Current Fintech App Review: Spend and Save

There are tons of apps out there promising different things to attract customers. With most, you have to jump through hoops or have large direct deposits every month to get the best rates. This isn’t the case with Current, the fintech app that tries to modernize banking and make it easier for everyone. Instead, Current offers unique features, including their Build Card¹ to help improve your credit score², early access to direct deposits³, and special accounts for parents and teens.

Read on to see everything this fintech app has to offer and discover if it’s the right fit for you.

About Current

Current¹ is a fintech company founded in 2015 by Stuart Sopp, formally of Morgan Stanley and Citi. It operates as a fintech app, designed to make banking easier and more accessible. One way they do this is by not checking your credit or ChexSystems when you go to open an account. This is helpful if you’ve made banking mistakes in the past and don’t qualify for a regular bank account.

Current is not a bank in the traditional sense but partners with Choice Financial Group and Cross River Bank to offer FDIC-insured banking services¹ through a mobile platform. These services include a Current Account, a Build Card¹ designed to help improve credit², Savings Pods⁴ with an annual Bonus, paycheck advances⁵, and teen accounts that allow parents and guardians to help monitor their kid’s spending and teach them healthy money habits.

Current’s products

Current Account

When you open a personal account with Current, you get a debit card¹ that can be used anywhere Visa is accepted (and can be added to your digital wallet), budgeting tools, savings pods, and more. No annual fee and no minimum balance fee make a Current account more affordable and accessible than a traditional bank account. Besides low fees, Current lets you get paid up to two days faster with direct deposit³, enjoy fee-free overdraft up to $200⁶, and earn points⁷ towards cash back at participating merchants.

Teen Accounts

Current’s teen account feature lets parents transfer money directly to their kid’s account and supervise how they spend it. Parents get real-time notifications for each swipe, can block certain retailers, and set spending limits. One popular feature is that parents can automate allowance payments, assign chores via the app, and set up payments for each completed chore.

The teen account comes with its own Visa debit card¹, a savings pod, and a giving pod. Like a regular Current account, the teen account has low fees.

Current Build Card

Current’s Build Card¹ is designed to help you build or repair your credit score. It is essentially a secured credit card, but you don’t have to do a credit check or put down a security deposit to use it. Instead, your Current Account balance acts as your spending limit. When you add money to your Current Account, your spending limit will automatically be updated.

The Build Card makes credit building even easier by helping you avoid overspending. Current will set aside the amount you’ve spent in your Reserved Funds. You can then pay your bill manually or enable AutoPay from your Reserved Funds so that you never miss a payment. Current reports your credit and payment activity to the major credit bureaus every month. A positive payment history can help improve your credit score². Conversely, if you miss a payment this can hurt your credit score.

Like other Current products, the Build Card is affordable. There is no annual fee⁸ and no minimum security deposit. Whatever money is in your Current Account is your spending limit be it $1 or $10,000. Use your Build Card for everyday purchases, pay your bills on time, and improve your score.

Savings Pods

Savings Pods⁴ are an innovative feature that allows you to set aside money for specific goals. Pods are essentially individualized savings compartments within your Current Account. You can allocate funds towards specific savings goals, like an emergency fund, a vacation, or buying a car. Having separate savings pods makes it easier to stay organized and track your progress.

Unlike traditional banks, Current does not limit you to six transactions per month. Instead, you can add or take money from your Savings Pods at any time. One easy way to add money and save is their round-up feature. When you swipe your debit card¹, Current will round up to the nearest dollar and add the remaining to your chosen Pod.

Current gives a boost⁹ to your savings with a Bonus of up to 4.00% annually, helping you reach your goals faster. There is no minimum balance required to earn a Bonus on savings, but you can only earn one on the first $2,000 per Pod. Luckily, you can have up to three Savings Pods, letting you earn an annual Bonus of up to $6,000.

Get a Paycheck Advance

Current’s latest feature is its paycheck advance⁵. You can access as much as you qualify for as often as needed. There are no credit checks, no credit reporting, and the tip is optional.

To get a paycheck advance, you must enroll in Paycheck Advance. Eligibility is typically based on your anticipated recurring eligible payroll deposit, historical spending, transaction history, and other risk-based factors. If eligible, Current will set a limit of $50 to $500. Maintain your payroll amount, and your limit can grow.

Paycheck advance is free and will arrive in three to five business days. If you can’t wait, you can get instant access to your paycheck for a fee.

