Current operates as a neobank, partnering with a traditional bank to ensure FDIC coverage for its users’ deposits. Customers primarily interact with their accounts via the Current mobile app, which features a rewards debit card and a 4.00% interest rate on Savings Pods. However, this attractive rate comes with certain restrictions, and the bank offers limited customer support avenues.
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:
Current Account
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 Account |
No Monthly fee
No minimum opening balance
55+ No-fee ATMs
|
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.
State Availability
- Available in all states