Current is an online mobile banking app that provides an account and debit card.
It is mobile-focused, meaning customers must use the mobile app to access and control their account.
In this Current review, we will explain how this mobile banking app works to help you decide if Current is right for you!
Current Review: Overview
Current provides an online checking account service that is very similar to those offered by traditional banks. However, it does differ in some areas.
For one, Current does not have any physical branches, nor is it a bank, but instead it is a financial technology company.
Deposits are made at stores it partners 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 to access their balance, transfer money, or add funds.
With a Current account, you will also receive a debit card that can be used for purchases like any debit card can.
The account comes with some great features, such as budgeting tools, cash deposit options, and rewards for debit card purchases.
It also has features that allow parents to oversee and manage their child’s spending through opening a teen account.
Is Current a Pre-paid Card?
The Current Visa card that comes along with an account is a not a pre-paid card.
However, it is not a credit card, so funds must be available in the account to make purchases.
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 a Visa debit card is accepted.
To sign up for an account, you need to go to the Current website.
Here, you can simply click “Sign Up”, and you will be prompted to enter your phone number.
Then, 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, including your full name and date of birth.
Then you can opt to open either a personal account or a teen account — the latter can be set up by a parent for their child.
There is no minimum balance required to open a Current account nor is your credit score needed.
You will not need to wait until your debit card arrives to make purchases, you can use the Current virtual card that is available once you start an account.
You can connect your debit card to both Apple Pay and Android Pay on your mobile device.
You can also use your Current card at any ATM to withdraw money. Over 40,000 of those are fee-free in-network ATMs as well.
Is Current a Good Debit Card?
The Current card is a solid choice for a debit card, especially for people who prefer to handle their finances digitally.
There are no hidden fees (some out of network or cash-adding fees may apply). Your purchases will not incur a transaction fee of any kind in the US, and fee-free ATM withdrawals are available at over 40,000 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 that, unlike most debit cards, this one offers rewards on purchases. We will get more into the specifics later, though!
The card is issued by Choice Financial Group and Metropolitan Commercial Bank.
Who Owns Current?
Stuart Sopp is the founder of Current.
What Bank Does Current Use?
Choice Financial Group and Metropolitan Commercial Bank provide Current’s banking services. Current accounts are insured up to $250,000 through their partner banks.
What’s Included with Current?
There are quite a few notable features offered by Current. 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
- Overdraft Up to $100 with Overdrive
- Cash Back
- ATMs and Cash Deposits
- Money Management
- Savings Pods
- Gas Hold Removals
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.
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 points to redeem for cash on your purchases, which can stretch your money a bit further.
The Current mobile app is a one-stop shop.
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 keep track of your spending with the money management feature.
For parents, the app gives them control over their child’s spending. If you are using Current for a teen account, you can set spending limits and also block specific merchants, stopping your child from making 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.
Premium account customers can get paid up to two days before payday if they sign up for direct deposit.
All you need to do is sign up for a premium personal account with Current and use the mobile app to enroll in direct deposit. Once you have done this, you can access your direct deposits from your employer up to 48 hours earlier.
How does this work exactly? Your employer submits to payroll 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).
No Overdraft Fees
Another added feature that comes with a Current Premium account is that it comes with no overdraft fees up to $100.
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.
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 locate participating merchants by using the app and swipe your card at that location.
You can earn up to 15 points for each dollar you spend this way with your premium account, which can then be redeemed for cash in the app!
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 is open the app and go to the “Money” tab. From here, you can use the “Add Cash” map to find a location that accepts deposits near you.
Then, you use the app to generate a barcode and present it to the cashier who scans it. The money will immediately be available in your checking account.
There is a $3.50 fee to deposit cash.
Each Current 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 spending categories as you want. 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.
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.
Gas Hold Removals
With Current Premium, you gain access to gas hold removals.
When you use your card at a gas station, there will often be a hold put on the card.
Usually, if there is a hold of $50 and you only spend $25 at the pump, you must 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.
Is Current 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.
Is Current Safe and Legit?
Current is indeed safe and absolutely legit.
Not only is Current FDIC insured via the banks that provide the banking services, but it also employs standard internet security practices to keep your money and your personal information safe.
You will be notified each time your card is swiped or a purchase is made from your account. So if you encounter an instance of fraud, you will be notified immediately, and their team will be available to help you resolve the issue.
Current Cancellation Policy
Canceling a Current account appears relatively easy.
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: 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’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 40,000 ATMs across the country.
You will also have access to one savings pod, spending insights, and money management for one category of spending.
Current Teen Banking Accounts
Current’s teen account costs only $36 per year. It is linked to your account and can teach them how to spend and manage money wisely.
With this account, you can give your child a set 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 Premium Tier
Current Premium includes all of the app’s features. The cost is $4.99 per month, which is debited directly from your account.
This plan offers everything the basic plan does, plus quite a few extras.
You can access your paycheck up to two days early with direct deposit, access to up to three savings pods to effortlessly track your savings goals, an instant refund for gas station holds, and no overdraft fees of up to $100.
Current Review: Pros and Cons
Let’s take a look at Current’s pros and cons.
- 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 account
- Cashback rewards for spending money at over 14,000 merchants nationwide
- Direct deposits are available up to 2 days early with a premium account
- Instant removals for holds at gas stations with a premium account
- Fee- free ATM withdrawals at over 40,000 ATMs nationwide
- Overdraft with no overdraft fees (up to $100) with a premium account
- No physical branches
- The Premium account has an additional monthly fee
- Small fee to deposit cash
Is Current Right for Me?
If you are looking for a personal account that is easy-to-use and offers some added bonuses, we recommend taking a look at Current.
Also Current is a great alternative to checking accounts if you are tired of traditional banks and hidden fees.
Current makes banking simple with the use of its mobile app and also offers some excellent bonus features — especially if you spend just $4.99 a month for their premium service.
Current 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.”
Current has earned a strong reputation online and is regarded by most customers as a good option for online banking.
Final Review: Is Current Worth It?
When it comes to managing your finances digitally, Current stands out by providing a range of features that most apps its industry lack. The number of bonus features offered, its simplicity, and the ability to easily make cash deposits set it as a top contender against its competitors.
For anyone looking to quickly and easily open an online account or open an account for their child to monitor and control their spending, Current is certainly worth considering.
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