Trade in Cryptocurrency

Current offers options to purchase cryptocurrency¹⁰ within the app. You can find a wide range of popular cryptocurrencies and can get started with only $1. Add money, pick a coin, and buy Crypto. There are no trading fees.

What we like about Current

Money Management Tools: Current is committed to helping people establish healthy money habits. You can easily track your expenses, get insights into your spending habits, and budget your money better.

Fast Access to Direct Deposits: When you set up direct deposit³ with Current, you can get paid up to two days earlier than with traditional banks. Current releases your direct deposit as soon as they receive it, without the typical two-day hold, allowing you to get paid earlier.

Paycheck Advances: Get instant access to your paycheck advance⁵ for a fee, or get it fee-free in 3-5 days. No credit checks and no credit reporting.

Free In-Network ATMs: Current is part of the Allpoint ATM network giving you access to over 40,000 ATMs in the U.S. without ATM fees.

Instant Gas Hold Removals: Current instantly removes all gas holds, a common annoyance for debit card users. Gas holds are typically $100, and most banks let them remain in place for up to 10 days. Current’s instant gas hold removals help you avoid overdrawing your account and significantly improve your cash flow.

Fee-Free Overdraft: Overdraft up to $200⁶ without any overdraft fees. This feature acts as a safety net, preventing penalties and additional fees that can quickly add up at traditional banks. To qualify for the feature, you must have an active Current Account in good standing, be over 18, and receive $500 or more in direct deposits in each 30-day period.

Easily Improve your Credit: The Build Card¹ offers a simple way to access credit and improve your score², especially for those building their credit history. You can get the card without a credit check. Nor do you need to put down a security deposit. Its credit limit is set by your funds. Simply use your Build Card and set up AutoPay so all your payments are made on time. A positive payment history will help boost your score.

Earn Points Towards Cash Back: Earn up to 7x points⁷ on purchases at participating merchants when you use your Current debit or Build Card¹. Points are available at over 14,000 merchants, including Burger King, Rite Aid, and Forever 21. You can also find lots of participating local merchants via the Current app. Your points never expire and can be redeemed for cash back at participating merchants.

Mobile Check Deposit: Current lets you easily deposit checks through their mobile app. There’s no need to go to an ATM. Just take a photo and the funds will be in your account in up to 5 business days. You can deposit up to $2,000 per month.

What Current could improve

Low Max Annual Bonus: The maximum balance eligible for the annual Bonus⁹ of up to 4.00% is a relatively low $6,000. This limits the earning potential on larger balances. If you have over $6,000 in your Savings Pods⁴, then it would be a good idea to open an external savings account.

Fee to Add Cash: While so much of banking has gone digital, cash is still present in our everyday lives. Current allows customers to add cash at over 60,000 stores nationwide, including CVS, Walmart, and local grocery stores. The catch is that there is a charge per transaction, and you can only deposit up to $1,000 per day, no more than $10,000 per month. 

App Only: Current operates exclusively through its mobile app, without offering a traditional online platform. This app-only approach is pretty common but may be difficult if you prefer using a computer or like to do things in-person.

How to open a Current account?

Opening an account with Current is easy and can be done on either your iOS or Android phone.

There are multiple ways to fund your Current Account. You can add money through mobile check deposits, transfer funds from an external bank account, add cash at a participating retailer, or set up direct deposits. Once funded, you can start using it immediately. Simply add your virtual debit card¹ to your digital wallet and you’re good to go.

Current fees and pricing

Current’s fee structure is straightforward, with a focus on minimal fees for basic services. There is no subscription fee, no annual fee, no minimum balance fee, and no monthly balance fee. However, certain services do incur fees. The detailed fee structure is available on their website.

Is Current safe?

Current employs industry-standard security measures, including encryption and fraud protection. All funds are FDIC-insured¹¹ up to $250,000 through their banking partners Choice Financial Group and Cross River Bank. You can keep your account safe with fingerprint and Face ID locks. Current also allows you to block transactions and merchants, and pause or unpause your card instantly. This is incredibly helpful if your card has been stolen or compromised.

Final Thoughts

Current is a good choice if you want a simple low cost fintech app. It offers some novel features like teen accounts and an easy-to-use Build Card¹. Additionally, you can grow your savings with an annual Bonus⁹ of up to 4.00%, get paid up to two days faster with direct deposit³, and enjoy fee-free overdraft up to $200⁶. Current is one of the top fintech apps for good reason. So, if you want to track your teen’s spending and help them create smart money habits, need faster access to your paycheck, or want an easy way to build credit without piling on debt², then Current might be the right fintech app for you.