Current is an online bank that offers a checking account and debit card. It is mobile-focused, meaning Current customers must use the mobile app to access and control their account.
In this Current Bank review, we will explain just how this mobile bank works and help you to decide if Current is right for you!
Current Bank Review: Overview
Current offers an online checking account that is not much different from a checking account at a traditional bank.
However, it does differ in some areas.
For one, Current does not have any physical branches. Instead, deposits are made at stores it has partnered with that accept cash deposits which will go directly into your Current account.
Additionally, deposits can be made via the mobile app from another funding source or by direct deposit.
Customers must use the Current app in order to access their balance, transfer money, or add funds.
With a Current bank account, you will also receive a debit card that can be used for purchases in the same exact way as any debit card can.
The account comes with some great features such as budgeting tools, cash deposit options, and the ability to earn rewards on debit card purchases.
It also has features that allow parents to oversee and manage their child’s spending if they choose to open a teen account.
Current Bank Review: Is Current a Pre-paid Card?
The Current Visa card that comes along with an account is a pre-paid card. However, it works just the same way that a traditional debit card does.
It is not a credit card, so funds must be available in the account in order to make purchases.
Current Bank Review: How Does a Current Debit Card Work?
A Current debit card works the same way as any other debit card does and can be used anywhere Visa debit card is accepted.
In order to get a Current debit card, you will need to go to the Current website to open an account.
Here, you will simply click Sign Up and will be prompted to enter your phone number.
Upon doing this, you will receive a text with a link to sign up and download the Current app.
After verifying your phone number via the app, you will be asked to enter some personal details such as your full name and date of birth.
You can then choose to open either a personal checking account or a teen account, the latter of which can be set up by a parent for their child.
In order to fully activate your account, you will need to connect to an external bank account.
There is no minimum balance required to open a Current checking account, nor is your credit score needed.
Once you have received your Current card you can begin making purchases!
Additionally, you can connect your debit card to both Apple Pay and Android Pay on your mobile device.
You can use your Current debit card at any ATM to withdraw money. Over 55,000 of those are free ATMs as well.
Current Bank Review: Is Current a Good Debit Card?
The Current card is a solid choice for a debit card, especially among those for online banks.
There are no hidden fees, your purchases will not incur a transaction fee of any kind, and free ATM withdrawals are available at over 55,000 locations nationwide.
Parents can also set spending limits for teen Current accounts so that their child does not overspend.
One great feature of the card is unlike most debit cards, this one offers rewards on purchases.
We will get more into the specifics of that later, though!
The card is issued by Choice Financial Group and Metropolitan Commercial Bank.
Current Bank Review: Who Owns Current Bank?
Stuart Sopp is the owner of Current Bank. He founded the company based on his belief that everyone should have access to affordable banking.
Technically speaking, Current isn’t a bank itself, it is actually a financial services company that facilitates mobile payments and offers online banking and financial services.
Current uses a partner bank to provide its services.
Current Bank Review: What Bank Does Current Use?
Both of these banks are FDIC insured and thereby allow Current to offer FDIC insurance of up to $250,000.
Current Bank Review: What’s Included with Current Bank?
There are quite a few notable features that are offered by Current bank.
However, some of the services are only available to premium account holders.
Let’s take a look at what is included. We will specify if a certain feature is not available in the basic plan and is only available to premium account holders.
- Debit Card
- Faster Payment
- Free Overdraft
- Cash Back
- ATMs and Cash Deposits
- Money Management
- Savings Pods
- Gas Hold Refunds
Current Bank Review: Debit Card
As mentioned, you will be issued a Visa debit card when you open a Current account.
There are no hidden fees for using your card, unlike with some prepaid debit cards.
The only fees you will be liable for are a 3% foreign transaction fee for using your card abroad, and a $5 card replacement fee should you need to replace your card.
However, it should be noted that this is standard for most checking accounts whether they be from a traditional bank or an online one.
