better investment opportunity, you can move your funds right away. Want to cover an emergency expense or plan a vacation with your Savings Pod funds? You can do that too. You can take money out whenever you want, but while your cash is in the Savings Pod, it’s generating a higher return on investment than most CDs and bonds.
You also don’t have to fulfill a minimum requirement to get started. The difference between the Current app and most banks is that you can open up a savings pod with as little as $1. However, most banks may require you to put $100-$1,000 as the minimum deposit for your CD. This steeper hurdle can make it more difficult to get started and build wealth. Current removes the minimum requirement obstacle so you can actively grow your finances and gain momentum.
Current also helps you save even more through the round-up feature, which rounds up each purchase to the nearest dollar. Current will then transfer the excess funds to your Savings Pod so the proceeds can benefit from daily compounding. While your next purchase won’t make a major impact on your wealth, each online purchase and trip to the grocery store will add up. You may save enough money over time to cover an insurance payment, a visit to the gas station, or another expense. Chipping away at these costs will add up and move you closer to your savings goals.
Benefits Of a Current Savings Pod
High-interest rates aren’t fun when you are paying a loan, but they’re great when you are receiving interest payments. A high-interest rate on your savings will give you more reasons to keep your cash and let it sit in your bank account. Current members earn a 4.00% Annual Percentage Yield (APY) (1) on up to $6,000 for Premium Account holders ($2,000 for Basic users) when they enable the Current Interest feature. Compared to what you’ll find with other traditional banks, online banks, and credit unions, that’s a generous return. You don’t have to put your money into the stock market to earn a respectable return, and the fact Savings Pods generate risk-free returns due to Current’s FDIC membership makes them less stressful. You can earn a higher return and incur more risk by investing in crypto, which Current provides for its customers.
Overdrive Protects You from Overdraft Fees
Overdraft fees can sting, especially if you barely overdraw your account. Unfortunately, it’s also easy for accounts with low balances to incur overdraft fees. Gas holds, recurring subscriptions, and miscalculating how much money you have left can result in overdraft fees that continue to add up.
Current gives their customers more leeway with Overdrive. Customers who enable Overdrive can overdraw up to $200 without paying any overdraft fees. Overdrive’s fee-free overdraft limit starts at $25 and grows to $200 over time, based on your activity on the mobile banking app. If you tap into your Overdrive limit, Current will allocate your next paycheck towards repaying the debt, decreasing the likelihood of exceeding the Overdrive limit and having to pay fees. You will have to deposit at least $500/mo into your Current account to get this added safety net for your personal finances.
No ATM Fees
ATM fees can eat up your savings in a hurry, but you don’t have to worry about them with Current. The financial services company helps you get faster access to cash, minus the fees, with fee-free withdrawals at over 40,000 Allpoint ATMs nationwide (2) . With that much coverage, there’s probably a nearby ATM that is part of Current’s network. The Current app doesn’t force you to guess either, as you can use the Current mobile app to find locations within close proximity.
Mobile Check Deposit
The Current mobile app enables the deposit of paper checks and makes the entire process seamless. Current users can deposit checks up to $2,000 upon completing their first deposit from a linked funding source. After that, it’s as easy as tapping the $ icon, selecting the “new source” and “deposit a check” options, and uploading an image of the front and back of the check. Not only does the mobile check deposit save time, but you’ll also have a lower gas bill at the end of the month since you won’t need to drive as much. You can also connect external accounts if you want the funds to go somewhere else. This can also be a great way to fund your Savings Pods quicker or capitalize on Current’s cryptocurrency services.
The earlier availability of funds will give you more choices and help with emergency expenses. Some consumers take out payday loans to cover emergency expenses when they don’t have enough cash in their bank accounts. While payday loans provide quick funds, these financial products have promotional rates that can devastate people’s finances. Many payday loan borrowers get stuck with triple-digit interest rates and excessive fees. Current’s mobile check deposit lets you receive faster direct deposits, so you don’t have to worry about that scenario for the foreseeable future.
