Current teen banking review

Our verdict

Our verdict

Current's Teen Banking debit card gives teens some financial freedom while allowing parents to track their kids' spending. There are no monthly fees, and parents have a range of controls, such as spending limits and blocking transactions from select merchants. Families can enjoy the chores and automated allowance features, as well as the savings roundup option to help teens achieve their goals. But parents must first get their own Current account before opening this account for their teen.

Best for: Teens aged 13 to 17 in need of a free digital bank account with chore and allowance features.

Pros

• No monthly fee
• Parental controls and spending limits
• Roundup savings
• Chore and automated allowance features

Cons

• Parents must get a Current account
• $3.50 fee for cash deposits

4.8

★★★★★

Finder rating

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Fee

$0 per month

Age requirements

Any age

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Current teen banking

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Who is Current teen banking best for

The Current teen debit card is best for teens aged 13 to 17. Since it has no monthly fees, it’s a great way for any parent looking to give their teen some financial independence and learn money management skills. But parents need to download the app and get their own Current card before signing their teen up for this account.

What we like about Current teen banking

The biggest plus the Current teen debit card account has over competitors is its lack of monthly fees. While most teen checking accounts don’t come with a fee, kids’ prepaid debit cards with chores features often have monthly fees you can’t avoid.

Parents can also send funds instantly to their teen’s account, and Current has its own cash-sharing system called Current Pay, which lets you use a unique Current tag or a QR code to send and receive funds for free across Current accounts.

Strong parental controls

Parents can choose spending categories, set spending limits and decide when to turn the card on and off, all from the mobile app. Parents can also temporarily turn off ATM usage or block certain merchants.

Multiple family members can also add funds to the teen’s account, making it a great fit for all sorts of family situations or blended families. Other family members can co-manage the teen Current account without having access to each other’s bank account information.

Builds savings

While the account doesn’t offer a savings reward or APY, teens can opt into the savings roundup, which means every purchase made is rounded up to the nearest dollar and the difference is deposited into a specific savings goal.

Where it falls short

Parents need to download the Current app and get their own Current account before signing their teen up since the parent account and teen account must be linked.

Also, if your family travels frequently, you may want to keep your teen from using this debit card overseas. If used abroad, they’ll incur a 3% foreign transaction fee and a $3 fee for international ATM withdrawals.

Current teen banking‘s fees and access

Compare Current with other debit cards for kids

Narrow down top kid and teen debit cards by monthly fees, opening deposits and APY. Select Compare on up to four providers to see a side-by-side comparison.

Sort by:

Name	Product	Fee	Minimum deposit to open	Annual Percentage Yield (APY)	Offer
Discover® Cashback Debit Finder Rating: 4.8 / 5: ★★★★★ Discover® Cashback Debit Finder Rating: 4.8 / 5: ★★★★★		$0 per month	$0	N/A		The Discover® Cashback Debit account earns 1% cash back on up to $3,000 in debit card purchases each month.	Go to site View details	Compare	loading Fetching your data...
Current teen banking Finder Rating: 4.8 / 5: ★★★★★ Current teen banking Finder Rating: 4.8 / 5: ★★★★★		$0 per month	$0	N/A		Current’s Teen Banking card allows parents to track their teens’ chores, allowance, and spending. Requires parent to have a Current account. FDIC insured.	Go to site View details	Compare	loading Fetching your data...
Jassby Finder Rating: 4.2 / 5: ★★★★★ Jassby Finder Rating: 4.2 / 5: ★★★★★		$5.95 per month (can be waived)	$0	N/A		Kids earn rewards points when they play the financial literacy games, courses and quizzes in Jassby‘s app. Teach your child spending, saving, and giving with strong parental controls. Includes chores and allowance features.	Go to site View details	Compare	loading Fetching your data...
Axos Bank First Checking Finder Rating: 3.5 / 5: ★★★★★ Axos Bank First Checking Finder Rating: 3.5 / 5: ★★★★★		$0 per month	$50	0.10%		Made for teens ages 13 to 17, this account earns 0.1% APY and has no monthly fees. FDIC insured.	Go to site View details	Compare	loading Fetching your data...
Free trial Greenlight Finder Award Finder Rating: 4.6 / 5: ★★★★★ Greenlight Finder Rating: 4.6 / 5: ★★★★★ Finder Award	Free trial	From $4.99 per month	$0	N/A	Get the first 30 days for free.	Teach your child to spend, save and invest all in one app. Get 5+ financial literacy tools, including chores and allowances. All with powerful parental controls to decide where your child can spend and how much. Includes up to 5% savings rewards. Free one-month trial.	Go to site View details	Compare	loading Fetching your data...

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How to open the Current teen banking

To open a Current teen account, parents or guardians must first sign up for their own Current account. Next, your teen must download the Current app on their phone and sign up. Then, link your Current account with your teen’s account and fund it.

Customer experience

Current has mixed reviews online. It’s not accredited with the Better Business Bureau (BBB) and holds a poor D rating. The BBB also lists a pattern of complaints for Current, stating that consumers have reported extreme difficulty contacting the provider and slow responses to complaints.

Current responded by saying it wants to address issues faster and states it features 24/7 customer support, which is available via live chat and email to all its users.

There are over 1,000 complaints on Current’s profile, and most appear to be attempts to resolve fraudulent charges, unauthorized charges or fixing frozen accounts. Customers praise how easy it is to sign up but report a frustrating customer service experience, including difficulty getting in touch with a representative.

On Trustpilot, Current holds a 4.2-star rating out of over 4,000 reviews. Many customers state they’ve had Current for years with no issues. But many customers say direct deposits are inconsistent, occasionally being deposited a few days later than expected.