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Current teen banking review
Last updated:
Track your teen’s chores, allowance and spending with Current debit card.
Current Bank’s Teen Banking debit card gives you the ability to set up allowances and track your teen’s spending. You can digitally negotiate how much chores are worth and schedule recurring deposits. But the account may not be right for someone looking to teach their teen about more traditional banking.
$36 per year
Fee
N/A
APY
$0
Minimum deposit to open
Details
| APY | N/A |
|---|---|
| Fee | $36 per year |
| Minimum deposit to open | $0 |
| ATMs | Anywhere Visa is accepted |
| ATM transaction fee | $0 |
| Out-of-network ATM fee | $3 Subject to ATM operator fee |
| Foreign transaction fee | 3% |
| Overdraft fee | $0 |
Expert review
Review by
Heather Petty
heather.petty@findercrew.comHeather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.
Expert review
Current teen banking debit card helps you track your teen’s chores and allowance, while giving you some control over how they spend their money.But the card’s $36 annual fee may start to eat into your teen’s savings. Card fees are also attached to paper statements, international ATM withdrawals and foreign transactions.
What are the benefits of a checking account with Current teen banking?
Similar to other debit cards, you’ll have the ability to track your spending and setup alerts. Other benefits include:
- Person-to-person transfers. Its Current Pay feature serves as a money transfer app allowing you to send or request money from other Current members using a unique handle or QR code.
- Round-up for savings. Every purchase made is rounded up to the nearest dollar and the difference is deposited into a specific savings goal.
- Parental controls. Choose spending categories, set spending limits and decide when to turn the card on and off all from the mobile app.
- Transaction blocking. Temporarily turn off ATM usage or block certain merchants.
What should I look out for?
Consider the following before you sign up for a Current teen banking card:
- Annual subscription fee. You’ll pay $36 annually for each teen you add to your account.
- Additional fees. You’ll incur a 3% transaction fee for purchases made abroad, $3 for international ATM withdrawals and $2 if you receive paper statements.
If you want a debit card with lower fees, you’ll want to keep looking. As always, compare your options when considering a debit card for your teen.
Compare with other checking accounts
How do I open a Current teen banking account?
Sign up for the Current teen banking card in nine steps:
- Visit the Current website Cash from the home menu.
- Click More about teen banking and then Get started.
- Enter your mobile number and then click Sign up.
- Once you receive the text message, download the Current app.
- Open the app and click Get started.
- Verify your number and click Next. Enter the verification code.
- Provide your email address, full name, birth date and click Sign up.
- Choose the Teen Banking account and add your teen’s information.
- Select which card you want your teen to receive.
Eligibility
To sign up, primary account holders must meet the following requirements:
- At least 18 years old
- US citizen or permanent resident
- Valid US residential address
Your teen must meet the following requirements:
- At least 13 years old
- US citizen or permanent resident
Required information
You’ll need a smartphone and the following on hand when you’re ready to apply:
- Valid driver’s license, passport or permanent resident card
- Valid Social Security number
- US residential address
How long will it take to get my card?
Your teen’s card will arrive within two weeks, but you can start loading funds to their account immediately.
I got the card. Now what?
Once your teen receives their card, you can start managing the account:
- Allowances. Set up recurring transfers on a daily, weekly, bi-weekly or monthly basis to act as your teen’s allowance.
- Chores. Set up a list of chores for your teen with a payment attached.
- Real-time alerts. Set up alerts to your teen’s spending.