Current teen banking review
- Fee
- $0 per month
- Age requirements
- Any age
Our verdict
This free teen checking account comes with parental controls and chores and allowance features.
Current's Teen Banking debit card gives teens some financial freedom while allowing parents to track their kids' spending. There are no specific age requirements, 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
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 it doesn’t charge any monthly fees, and there are no strict age requirements. 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, and some accounts require teens to be at least 13 to sign up.
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
| Type of fee | Fee details |
|---|---|
| Monthly service | $0 |
| Opening deposit | $0 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers | N/A |
| Other fees |
|
Compare Current with other debit cards for kids
Current teen banking
★★★★★
Finder rating 4.4 / 5
Fee
$0
Annual Percentage Yield (APY)
N/A
Minimum deposit to open
$0
GoHenry
★★★★★
Finder rating 4.3 / 5
Fee
$4.99
Annual Percentage Yield (APY)
N/A
Minimum deposit to open
$0
Axos Bank First Checking
★★★★★
Finder rating 3.5 / 5
Fee
$0
Annual Percentage Yield (APY)
0.10%
Minimum deposit to open
$50
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.
Kids’ debit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top debit cards for kids and rate them one to five stars based on factors that are most important to you. We rate kids’ checking accounts by these factors: Monthly fee, features, ATM access, customer support options, and availability. We also consider APY as a factor only for those that earn interest. We rate prepaid debit cards for kids by these factors: monthly fees, features, customer support options and account availability.
Read the full methodology of how we rate Kids’ debit card accounts.
Your reviews
Bethany Finder
Writer, Banking and Loans
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