One of the best features of the Current debit card is that you can earn rewards on your purchases, which helps your money to stretch a bit further.
Current Bank Review: App
The Current mobile app is a one-stop-shop for your banking needs.
With the app, you can set up direct deposits, send money instantly between Current accounts, make a mobile check deposit, and access all the extra features like the budgeting tools and savings pod.
The app is easy to use and can help you to keep track of your spending with the money management feature.
For parents, the app allows them to control their child’s spending.
If you are using Current for a teen banking account, you can set spending limits and also block specific merchants so your child cannot make purchases at places you do not approve of.
Additionally, parents can use the app to receive notifications on their child’s spending and see in real-time when a purchase is made.
Parents can also use the app to set up automatic allowance payments and even allow multiple family members to add funds to their child’s account.
Using the app is completely fee-free for all Current customers.
Current Bank Review: Faster Payment
Premium checking account customers can get paid two days before payday if they sign up for direct deposit.
All you need to do is sign up for a premium personal checking account with Current and use the mobile app to enroll in direct deposit.
Once you have done this, you will get access to your direct deposits from your employer up to 48 hours earlier.
How does this work exactly? Well, your employer will submit a payroll of how much you will be paid and when.
The Federal Reserve then sends this information to Current.
Once Current receives the information, you will be eligible to receive direct deposits made by your employer immediately (up to two days early).
Current Bank Review: Free Overdraft
Another added feature that comes with a Current Premium account is free overdraft.
You can overdraft up to $100 with no overdraft fees if you direct deposit at least $500 per month and sign up for Overdrive on your Premium account.
Upon qualifying, you will be eligible for an overdraft protection limit which starts at $25 and increases upon review of your account.
Current Bank Review: Cash Back
Typically, you can only earn points or rewards with a credit card, but with Current that isn’t the case!
Current has partnered with over 14,000 merchants throughout the US to offer cashback rewards when you use your card.
All you need to do is simply locate participating merchants using your Current app and swipe your card at that location.
You can earn up to 15 points for each dollar you spend this way, which can then be redeemed for cash in the app!
Current Bank Review: ATMs and Cash Deposits
Unlike with some online banks, Current allows you to make cash deposits easily.
This is an excellent feature for those who get paid in cash and need to frequently make cash deposits.
By partnering with over 60,000 stores throughout the US, Current makes it possible to deposit money at these locations.
All you need to do to deposit cash into your account is open the app and go to the Money tab.
From there, you can use the ‘Add Cash’ map to find a location that accepts deposits near you.
You then use the app to generate a barcode and simply present it to the cashier who will then scan it.
The money will immediately be available in your checking account.
There is a $3.50 fee to deposit cash.
Current Bank Review: Money Management
Each Current checking account comes with a set of money management and budgeting tools designed to help you keep track of your spending.
You will have access to spending insights right from the main screen of your app, and will also receive notifications at each swipe of your card.
With a Current premium account, you can set up a money tracker to track as many categories of spending as you like.
For example, you can set up one for food, one for entertainment, and so on.
You can also set a spending limit for each category so you can keep tabs on how much of your budget you’ve spent and how much you have left to spend.
Current Bank Review: Savings Pods
While Current doesn’t offer a savings account per se, it does help you to keep track of your savings goals.
You can use the round up feature in the app to automatically help you save.
This takes each purchase and rounds it up to the next dollar amount, adding the difference between what you spend at the rounded up amount to your savings pod.
You can withdraw money from your savings pod back to your Current account at any time.
Current Bank Review: Gas Hold Refunds
With Current Premium you will also have access to has hold refunds.
When you use your card at a gas station, there will often be a hold put on the card.
So, if there is a hold of $50 and you only spend $25 at the pump, you will often have to wait for those funds to be released by the merchant with other banks. This can sometimes take a few days.
However, with Current, you can get this money released immediately.
Current Bank Review: Is Current Bank FDIC Insured?
Current is FDIC insured for up to $250,000 as its banking services are provided by Choice Financial Group and Metropolitan Commercial Bank.
