Current acts as a neobank, which means that it is a non-bank fintech company. Its core offering is a spending account that does not carry a monthly fee. There is also a premium account option on offer for a small monthly charge, offering a wide range of perks, including a spending rewards program.
There are multiple savings features also built into this offering. In this Current review, you will learn about all of the different aspects that are associated with using Current for your banking needs.
- Low-cost offering.
- Very strong mobile apps.
- Ability to access paycheck funds two days early.
Current Account Types
There are just two different types of Current accounts that you can choose from. One of them is a free option, with the other being a premium option. Here is a look at the different aspects of these offerings:
This is the base account from Current that will not carry any sort of monthly charge. You get access to all of the standard types of tools and features you would hope to see with an online-based account. As well as a lack of a monthly fee, you will also not have to meet any sort of minimum balance when you are creating this account.
You will be able to get a debit card with this account option, with over 55,000 fee-free ATMs across the country. There will also be a spending budgeting tool in place, as well as a savings pod for you to get track of your savings and insights into how you are spending your funds.
|Account Type||Key Features|
|Current Account||No Monthly fee
No minimum opening balance
55+ No-fee ATMs
Current Premium Account
The premium account option has a few more benefits associated with it, but you will need to pay a $4.99 monthly charge in order to get access to this type of account. As well as the features associated with the base account at Current, you will get additional perks. This includes being able to access funds sent from your employer two days early when you set up a direct deposit.
There is also the ability to enact three different savings pods. You can get access to a wide range of spending rewards. There is also the option to set your child up for a Current account for a cost of $36 per year. Current certainly does all of the basics well.
|Account Type||Key Features|
|Current Premium Account||Monthly charge of $4.99
Early paycheck access
Current does not currently have an account option that allows you to earn interest on your funds.
What Is Current Account Best For?
For those people who want access to a very simple to use an online account, then Current could be a good option for you. It allows you to get low-cost access to such an account.
It is also a good fit for parents who want to educate their children a bit more about the ways of personal finance. Finally, it is also an ideal fit for those people who are looking to receive their paycheck funds a couple of days earlier than they normally would.
Current does not currently charge any overdraft fees for its premium account users. However, there is currently no way for you to go into overdraft on the basic type of Current account.
Opening An Account at Current
The process of signing up for a new Current account will only take under two minutes. You initially need to provide your phone number and you will be able to download the Current app. The mobile app is very highly rated as it is easy to use and has a lot of powerful features.
You just then need to enter all of the standard types of information and you will be good to go. The debit card can be sent out to your address and used in a similar way as you would any other type of debit card.
Pros and Cons
There are a few different pros and cons associated with using Current for your online banking needs. First and foremost, there is a very strong mobile app that allows you to manage your account with no hassle at all. You can also get a wide range of features through the free account option.
The premium account has plenty of great perks, including payment rewards, and access to your paycheck funds two days in advance. You have access to a large network of fee-free ATMs, as well as having a wide range of saving stools.
One of the downsides of using Current is that there is no way for you to go into an overdraft with the base account option. There is also no way for you to earn interest on your savings with Current.
- Early access to paycheck
- Payments rewards program
- No way to earn interest
- No overdraft on basic account
Comparison to similar bank accounts
|Min balance: $0||
|Bank of America||Min balance: $100||
|TD Bank||Min balance: $0||
Current Disclaimer: Current is a financial technology company, not a bank. Banking services provided by and Visa® Debit Card issued by Choice Financial Group, Member FDIC, pursuant to a license from Visa U.S.A. Inc and can be used everywhere Visa debit cards are accepted. *Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.