Tools For Money Management
You can also leverage tools offered by Current to manage your money more effectively. Among the many savings features Current provides, there is an option to develop a spending plan that includes specific categories. You can view spending insights and trends so you can make the necessary adjustments moving forward to meet financial goals. In addition, you can put limits on your spending so you don’t go overboard. Parents can set spending limits on Teen Accounts through parental controls to cultivate effective money habits.
Automatic Gas Hold Removals
Gas companies place holds on credit and debit cards before you use the pump, usually $50 or more. People with limited funds in their bank accounts may get nervous about these gas holds triggering overdraft fees and further straining their finances. These holds can result in an overdraw even if you don’t plan to spend that much money. No one wants overdraft fees, especially for something avoidable like a gas hold. If you bank with Current, you don’t have to worry about gas holds. Current’s automatic gas hold refunds feature combined with Overdrive offers a financial safety net that will keep you safe from overdraft fees caused by gas holds. You’ll even receive a notification on your mobile device when the gas hold charge gets removed from your Current bank account.
Learn about Finance Through Current’s Editorial Content
Current delivers financial tools and resources that can improve your wealth in a great way. However, it’s not enough to have the right resources available. Current combines effective money management tools with personal financial education. Current’s editorial team has published numerous resources that teach customers insights such as unique money-saving tips, how to get out of credit card debt with a limited income, and how to budget for big-ticket purchases. Current has resources that can help with your specific goals.
Send Money to Family and Friends Quicker with Current Pay
It shouldn’t cost any money to send your cash to family and friends. Most banks charge fees to send funds because of their third-party systems. They act as the middlemen and get a percentage of the money meant for family and friends. The Current ~tag money-sharing feature lets you instantly send and receive money without any fees. Current simplifies money sharing and personal finance, so you don’t have any headaches throughout the process.
Crypto Compatibility Gives You a Way to Diversify
Cryptocurrencies have comfortably outperformed popular stock market indexes such as the S&P 500 over the past five years. Some people view this form of investment as a haven from economic uncertainty. For example, Bitcoin jumped over 70% in the first quarter of 2023 amid Silicon Valley Bank’s bankruptcy, while the S&P 500 only increased by 7% during the same timeframe—the purchase of cryptocurrency assets used to be very complicated. You had to get a hard drive, a cold wallet, and understand the blockchain. Current has simplified the process while putting your finances in one app.
Current offers dozens of cryptocurrencies and lets you skip trading fees, putting more of your extra money to good use. Crypto is a high-growth asset that can strengthen your portfolio’s diversification. Since Current doesn’t limit users to Bitcoin and Ethereum, you can even diversify across multiple coins to capitalize on more investment opportunities. Crypto investors can consider using the APY from their Savings Pods to diversify into crypto.
If you want to cash out on your crypto, you can do so right away through Current. However, other crypto traders have a delay between selling crypto and having the proceeds end up in their bank accounts. Some people can wait for the transfer to take place, but other people may need immediate funding for emergency expenses or to stay safe from overdraft fees. Current has you covered for both scenarios.
The fintech company also provides educational resources to strengthen your crypto knowledge. These resources will help you feel more confident about crypto and understand the risks before getting started. Current doesn’t depend on crypto to provide customers with a great experience, but it’s an additional option for people who want to invest in crypto. If you choose to trade crypto on Current, you can have all of your finances on a single dashboard. You won’t have to log into multiple accounts to see your numbers and assess your net worth.
Security has become a hot topic in recent years, and Current’s top-level security makes customers feel confident about banking with them. Current Visa debit cards include an EMV chip to ensure the security of each transaction and help prevent fraudulent activity. Plus, you can block transactions from merchants to minimize the incidence of unauthorized transactions. Current also gives you a virtual debit card which is safer than a physical card. If you only use the virtual debit card, you don’t have to worry about leaving your physical Current card at the store or risk having it get stolen.
