Checking Account Review
Current Banking Review (2022)
I like to fancy myself a bit of an aficionado when it comes to FinTechs and neobanks, seeing as I’ve reviewed plenty of them in the past. Yet, while I may have heard of some such options, I’m occasionally taken aback at just how big some of these players are. For example, the banking service Current (not to be confused with the music and rewards app I also recently covered) is now the second-largest neobank in the United States. Luckily for me, I happened to open an account just a few months ago and have been exploring the platform ever since.
With that, let’s take at Current, my experience with the banking app, and what I think has led to their success so far.
Current
Current: A Sleek and Useful Banking App Lacking in APY
3.5
Monthly fee
None
APY
4% APY (on up to $6,000) when you direct deposit at least $200 a month, 0.25% APY without direct deposit
Current provides banking customers with a sleek app that’s also packed with useful features (even including mobile check deposit). The ability for debit card customers to earn cashback from select brands is also a perk. Plus, the account made a splash when it added the ability to earn 4% APY at a time when rates were otherwise low. Unfortunately, not only is that 4% APY now less than competitive but Current has also added a direct deposit requirement in order to earn it. Despite this, Current still has a number of attractive qualities that may make it worth checking out even if the current APY is somewhat lacking.
Pros
- Up to 4% APY
- No monthly fees
- Cashback debit card offers
Cons
- 4% APY requires direct deposit and is capped at $6,000 in funds
- APY without direct deposit is 0.25%
What is Current and What Does it Offer?
Signing up for Current
In order to open an account with Current, you’ll need to provide some personal information. This includes your name, mailing address, Social Security number, and more. You’ll also need to verify your phone number.
By the way, Current deposits are held with Choice Bank, Member FDIC. As a result, funds are FDIC insured up to $250,000 per depositor.
Account options
Once you’ve entered your information, you’ll need to choose an account option. While Current does offer a free Basic account, its Premium offering comes at a cost of $4.99 a month. However, they advise that you can cancel your Premium membership at any time.
I should also mention that, in addition to their regular checking accounts, Current also offers the Teen Banking account. But, since I don’t have any kids (let alone a teen), I will be focusing on their main checking account for this review.
Creator code
Recently, Current has been partnering with a number of creators and influencers. Perhaps the most notable of these partnerships has been with YouTube star Mr. Beast. Thus, when you open your account, Current may ask you to enter an applicable Creator Code. In fact, doing so may just result in exclusive perks and features (as I’ll cover more in the “My Experience” section). So, if you know of creators that have partnered with Current, be sure to enter their code when prompted.
Linking external accounts
When it comes to funding your Current account, the easiest option is to link an existing bank account. This is done via Plaid, which allows you to log into an external account in order to initiate transfers. Once you’ve added an account, it will show up as one of your Funding Sources for future transfers.
Navigating the app
Not only is Current’s app easy to get around but it may be among the most visually appealing banking apps I’ve personally used. On the home screen, users will see their current balance, recent transactions, spending trends, and Savings Pods as well as have access to additional Insights and Card Settings. Next to that, the $ tab is where users will find transfer options, an ATM map, and Current Pay (the app’s P2P option). Other tabs include the Points map, Notifications, and “You” (which houses settings and more).
Check deposit
Although Current is seemingly aimed at a younger demographic, the app still includes what I view as a key feature: mobile check deposit. To deposit a check, users just need to select where they’d like to deposit the funds (a Savings Pod or their main account) and then take a photo of the front and back of the check. Even if this might not be used too frequently, I’m glad it exists within Current.
Direct deposit
For those who want to have their paychecks sent digitally to Current, the app offers direct deposit. What’s more, users with direct deposit may be able to access their funds up to two days early. However, this will vary depending on your employer’s payroll system.
In the event that your employer requires you to present a void check to get started with direct deposit, Current actually provides one by visiting the You tab, then Account Numbers and Voided Check.
Overdrive
Speaking of direct deposit, one potentially useful feature is Overdrive. With this benefit engaged, Current users can overdraft their account by as much as $100 without incurring a fee. That said, there are a few requirements that must be in place first.
For one, this feature is only available to Premium customers. Second, users must receive at least $500 a month in direct deposits to be eligible. Finally, Overdrive limits may start lower and increase to as high as $100 over time. Note that Overdrive can not be used for ATM transactions, P2P payments, ACH payments, or Current Pay transactions.
