Unlike traditional brick-and-mortar operations, Current is a New York City-based neobank that is partnered with Choice Financial Group and Cross River Bank. This financial technology (fintech) company primarily offers online banking services via its mobile app. Consumers can choose from a checking or savings account, also known as a “savings pod.” In addition to these banking services, Current users can also build credit safely using The Build Card, buy and trade crypto, manage their budget, and rack up rewards.
Deposits made into your Current account are Federal Deposit Insurance Corp. (FDIC)-insured, and Current offers a Visa card and fee-free* withdrawals at more than 40,000 ATMs nationwide.
All rates and fees are current as of July 17, 2024, and are subject to change.
View Product Disclosures*
Current rates and products
Current offers a checking account and a Build Card, a secured credit card. The Build Card allows you to build credit safely with your everyday transactions.
You can also add up to three savings pods that can earn an annual bonus of up to 4.00% on your savings with a monthly direct deposit to checking of only $500.
| Deposit accounts | 0.00% APY |
| Savings accounts | Earn an annual Bonus of up to 4.00% |
Deposit accounts
The Current account works differently than other free deposit accounts*. It allows you to build credit as you use it. It also has several other features that make managing everyday expenses easier, such as early direct deposit and fee-free overdraft.
You can use the linked card at over 40,000 Allpoint ATMs for free, out-of-network ATMs have a $2.50 fee. To deposit cash, you’ll need to use a participating retailer, and there is a $3.50 fee.
Current deposit account features
| Account opening bonus | None |
| Minimum opening deposit | $0 |
| Monthly fees | $0 |
| Top APY | 0.00% |
| Rewards | 7x points on purchases made at participating merchants |
| Check-writing privileges | None |
| Debit card | Yes |
See Current deposit account details
Credit building features: The debit card for this account, called the “Build Card,” is a secured credit card, and the spending account attached to it works like a checking account. This setup also allows you to build credit with your everyday spending. You can spend what is available in your account, and the money is set aside into a “Reserve Fund” and used to pay the card’s balance in full by the due date.
You cannot spend more than you have on hand, so you don’t run the risk of overspending. You also build credit since the card’s activity is reported to TransUnion if you have auto-pay set up on the card.
You can withdraw cash at any Allpoint ATM with no fees.
Fee-free overdraft: If you have at least $500 in monthly direct deposit to the account and opt-in to the “Overdrive” program, you can qualify to receive free overdraft coverage.
The amount of coverage you qualify for will be displayed in the app or on the Current website. This overdraft coverage will kick in if your account balance goes below zero, allowing the transaction to process. Your account will display a negative balance until your direct deposit (or other deposit) enters the account.
You must bring your account to at least a zero-dollar balance within 60 days or risk account closure.
You can lower the amount of overdraft protection available to you or opt out of the program at any time.
Early direct deposit: Current allows you to get your direct deposit up to two days early. Typically, employers send over the funds with directions indicating when the funds should be deposited. Current releases this money to you immediately rather than holding it.
When exactly you will receive your direct deposit will depend on your employer.
Rewards: You can earn up to seven points per dollar spent at over 14,000 merchants that partner with Current. Each point is worth one cent and can be redeemed as cash back deposited into your account. You can view your points and initiate the redemption of your points in the mobile app.
Any unredeemed points will be forfeited if you close the account, so be sure to redeem them if you decide to close your account.
Teen account: Parents can create a Current account for their teen and link it to their own account. A teen account allows you to transfer funds easily to your teen as well as set up spending limits and chores that you can tie to an allowance.
Teen accounts are not eligible for the free overdraft and can have one Savings Pod.
Savings accounts
Current calls the savings account a “Savings Pod,” and you can create up to three Savings Pods using the mobile app. Once created, you can transfer money from the main account into a Savings Pod.
Current Savings Pod account features
| Minimum opening deposit | $0 |
| Monthly fees | $0 |
| Top Bonus amount | 4.00% |
| Minimum balance to earn Bonus | $0 |
| Maximum balance | $2,000 per Savings Pod. Customers can open a maximum of three Savings Pods for a total of $6,000. |
| Debit card | Yes |
You can earn an annual bonus of up to 4.00% on your savings balances up to $2,000 per pod if you have direct deposits of at least $500 per month. The bonus rate is 0.25% if you do not meet the direct deposit requirements.
While 4.00% is a strong bonus rate, you can earn a higher rate with a traditional high-yield savings account. You can learn more about how high-yield savings accounts work here.
You can also save some money automatically with the Roundup feature. You can choose to have each transaction on your spend account round up to the nearest dollar and transfer the change into your Savings Pod automatically.
Current savings rates compared to current top rates*
While Current is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:
Cash advance
If you direct deposit your paycheck into your Current account or link an external account where your paycheck is regularly deposited, you could qualify for a cash advance ranging from $50 to $500. You must receive eligible payroll deposits of at least $500 to qualify, and if you stay consistent you can increase your paycheck advance amount over time. Current offers instant access for a fee, or you can wait three business days to receive your funds at no charge.
Other services Current offers
Current offers several other benefits and services for its account holders. A few of their perks include:
- Cryptocurrency investing: You can buy up to 27 of the most popular coins directly in the Current app, including Bitcoin, Ethereum, Dogecoin, Shiba Inu, and more.
- Gas hold removals: Current removes gas holds that stations put on debit cards at the pump immediately, making all account funds available right away.
- Money management tools: Current helps account holders budgeting tools to track their spending and hit their money goals.
- Current Pay: With Current, you can instantly send and receive money for free to other members on Current using your unique Current ~tag.
The Current platform and customer support
You can sign up for an account online, but you will bank primarily through its mobile app, which has over four stars on both the Apple App Store and Google Play.
Current offers both phone and chat service. Additionally, customers can fill out a request online and will be contacted via email or chat support within the mobile app.
Is Current secure?
Current is secure. It uses modern encryption and security tools to keep your account safe. Current partners with Choice Financial Group and Cross River Bank to provide FDIC insurance, so your money is protected against the failure of Current up to $250,000 per depositor, per account type.
Current user reviews
Current gets good reviews and has 4.4 stars on Trustpilot. Reviewers say the app is easy to use and that they rarely have any issues with the bank.
Negative reviews tend to center around the frustration of not being able to call and speak to someone when there is fraud on the account.
Compare Current alternatives
 Current |  SoFi |  Laurel Road |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| N/A | Up to 4.50%* | 5.00% |
| Top checking APY | Top checking APY | Top checking APY |
| 0.00% | 0.50% | 0.00% |
| Top CD APY | Top CD APY | Top CD APY |
| N/A | N/A | N/A |
| Other services | Other services | Other services |
| Cryptocurrency, money management tools, and Current Pay | Investments, personal loans, credit cards, insurance products, business accounts | Personal loans, credit cards |
| Learn more | Learn more | Learn more |
| Compare more online bank alternatives | View offer at SoFi | View offer at MoneyLion |
*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Is Current right for you?
Current is best for someone looking to build or repair their credit. Using your debit card to build credit could be a great way for someone to increase their credit score with everyday transactions.
It would also be good for someone who values early direct deposit and free overdraft protection.
Frequently asked questions
Is Current a real bank?
Current is not a bank, it is a financial technology company that provides banking services, sometimes referred to as a neobank.
What bank is Current using?
Banking services for Current customers are provided by Choice Financial Group.
Is Current a safe bank?
Current is FDIC-insured through Choice Financial Group. Depositors are protected up to $250,000 for each account ownership category, in the event of a bank failure.