Get Rewarded for Using Your Current Debit Card
The Current Visa Debit Card has a few advantages that may tempt you to leave your credit card behind. The main strength of debit cards is that they link to your checking account. Under this arrangement, you get to avoid credit card debt. Current’s Overdrive feature also lets you avoid overdraft fees which is one of the main reasons people hesitate to use debit cards. Unfortunately, most debit cards do not offer reward programs, but the sleek Current card is changing the trend.
Current lets its users earn up to 15 x points on qualifying purchases at 14,000 participating merchants across the United States. Members can redeem points for cash and other items at the Current Shop. So you don’t have to risk getting into deep credit card debt to get cash back for spending money on everyday purchases. Skipping the high-interest rate debt can give you greater peace of mind and let you set more ambitious financial goals.
Skip the Hidden Fees
Some financial institutions get sneaky with their fees, and they can come up at the worst possible times. Most people don’t bother reading the terms and conditions, allowing some traditional banks to get away with questionable costs and rules. Some people would be in for an unpleasant surprise if they read the terms and conditions, but at Current, you don’t have to worry about hidden fees.
Current has no minimum balance requirement and zero fees for having nothing in your account. Overdrive protects you from overdraft fees, and you also won’t have to worry about bank transfer fees. Current even protects you from instant transfer fees through the Current ~tags feature. Some banks have random fees that feel unwarranted and unexpected. Current breaks that trend in the same way that they decided to offer 4% APY Savings Pods for their customers. That’s more than what you will get from most banks, and you can even take out your money at any time without any penalties. Upfront banking is a core element of the Current experience that makes them different from traditional banks.
Current Savings Account Reviews
Current reviews are mostly positive, indicating the generosity of 4% APY from Savings Pod, reliability of customer service representatives, and Current’s other features. The mobile banking app boasts over 100,000 high ratings in the App Store and Google Play Store. We have highlighted some of the top Current savings reviews below.
- Love Current. It has some great features, like no overdraft fees. Also, you can block a merchant, set your own daily limits, and turn the card on or off. The APP is really useful, and I get paid ALOT sooner than a traditional bank account. — John (TrustPilot Review)
- I’ve been using Current for about a year now, and I am still really enjoying it! The app is well-designed and easy to navigate. Plus, their actual banking services and debit card are top-notch with a great rewards program. I have yet to have an issue! Plus, the feature to block entire brands from charging your card is something I didn’t know I wanted until I used Current! Highly recommend. — Trevor Berridge (Google Play Review)
- I absolutely love this banking app! It’s got so many great features that other alternatives don’t have. The great thing is subscription fees are no more with this app, and ATMs are free if you use one of the many many on their list. They have many options to help you save money and make investments as well. I love that I can manage everything from an app on my phone, including blocking a certain brand or business from being able to keep charging my card, pausing my card if it’s lost or stolen, sending and Receiving money, buying or cashing out bitcoin or other virtual currency in the app and getting lots of deals when swiping or buying with your card. There’s also an option to use a virtual or throw away electronic card number when you make online purchases, as well as use your virtual card if you have to order a new card due to loss or theft as well. Customer service is amazing, and they have a great referral program with incentives for both the referee and the referred. Don’t even get me started on the option to have several savings pods to save up for things without worrying about spending money you want to save for something special, a bill, etc.! Highly recommend! — Mandaxmae (Apple App Store Review)
Start Earning 4% APY on Your Cash
4% APY is more generous than what you’ll find at most banks. In fact, most banks can’t deliver on 4% APY for their clients. Since Current does not have any physical branches, they can pass on the savings to their users, and Current Savings Pods are just the beginning. You’ll also receive several budgeting tools that will help you minimize spending and get closer to your savings goals. If you have any questions, the fintech company has an excellent customer support team that is eager to help.
Put your money to work and enjoy a banking platform that helps you improve your finances for a better tomorrow. Join over 4 million Current customers and create a free account today by downloading the mobile banking app. It’s simple, and you can be up and running in less than two minutes.