ATM access
With your Current debit card, you’ll have access to more than 55,000 fee-free ATMs. These can be located by going to the $ tab, tapping “Withdraw or Deposit,” and navigating the Free ATMs map.
Meanwhile, if you use an ATM that’s not a part of this network, you’ll be charged a $2.50 fee from Current on top of whatever the machine’s operator charges.
Depositing cash
Should you need to deposit cash into your Current account, you can do so by visiting participating locations such as Dollar General, CVS, Walgreens, and more. To find locations, users can tap the “Deposit Cash” tab, which is next to the Free ATM interface. Once at the location, customers can tap the “View Barcode” button, which the cashier can scan to initiate the transaction.
While this may be a helpful option, depositing cash does come at a cost. At this time, Current charges $3.50 per deposit. Users can add up to $500 per transaction and up to $1,000 per day. In total, customers can only deposit $10,000 in cash to their account per month.
Savings pods and automated savings
For those looking to start setting money aside for an emergency fund, upcoming trip, or other savings goals, Current’s Savings Pods may come in handy. When setting up a Savings Pod, users can select a name for their Pod, pick a custom image (or use preloaded options), and set a goal amount.
As for reaching that goal, customers can make one-time deposits to their Pod or set up a recurring transfer routine. On top of that, users can opt to round up their Current debit card purchases, placing the change in their Savings Pod. For example, my transaction for $22.82 was rounded up to $23, and the 18¢ difference was deposited in my “Rainy Day Fund” Pod.
Earning interest
Recently, Current made a major upgrade to their Savings Pods by offering up to 4% APY on saved funds. This perk is limited to $2,000 per pod and free users are only able to create one Savings Pod. However, Premium customers can create up to three (for a total of $6,000 in funds earning 4% APY.
For comparison, T-Mobile Money offers 4% on up to $3,000 in funds, but you must be a T-Mobile or Sprint customer and make at least 10 qualifying debit card purchases per month. Meanwhile, One Finance allows customers to earn 3% on Auto-Saved funds from payroll direct deposits or round-ups, limited to $1,000 per month in deposits. Thus, despite its limitations, this Current 4% APY is quite strong in my opinion — and is why I recently moved some savings over to my account.
Rewards
When you use your Current debit card at select retailers, you’ll have the chance to earn points that can then be redeemed for cash, free months of Premium, and more. For those with Basic accounts, the number of points you’ll earn for these offers is limited to 1 point per dollar whereas Current says that Premium customers can earn up to 15x points on eligible purchases. In my experience, the average seems to be between 3x and 5x per offer. Luckily, earned points do not expire and there are no minimum purchase requirements for earning.
To find eligible offers, customers can use the map in the app. Then, once they find an offer they want to claim, they can tap “Activate Offer.” After an offer has been activated, users will have a limited amount of time to make their transactions.
Some of the retailers I’ve come across so far include Conoco gas stations, Little Caesar, and a few local eateries. When it comes to redeeming points, rewards range from $1 to $100. As mentioned, Premium subscription months are also available, starting at 500 points for one free month.
My Experience with Current
Free premium for life
When I first signed up for Current, I figured I’d pay for a month or two of Premium to review and then downgrade. But, to my surprise, I actually ended up scoring Premium for life at no cost. Let me explain.
As I mentioned, seeing as I knew that Mr. Beast had partnered with Current, I decided to enter his creator code when signing up. Soon after my account was ready, I saw an alert notifying me that I had been selected for this bonus perk. What’s more, as another part of the promotion, I received a $1 bonus from “Mr. Beast himself.”
According to the Current site, this “Premium for life” bonus isn’t offered to everyone who uses Mr. Beast’s code. Therefore, I do feel fairly lucky to have been selected. Ironically, though, this put me at a slight disadvantage for this review as it means that I don’t have much insight into what the standard Current account entails or how the process of canceling Premium works. Good problems, eh?
Using the app
I know I mentioned it in the main section, but the Current app really is impressively pretty. Even gimmicky elements — such as how the icons change color when you scroll down the You page — make an impression. On the whole, I think that the app is incredibly well designed and is really the star of the show when it comes to Current.