This means your money is completely safe with Current.
Current Bank Review: Is Current Bank Safe and Legit?
As an online bank, Current is indeed safe and absolutely legit.
Not only is Current FDIC insured via the banks that provide the banking services, but it also used standard internet security practices that keep both your money and your personal information safe.
Additionally, you will be notified each time your card is swiped or a purchase is made from your account, so should you encounter fraud you will be notified immediately and the Current team will be available to help you resolve the issue.
Current Bank Review: Current Bank Cancellation Policy
It seems as though it is relatively easy to cancel your Current account should you decide to do so.
While the website does not detail a specific cancellation policy, it tells customers to simply contact firstname.lastname@example.org with a cancellation request.
Current Bank Review: Fees and Cost
Depending on which type of account you choose, there may be some fees for using Current. Below we list the fees for each tier.
Current Bank Review: Current Tier
Current’s basic checking account comes with no monthly fees and no requirement for a minimum balance.
With the basic account, you will get a debit card that can be used for purchases and free ATM withdrawals at over 55,000 ATMs across the country.
You will also have access to one savings pod, spending insights, and money management for one category of spending.
Current Bank Review: Current Teen Banking Accounts
A teen banking account with Current costs just $36 per year. It is linked to your account and can be used to help them learn how to spend and manage money wisely.
With this account you can give your child a set an allowance, thus giving them money to spend on a pre-determined schedule.
You can also keep an eye on their spending and set spending limits as well as restrict purchases from specific merchants.
Current Bank Review: Current Premium Tier
Current Premium is Current’s offering that includes all of its features. The cost is $4.99 per month, which is deducted directly from your Current checking.
This plan offers everything the basic plan does, plus quite a few extras.
You can get access to your paycheck up to two days early, access to up to three savings pods to better track your savings goals, an instant refund for gas station holds, and free overdraft of up to $100.
Current Bank Review: Pros and Cons
There are both pros and cons that come along with a Current account. Let’s take a look at them now.
Current Bank Pros
- No hidden fees
- No minimum balance requirement or minimum deposit
- Available to anyone with a social security number, smartphone, and US address.
- Spending controls for parents with a teen Current account
- Cashback rewards for spending money at over 14,000 merchants nationwide
- Direct deposits available up to 2 days early with a premium account
- Instant refunds for holds at gas stations with a premium account
- Free ATM withdrawals at over 55,000 ATMs nationwide
- Overdraft with no overdraft fees (up to $100) with a premium account
Current Bank Cons
- No physical branches
- The Premium account comes at an additional monthly fee
- Small fee to deposit cash
Current Bank Review: Is Current Bank Right for Me?
If you are looking for a personal checking account that is easy to use and offers some added bonuses, Current may very well be right for you.
If you are tired of traditional banks and hidden fees, Current is a great alternative to the checking accounts you may be used to.
Current makes banking simple with the use of its mobile app and also offers some excellent bonus features, especially if you are willing to spend just $4.99 a month for their premium service.
Current Bank Review: Current Bank Reviews by Customers
Current has an ‘Excellent’ rating on TrustPilot, with a TrustPilot score of 4.3.
Most reviewers say the bank is a great option for online banking.
One reviewer, Keithie Cunningham, wrote,
“I love my current card. I use it for my everyday purchases. I wouldn’t trade it for the world.”
Another review from Stephen Alberts reads,
“They are an awesome company who goes out of their way when I need help, I would definitely recommend them to everybody! Thank you current team.”
It seems that Current has a good reputation online and is regarded by most customers as a good option for online banking.
Final Review: Is Current Bank Worth It?
When it comes to online banks, Current seems to stand out amongst the crowd.
The number of bonus features offered, the simplicity of the app, and the ability to easily make cash deposits make it a top contender against its competitors.
For anyone looking to quickly and easily open an online checking account or for parents looking to open an account for their child which they can easily monitor and control, Current is certainly worth consideration.
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