Current teen banking review
Track your teen’s chores, allowance and spending with Current debit card.
finder.com’s rating: 4.8 / 5.0
★★★★★
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 | over 55,000 free in-network ATMs |
| ATM transaction fee | $0 |
| Out-of-network ATM fee | $0 |
| Foreign transaction fee | 3% |
| Overdraft fee | $0 |
Review by
Heather Petty
heather.petty@finder.comHeather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed.org, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.
Expert review
The Current teen banking debit card helps you track your child’s chores and allowance. It’s best for teens who are just learning how to manage their money and enjoy the roundup feature to help them achieve their savings goals.
Parents also have control over setting spending limits, turning the card on and off and also blocking transactions on ATMs or certain retailers.
But the card’s $36 annual fee may start to eat into your teen’s savings, and its international fees don’t make this card travel-friendly.
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 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
What are the benefits of an 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.
- Separate funding sources. Unlike most accounts for kids and teens, divorced parents can co-manage this one without having access to each other’s bank account information.
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 Current with other checking accounts for teens
Browse a few other teen checking accounts with competing interest rates and opening deposits.
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.
Is the Current Teen account safe?
Yes. Current uses encryption to safeguard your data to keep it out of the wrong hands. Your account is also FDIC-insured up to $250,000.
On the user end, you can conveniently pause or replace your debit card from the mobile app. And each debit card is equipped with EMV chips for secure transactions.
Current Teen account reviews and complaints
Current has mixed reviews online. It’s not accredited with the Better Business Bureau (BBB) and has a 2.09 out of 5-star BBB rating based on 22 customer reviews with more than 500 complaints over the past year. On the other hand, Current has an impressive Trustpilot score — 4.4 out of 5 stars based on 1,416 reviews as of June 2021.
Customers praise how easy it is to sign up, but report a frustrating customer service experience, including difficulty getting in touch with a representative.
How do I contact Current customer support?
Speak to a Current representative by:
- Emailing support@current.com.
- Calling 888-851-1172 on weekdays from 9 a.m. to 6 p.m. EST.
- Live chat from the mobile app on weekdays at any time and on weekends from 9 a.m. to 8 p.m. EST.
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★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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