Current Banking Review (Updated 2021)

Current is a technology company offering an FDIC-insured checking account, debit card app designed for the whole family. Its features and low fees make it one of the best banking options for a spending account.

Snapshot

• Get paid early: You can get paid up to 2 days early when you sign up for direct deposit with your Current Premium Account.
• Cash back: You can earn up to 15x points every time you swipe your card at over 14,000 participating merchants nationwide, which are then redeemable for cash in your Current Account.
• Free overdraft protection: Current allows you to overdraft up to $100 with no overdraft fees when you receive a qualifying direct deposit and enable Overdrive on your Current Premium Account.
• Free ATMs: You can withdraw your money without any fees at over 40,000 in-network Allpoint ATMs in the U.S.
• Low Fees: No hidden fees, no overdraft fees, no minimum balance fees and no fees when you transfer money to other members on Current using your Current ~tag.
• Teen banking: With free instant money transfers, instant spending notifications, spending limits, and merchant blocking, using Current gives teens financial freedom and visibility, and security for parents.

Editorial Review

Current checks all the boxes for those looking for a checking account. It charges no monthly maintenance fees, enables you to get paid up to 2 days early with direct deposit and offers free ATMs. Current also offers free overdraft protection and up to 15x points redeemable for cash back. On top of all that, it has features making it ideal for teenagers.

Pros & Cons

Pros

• Get paid early with direct deposit
• No monthly maintenance fees for basic account
• No minimum deposit required
• Free debit card
• Teen banking options

Cons

• Interest-bearing accounts are not offered
• No physical branches
• Premium account has monthly fee

Bank Accounts

Current Teen Account (Checking)

APY	0.0%
Min. Opening Deposit	$0
Min. Balance Required	$0
Monthly Fee	$3
Open an Account

Parents can set up their teenagers with a teen account. The Current app enables parents to set up chores and allowance. They can also limit their teen’s spending and enable round-ups to help their children save. Finally, parents can block the card from working at specific merchants.

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Current Personal Account (Basic Account)

APY	0%
Min. Opening Deposit	$0
Min. Balance Required	$0
Monthly Fee	$0
Learn More

The free basic account offers the following features:

• Free White Card
• Standard direct deposits
• 1 Savings Pod
• A budget for a single category of spending
• Spending Insights
• Instant notifications for purchases
• No overdrafts or hidden fees

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Current Personal Account (Premium Account)

APY	0.0%
Min. Opening Deposit	$0
Min. Balance Required	$0
Monthly Fee	$4.99
Learn More

The Current Premium Account offers several additional benefits:

• Exclusive Premium Card
• Early access to direct deposit (up to 2 days, depending on your employer)
• 3 Savings Pods
• Budgets for each category of spending
• Spending Insights
• Gas station authorizations immediately credited
• No overdrafts or hidden fees
• Instant notifications for purchases

Mobile App

The mobile app is the lifeblood of Current accounts. The app powers the parental controls for teen accounts and provides complete control of both basic and premium accounts. It’s also what power Savings Pods.

A Savings Pod enables customers to set aside money for any savings goal. Once an account holder sets up a Savings Pod, they can transfer money from the spending account to that savings goal. The can also turn on round-ups to help save toward the goal.

Who Current is best for

Current is best suited for those looking for a full-service, low-fee checking account. Current offers the features most consumers need to manage both receiving and spending money. Its teen banking features also make it ideal for the entire family.

Who would do better with a different bank

Current is not ideal for those looking for a bank with physical branches. In addition, those wanting a savings account that pays interest will need to look elsewhere.

Current Alternatives

There are many online banks and fintech alternatives to Current. Here are some of my favorites:

• Chime: Arguably the most popular banking alternative. It does pay interest on savings, but it doesn’t offer teen banking.
• OnJuno: While less well known, OnJuno offers some of the highest interest rates available in an FDIC-insured account. It also pays cash back.
• Aspiration: This is a great alternative for those who want their banking to help the environment. They also offer a signup bonus on new accounts.