Current isn’t set up like a traditional bank with distinct checking and savings accounts. Instead, Current accounts are hybrid accounts that combine checking and savings features. Accounts include a debit card and the ability to create Savings Pods for different goals. Current also offers accounts for teens.
Current banking services are provided through partnerships with Choice Financial Group and Cross River Bank, Members FDIC.
Current previously offered a paid Premium plan, but the company now offers the formerly Premium features for free. There are no monthly fees or hidden fees. You can use the debit card wherever Visa is accepted and at over 40,000 surcharge-free ATMs through the Allpoint ATM network. Current charges $2.50 per ATM transaction outside of its ATM network in addition to any fees charged by the ATM operator.
The amount of interest you’ll earn on funds in your Savings Pods depends on whether you receive monthly eligible direct deposits totaling $200 or more. If you do, your savings will earn 4.00% bonus if you receive monthly direct deposits of $200 or more; if not receive 0.25% bonus[ ]. Also, you could get access to your paycheck up to two days early if you receive direct deposits through Current.
Here’s a closer look at some of Current’s top features.
- Savings Pods. A Savings Pod is like an account within your Current account that allows you to set a savings goal and put away money specifically for that goal. Savings Pods are a great spot to keep an emergency fund or set money aside for an upcoming vacation or other large expense. You’ll earn 4.00% bonus if you receive monthly direct deposits of $200 or more; if not receive 0.25% bonus.
- Budgets. Budgets are exactly what they sound like. Customers can set up budgets within the Current app to track spending throughout the month.
- Round-Ups. Current members can maximize their savings through a budgeting tool called Round-Ups. As you use your Current debit card, these purchases are rounded up to the nearest dollar. The rounded-up change is then added to the Savings Pod (or Giving Pod, for charitable giving) of the member’s choice. This feature is available for all Current accounts.
- Current Points. Current members can also earn cash back and other rewards through its Points reward program. Members can activate reward offers at over 14,000 participating retailers through the mobile app. As you swipe your Current card and make purchases, you can earn points redeemable for cash back.[ ]
- Early paydays. If you receive direct deposits in your Current account, you may be able to access your paychecks up to two days early.
- Overdrive. Current’s overdraft protection program lets you overdraft up to $200 on card purchases without paying overdraft fees. However, you must receive $500 or more in qualifying deposits over each 30-day period to access this feature. Members who don’t want to use Overdrive have the option of disabling it.[ ]
Teen Account
Parents can also open a Teen account through Current for their teenager. Teen accounts provide some financial freedom for teens while still giving parents control of several features to put guardrails in place.
Parents can transfer money to teens through the app, set up chores to complete, create automated allowance payments, set spending limits, block purchases at specific merchants and receive notifications of all purchases.
Teen accounts come with a debit card and access to similar features as the other accounts, like Round-Ups and Budgets. Teen accounts come with one Savings Pod and one Giving Pod for individuals interested in making charitable donations.
