Current High-Interest Savings Account

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Put Your Savings to Work
Get more savings with Current to maximize every dollar.
APY (1)
4.00%
Access
24/7
Insured
Up to $250,000
Average Rating Click here to show the sources used to calculate this average rating.
Trustpilot
3.8

Details

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Product Name

Current Interest

Product Description

A flexible account offering exclusive benefits.

ATM Fees

Access at over 40,000 in-network Allpoint ATMs in the US with no ATM fees "(2)"

Cash Back

Earn up to 15x points at over 14,000 participating merchants "(3)"

Direct Deposit

Get paid up to 2 days early "(4)" with Premium Account direct deposit

Overdraft Protection

Overdrafts up to $200 "(5)" covered with no overdraft fees

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.

What Is Current?

Headquartered in New York, Current is a leading financial technology company that offers banking services through 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.

How Does Current Work?

When you sign up for an account through the Current app, you get a Visa debit card that seamlessly connects to your external bank account. 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, like investing in cryptocurrencies.

Types Of Accounts Current Offers

Current offers a few account options for its customers.

Spend Account

You can 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 account.
  • Premium Account: Members 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.
  • Teen Account: There’s no monthly to open a Teen Account, and your teen will get a Visa debit card, direct deposit, real-time purchase alerts and a Giving Pod.

Quick note: Current account holders get a 30-day free trial to test drive the platform (2) .

Savings Pod

Current does not offer a savings account. Instead, you can use the Savings Pods to earn an annual percentage yield (APY) on your money. It’s available on both Basic and Premium 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.

Current also helps you save even more through the round-up feature, which rounds up each purchase to the nearest dollar and transfers the excess funds to your Savings Pod.

Benefits Of A Current Savings Pod

Here are some other perks you’ll enjoy when you open a Current Spend Account and start using your Savings Pods and other unique features:

High Yield

Current members earn 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.

No ATM Fees

Get faster access to your cash, minus the fees, with fee-free withdrawals at over 40,000 Allpoint ATMs nationwide (2) . You can use the Current mobile app to find locations within close proximity.

Mobile Check Deposit

The Current mobile app lets you deposit checks up to $2,000 upon completing your first deposit from a linked funding source. 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.

Tools For Money Management

You can also leverage tools offered by Current to manage your money more effectively. There’s an option to develop a spending plan that includes specific categories, and you can view spending insights and trends so you can make the necessary adjustments moving forward to ensure you meet financial goals.

Top-Level Security

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.

Put your money to work and enjoy a banking platform that helps you improve your finances for a better tomorrow. Open a Current account today by downloading the mobile app. It’s simple, and you can be up and running in less than two minutes.

This Company Also Offers

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Current Mobile App

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Current Spend Account

Discover Current Spend Account and read about how to open one, what benefits can give and how to manage your bank account online from the app.

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Earning rates over 1x are only available on Current Premium accounts.  Teen accounts do not earn points.

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The Annual Percentage Yield ("APY") for Current Interest is variable and may change at any time. The disclosed APY is effective as of January 1, 2022. No minimum balance is required. Must have $0.01 in savings pods to earn Current Interest on up to $2000 in deposits per Savings Pod up to $6000 total.  Please refer to Current Interest Terms and Conditions.

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Faster access to funds is based on a comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds are subject to the timing of the payer's submission of deposits. Current Premium accounts only.

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Please refer to Overdrive™ Features Terms and Conditions. Current Premium Accounts only.

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Out of network cash withdrawal fees apply. Third-party, adding cash and Current membership fees may apply.

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The Annual Percentage Yield ("APY") for Current Interest is variable and may change at any time. The disclosed APY is effective as of January 1, 2022. No minimum balance is required. Must have $0.01 in savings pods to earn Current Interest on up to $2000 in deposits per Savings Pod up to $6000 total.  Please refer to Current Interest Terms and Conditions.

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Out of network cash withdrawal fees apply. Third-party, adding cash and Current membership fees may apply.

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The Annual Percentage Yield ("APY") for Current Interest is variable and may change at any time. The disclosed APY is effective as of January 1, 2022. No minimum balance is required. Must have $0.01 in savings pods to earn Current Interest on up to $2000 in deposits per Savings Pod up to $6000 total.  Please refer to Current Interest Terms and Conditions.

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This page's information results from independent research by our editorial team, who does their best to reflect factual and accurate information about the financial institution and its products. Financial institutions are not responsible for the content posted on Banks.com; visit the financial institutions' website or contact it directly if you have any questions. If you work for this financial institution and want to adjust any information, contact us at [email protected]

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This page's information results from independent research by our editorial team, who does their best to reflect factual and accurate information about the financial institution and its products. Financial institutions are not responsible for the content posted on Banks.com; visit the financial institutions' website or contact it directly if you have any questions. If you work for this financial institution and want to adjust any information, contact us at [email protected]

×

This page's information results from independent research by our editorial team, who does their best to reflect factual and accurate information about the financial institution and its products. Financial institutions are not responsible for the content posted on Banks.com; visit the financial institutions' website or contact it directly if you have any questions. If you work for this financial institution and want to adjust any information, contact us at [email protected]

×

This page's information results from independent research by our editorial team, who does their best to reflect factual and accurate information about the financial institution and its products. Financial institutions are not responsible for the content posted on Banks.com; visit the financial institutions' website or contact it directly if you have any questions. If you work for this financial institution and want to adjust any information, contact us at [email protected]

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