Current card and account review

Our verdict

Our verdict

Current is a fintech company with banking services provided by Choice Financial Group. There are no monthly fees, no overdraft fees and no minimum balance requirements to use the account. Plus, you can create three savings pods and earn up to 4% APY on up to $2,000 in each pod if you set up qualifying direct deposits. When you get a Current account, you can pair it with Current's Visa Debit Card for everyday use or its secured charge card, called Current Build, which can help you build a positive credit history with no annual fees and no interest charges. On the downside, you can only access your Current account via its app, you can't open joint accounts and there's no customer support number.

Best for: Those in need of an all-in-one account with low fees and credit-building options.

Pros

• No monthly fee or opening deposit requirement
• 4% APY on up to $2,000 in each savings pod with direct deposits
• Earn up to 15x in cashback rewards
• Builds credit history with the Current Build card

Cons

• No customer support phone number
• No joint accounts
• $3 plus 3% on international ATM withdrawals

4.6

★★★★★

Finder rating

Go to site on Current's secure site

APY

4.00%

Fee

$0 per month

Minimum deposit to open

$0

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Current

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Who is Current best for?

Current is best for someone who prefers online banking and wants a low-maintenance card. The Current account comes with a myriad of great features with no monthly fees — including a high APY on its savings pods and cashback rewards.

Current is also best for someone looking to build up their credit score as its Current Build Card allows you to build credit safely with no interest charges and no annual fees.

What makes Current shine

Current isn’t a bank — it’s a fintech with banking services provided by Choice Financial Group, which provides FDIC insurance of up to $250,000. Current has over four million customers to date.

Current sets itself apart from the competition by providing an all-in-one account with spending, saving and credit-building features. Having a Current card means you can get early direct deposits, overdraft protection, no monthly fees and much more.

And if you get the Current Build card, you can start building a credit history without a hard credit pull and no APR.

Build credit safely

The Current Build card is a secured charge card. Unlike most other secured credit cards, it has no annual fee and no interest charges. Plus, there’s no hard credit pull when you apply.

The Current Build card’s spending balance is based on funds you add to your Current account. As you pay down your spending balance, your timely payments are reported to TransUnion, helping you build a positive credit history. But keep in mind that if you don’t pay off your balance on time, you’ll incur a 3% late fee of the total balance due.

Control your budget

A unique feature of Current is its budgeting option. Current lets you set up budget categories with their own spending limits. Once you set it up, Current tracks your spending in each category and alerts you when you get close to your limit.

Savings pods with high APY

Current lets you create up to three separate savings pods, each earning up to 4% APY on up to $2,000 if you set up direct deposits of at least $200. This means you can earn up to 4% APY on a total balance of up to $6,000 if you save $2,000 in each pod.

The 4% APY is much higher than the national average, which currently sits at 0.43% for savings accounts, according to the FDIC. But if you don’t set up direct deposits of at least $200 — you’ll only earn 0.25% APY.

Points reward program

Current offers a cashback rewards program where you earn points redeemable for cash or other items. You earn points by spending at any of the 14,000+ participating merchants, including gas stations, local businesses and restaurants. Every 100 points earned is redeemable for $1.

Some participating businesses offer point multipliers, up to 15x, so you can rack up points faster. You can see offers available near you by logging into the app and selecting the Points tab.

The rewards system is similar to many credit card rewards programs, except with Current you won’t earn points for every purchase.

Where it falls short

While you have the potential of earning a strong 4% APY, it’s limited to $2,000 in each savings pod — equal to a total of $6,000 across your pods. If you’re after growing your savings, you’re better off putting your money in a high-yield savings account since you’ll earn a much higher rate on your entire balance.

But as a spend account, it’s worth it as its interest rate is much higher than the national average for checking accounts, which currently sits at 0.07%.

There are no designated Current ATMs, but Current won’t charge you for using any AllPoint ATM in the US. However, ATM owner fees may still apply, and there’s a $2.50 transaction fee for out-of-network ATMs. And if you’re traveling abroad, there’s a $3 plus 3% fee for international ATM withdrawals and a 3% foreign transaction fee.

If you prefer in-person customer support or speaking to support over the phone, you may want to look elsewhere. Current doesn’t have a customer phone line and lacks physical branches. You also can’t access the account online – only through the mobile app.

And unfortunately, Current also doesn’t let you add another adult as a joint account holder, which can be a con for couples.

Current fees and access

Current reviews and complaints

Current isn’t accredited with the Better Business Bureau (BBB) and holds a poor D rating. This rating is based on the number of complaints and how well a company responds to complaints.

Current has a Pattern of Complaint alert on its BBB profile. The alert is due to a large number of customers posting issues that aren’t being addressed or resolved in a timely manner, with the majority having to do with locked accounts or struggles resolving fraudulent activity.

As of December 2022, Current stated that it’s taking measures to address this issue, has added additional account recovery options for customers and is working to address issues in a more accelerated manner.

On Trustpilot, Current is stellar. It holds a great 4.2-star rating out of more than 4,000 customer reviews. That high of a rating is impressive, considering most online banks generally have very poor reviews.

And despite the Current Build card being a new product, a few reviews already praise the product and how it’s helped them build a better credit score. Other positive reviews cite helpful customer reps, state they love the overdraft protection and early direct deposit features, and rave about the user-friendly app.

Watch: 5 Steps to Boost Your Credit Score

Compare Current to other checking accounts

Current

★★★★★

Finder rating 4.6 / 5

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Fee

$0

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Annual Percentage Yield (APY)

4.00% on balances of $0.01 to $2,000

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Minimum deposit to open

$0

PNC Virtual Wallet with Performance Select

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Annual Percentage Yield (APY)

0.01%

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Minimum deposit to open

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Discover® Cashback Debit

★★★★★

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Fee

$0

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Annual Percentage Yield (APY)

N/A

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Minimum deposit to open

$0

Frequently asked questions

Is Current legit?

Yes, Current is a legitimate fintech with banking services. Your money is insured for up to $250,000 through Current’s issuing bank, Choice Financial Group. Current also uses several security protections to keep your information safe.

How do I contact customer service?

Current doesn’t have a customer support phone number. You can contact Current in one of these ways:

• Start a live chat in the Current app
• Submit a request via the contact form on the Current website
• Email support@current.com

Can I deposit cash with Current?

Yes, you can. While Current has no physical branches, you can deposit cash at select stores. To find a store to deposit cash, go to the Current app, select the Money tab, then hit the Add Cash map to generate a list of locations near you.