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Key takeaways

  • Current is a fintech app that aims to make banking easier for everyone. It offers checking accounts, teen accounts, and high yield savings accounts all with few fees.
  • Current’s Credit Builder Visa allows users to build credit without a credit check or security deposit. The card’s Autopay feature makes it easy to pay your bill on time.
  • The Current app comes with unique features including early direct deposits, gas hold removals, and the opportunity to invest in cryptocurrency.

There are tons of banking 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 banking app that tries to modernize banking and make it easier for everyone. Instead, Current offers unique features including their Build Card to make improving your credit score easy, early access to direct deposits, cash back rewards, and special accounts for parents and teens, all with no monthly fees.

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

About Current

Current is a fintech company founded in 2015 by Stuart Sopp, formally of Morgan Stanley and Citi. It operates as a mobile banking 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 services through a mobile platform. These services include a spending account, a Visa card designed to help improve credit, savings pods with a high APY, the option to invest in cryptocurrency, 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 card that can be used anywhere Visa is accepted (and can be added to your digital wallet), budgeting tools, savings pods, and more. No monthly maintenance fees make a Current account more affordable and accessible than a traditional bank account. Besides low fees, Current offers rapid direct deposit, which lets you access funds up to two days early, overdraft protection, and cash back rewards on every day purchases.

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 card, a savings pod, and a giving pod. Like a regular Current account, the teen account has no monthly maintenance fee.

Current Build Visa Credit Card

Current’s Build Card is designed to help you build or repair your credit score. It is essentially a secured 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 score. 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 fee and no minimum security deposit. Whatever money is in your Current account is your spending limit be it $1 or $10,000. Simply use your Build Card for everyday purchases and improve your score.

Credit Builder Card is Amazing

“This account and credit builder is amazing I didn’t know anything about credit or crypto now I’m know fico and three main credit builder and my TransUnion score is almost at 700 this is a must have for beginners.” Benjamin F Cook

Savings Pods

Savings Pods are an innovative feature that allows you to set aside money for specific goals. Pods are essentially individualized savings compartments within your 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 card, Current will round up to the nearest dollar and add the remaining to your chosen Pod.

Current gives a Savings Boost and increases your annual percentage yield (APY) to 4% if you have regular direct deposits of $200 or more. If not, you’ll only earn 0.25% APY, below the national average of 0.53% APY. There is no minimum balance required to earn interest on savings but you can only earn interest on the first $2,000 per Pod. Luckily, you can have up to three Savings Pods letting you earn interest on up to $6,000.

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Get a Paycheck Advance

Current’s latest feature is their paycheck advance. You can get up to $500 instantly before payday. To get a paycheck advance, you must enroll in Paycheck Advance and make eligible direct deposits to your Current account. Or you can link an external bank account that your paycheck’s being sent to. Current will then set an advance limit of $50 to $500. Maintain your payroll amount, and your limit can grow.

There is no credit check to get started. Nor are there interest charges. If you need your advance instantly, there is a fast funding fee. Otherwise, you’ll get your advance in one to three business days.

Current will automatically deduct the advanced amount from your next direct deposit. You can always repay the advance early with no prepayment penalty.

Invest in Cryptocurrency

Current offers options for cryptocurrency investing within the app. You can find a wide range of popular cryptocurrencies including Bitcoin, Cardano, Ethereum, and Doge. Simply add money, pick a coin, and buy Crypto. There are no trading fees and you purchase fractional shares for as little as $1.

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 deposit with Current you can get your paycheck 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.

No Monthly Maintenance Fees: One of the major draws is the absence of monthly maintenance fees, making banking more accessible and cost-effective.

Paycheck Advances: You can access your payday early with Paycheck Advances up to $500. There are no fees or interest on advances.

Free In-Network ATMs: Current is part of the Allpoint ATM network giving you fee-free access to over 40,000 ATMs. If you choose an out-of-network ATM there is a $2.50 fee and international ATMs come with a $3 fee.

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 the hold remain in place for up to 10 days. Current’s instant release of the gas hold helps you not overdraw your account and significantly improves your cash flow.

Overdraft Protection: When you have qualifying direct deposits you can get Overdrive, Current’s Overdraft protection up to $200. Overdrive 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 30day period.

Best Banking App

“One of the best bank apps out there, not only do I get my check 2 days early, if I overdraft I don’t have to worry about additional fees, AND the credit card has raised my score 10 points since I’ve been using it.”

Easily Improve your Credit: The Build Card offers a simple way to access credit and improve your score, 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, set up AutoPay, and easily improve your score.

Earn Cash Back Rewards: You can get points that can be redeemed for cash back up to 7x on everyday purchases with your Current debit or Build Card. 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 or other items in the Current shop.

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 APY Balance: The maximum balance eligible for the high APY of 4% is a relatively low $6,000, limiting the earning potential on larger balances. All remaining balances will earn 0% APY. If you have over $6,000 in savings, then it would be a good idea to open an additional savings account.

Fee to Deposit Cash: While so much of banking has gone digital cash is still present in our everyday lives. Current allows for cash deposits (something not all online banks do) at over 60,000 stores nationwide. Cash deposits are available at CVS, Walmart, and local grocery stores. The catch is that there is a $3.50 fee 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 banking platform. This app-only approach is pretty common but may be difficult if you prefer using a computer or want to do in-person banking.

How to open a Current account?

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

1

Download the Current app.

2

Choose if you want to open a personal account or parent/teen account.

3

Provide basic personal information like your SSN, address, and phone number.

4

Fund your account. Remember there is no minimum balance requirement.

5

You’ll receive your debit card within 7-10 days of opening your account.

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 card to your digital wallet and you’re good to go.

Fast Money and No Fees

“First off- Current gets me my money faster, which is always appreciated (and needed). I also really like the user friendly app, helps me manage spending better and actually save money! Highly recommend if you wanna switch up from “normal banks”.. they have credit building options and crypto if you’re into that. virtual banks are the new way to go!! no fees on over draft either… like, that should be reason enough to switch lol.” Sarah Proctor

Current fees and pricing

Current’s fee structure is straightforward, with a focus on minimal or no fees for basic services. There is no annual fee, no minimum balance fee, no monthly maintenance fee, no overdraft fee, and no bank transfer fees. However, certain services like cash deposits 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-insured 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 banking platform with no monthly fees. It offers some novel features like teen accounts and an easy-to-use Credit Builder Card. Additionally, you can get a 4% APY on your savings, great overdraft protection, early direct deposits, and cash back. Current is one of the top neobanks 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 then Current might just be the right banking app for you.

About the author

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.