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Current Banking: Free Checking and a Savings Rate of 4.00% APY

Current banking offers customers free checking and a high-interest savings rate of 4.00% APY with their spending account services.

In our Current banking review, we’ll focus on its free checking, cash back rewards program, and its high-interest savings account offering 4.00% APY.

Current is a Fintech (financial technology) company that offers mobile-only banking services launched in 2017. There are no brick-and-mortar locations, account holders can access Current over an iOS or Android device or through a browser. Deposits are FDIC-insured.

Current Bank Review

Current partners with FDIC-insured Choice Financial Group and Metropolitan Commercial Bank to provide banking services. The basic account is similar to a checking account with no monthly fee and benefits like early access to direct deposit and overdraft protection

Current partners with Allpoint, meaning customers have access to 40,000 fee-free ATMs.

Grow your money faster with the Current Interest account that earns 60x the national savings average. Both accounts give customers access to a high-interest savings account that earns 4.00% APY for deposits up to $6,000.

Current Spending Account Features

The Current account offers cashback for when account holders use their debit. Earn up to 15x points at one of more than 14,000 participating merchants. These points are redeemable for actual cash in your Current account.

The Current app makes it easy to find participating merchants (and how many points you’ll earn per debit card swipe).

  • Opening Deposit: $10 minimum opening deposit.
  • Monthly Fee. $0 monthly fee.
  • Early direct deposit. Customers with direct-deposited paychecks, government or retirement benefits get early access to direct deposit (up to 2 days, depending on your employer or provider). Tax refunds can arrive up to 5 days earlier* than anticipated. Current will credit your account once it has arrived.
  • Overdraft Protection. Overdrive™ gives qualified members up to $200 in overdraft without any overdraft fees as long as you receive a qualifying direct deposit of $500 or more a month and enable Overdrive on the Current account.
  • Savings Pods. Three Savings Pods that can earn 4% APY with the Current Interest account that allows you to set a savings goal and put away money specifically for that goal. Savings Pods are a great spot to keep an emergency fund or set money aside for an upcoming large expense.
  • Budgets. Customers can set up budgets within the Current app to track spending throughout the month.
  • No Gas Station Holds. Gas station authorization holds are immediately released. Gas stations often hold $50 or more in funds from your account up to 72 hours until the transaction has cleared. Current members don’t have to worry about funds being held, they are immediately released.
  • Visa debit card. Debit Card with Tap to Pay.

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Current Teen Account Features

  • Monthly Fee. There is a monthly fee of $3.00.
  • Parents are in control.  Parents retain management of your teen’s account with the ability to block specific merchants, set spending limits, and even require chores to be completed before account is funded.
  • Savings Pod. One Savings Pod and One Giving Pod for donations.
  • Visa debit card. White or Black Card.
  • No Overdraft Protection. Current’s Teen Spending account does not have overdraft protection.

Current Interest Account Earns 4.00% APY

The Current Interest account is a high-yield savings account available to all Current members with the Spending account. The savings account earns a 4.00% Annual Percentage Yield (APY). With Current Interest, members will earn 60x the national average on the money in their Savings Pods up to $6,000.


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Deposit Cash to Current Account

Account holders can deposit cash into their Current Spending Account by visiting participating retailers like CVS, Walmart, and more. To find locations, users can tap the “Deposit Cash” tab on the mobile banking app to find locations. Current charges $3.50 per deposit and account holders can add up to $500 per transaction and up to $1,000 per day.

Current Partners with #MrBeast

Mr. Beast (real name is Jimmy Donaldson) is a content creator known for elaborate stunt videos, philanthropy, and generosity. The Youtuber is known for giving away large sums of money to the homeless, Twitch streamers, family, friends, and followers. In a collaboration with Current, fans can directly request money from Mr. Beast himself on the mobile banking platform as part of giveaways he sometimes announces in his videos.

When giveaways are announced, fans who send him Current Pay requests directly to his ~MrBeast handle using their Current ~tags can tell him how much they want to win and what they’ll do with the money. MrBeast will then pick random fans to win. Mr. Beast is YouTube’s highest-earning content creator for 2021, earning $54 million.

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Disclaimer: A OneUnited Checking Account is required to apply.

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