Direct deposit bonus
Typically, when I review these various banking accounts, I don’t bother testing out the direct deposit feature because, well, it’s a lot of work. However, when Current offered me a $50 bonus to give it a shot, I caved. Incidentally, in the process, we discovered that switching the direct deposit account info for my wife’s part-time job was fairly easy — so that’s good to know for the future.
Anyway, like a growing number of neobanks, Current advertises that customers can receive their paycheck funds up to two days early. However, the actual advance time you get will depend on how your employer processes payroll. Nevertheless, each of my wife’s checks have arrived early… just not two days early. Instead, I typically get a notification saying that the funds are ready around 7-8 p.m. on Thursdays before her Friday paydays.
As for the bonus, as promised, Current issued me 5,000 points within a few days of the first direct deposit being completed. I then used these 5,000 points to claim a $50 bonus, which showed in my balance soon after. Therefore, I think it was worth making the switch and getting to see how direct deposit works with Current.
Earning points
Whether you have the Basic or Premium, you’ll be able to earn points for select debit card purchases. As a Premium member, I’ve found that these offers tend to offer 3x to 5x points per dollar spent at certain restaurants or at select gas stations. To find these offers, just tap on the points icon (the center tab) and explore the options.
Previously, I complained that the only way to find offers was to scroll a map and I yearned for a list option. Well, thankfully, the app does now list the offers, making them much easier to view. However, the map option does still exist in the case of gas stations. Speaking of gas stations, I also like how, in addition to noting how many points you’ll earn at participating stations, Current’s map also lists the price for Unleaded. While this opens the door to discrepancies, when I tried it, the price was indeed accurate.
Speaking of me trying this out, I decided to head to a local station where I could earn 3x points on gas — but 4x points on in-store purchases. After activating the offer, I headed to the station and used my card like normal. Soon after, I was alerted that my points had arrived.
With this particular purchase earning me 66 points, I’m actually not too far from the first redeemable reward: $1 (for 100 points). On that note, I have to give Current credit for offering such a reasonable cash-out minimum. Plus, while I do have a credit card that offers 4% cashback on gas, earning 3% back on a debit card is pretty strong. Because of this, I’m inclined to declare Current’s point offers a win, although there’s always room for more.
Gas hold reimbursement
Another advertised perk of the Premium account is that holds placed on your account at the gas pump will be instantly refunded. Needless to say, I needed to put this feature to the test.
While on a recent road trip, I made a point to fill up at a station that I knew typically has large holds. Sure enough, after swiping my card, Current initially showed that I had spent $151. Yet, once I finished pumping, my actual total showed up and the difference was immediately refunded.
Although you could say that this feature worked like a charm based on this experience, I later decided to see how my Wells Fargo debit card handled a similar situation. What I found was that it ended up only showing the actual total and never deducted the hold amount from my balance. Therefore, I have to wonder how much of a perk this really is. While I’m sure there are banks that aren’t as well equipped to handle these transactions and will tie up customer funds with these holds, perhaps the systems are getting smarter. Honestly, I have no idea — but I guess it’s better not to have to find out. With that, let’s leave it at “Current’s gas hold reimbursement works.”
APY
One of the most disappointing aspects of Current when I first signed up for it was the fact they didn’t offer any interest on funds. However, as I noted early, they’ve really turned that around with the introduction of their Savings Pods interest. What’s more, 4% APY is outstanding — even if it is limited to $2,000 per pod. To me, this is a huge addition and another plus in the “win” column.
Note: while the video below is sponsored, this written review is not
Final Thoughts on Current Banking
After trying out Current for the past few months, I can definitely see why the digital banking option has been gaining in popularity. With a sleek and easy-to-navigate app, a bevy of features, and more, there’s a lot to like about the platform. At the same time, this gloss doesn’t really make the $4.99 a month price tag for Premium worth it. On that note, though, if you’re maxing out your 4% APY perk, the interest you now earn would easily exceed that fee.
Overall, despite my hesitation on Premium, I have to give Current props for what they’ve built and think it could be successful in getting younger adults to better manage their finances. Even outside of that demographic, I think the well thought out platform will continue to earn fans. Personally, armed with my free Premium for life, I plan to keep utilizing my Current account for the debit card offers, the 4% APY in Savings Pods, and because the app is truly enjoyable to use.
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