Current Review: Checking, Savings, Cash Advance & Credit Card
- June 25, 2024
- Banking
In our Current banking review, we’ll focus on the free checking, high-yield savings, paycheck cash advance and the credit builder card.
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 Banking Free Checking
Current partners with FDIC-insured Choice Financial Group and Cross River Bank to provide banking services. The checking account is referred to as the “Spend” account with many of the same benefits as a traditional checking account.
Current Spending Account Features
The Current account offers cash back rewards that earn up to 7x points at participating merchants. These points are redeemable for actual cash in your Current account.
- 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).
- 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.
- 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.
- Visa debit card. Debit Card with Tap to Pay.
- Cash Deposits: Over 60,000 participating retailers like CVS, Walmart, 7-Eleven, Dollar General, and more accept cash deposit for a fee. Account holders can add up to $500 per transaction and up to $1,000 per day.
Current High-Yield Savings
Current does not have a separate savings account. The savings feature is combined with the Spend account, making it a hybrid account with the best features of both account types.
Account holders can create Savings Pods for different goals, they are great spot to keep an emergency fund or saving money for an upcoming large expense.
Current Savings Pod Features
- APY Rate: 4.00% APY up to $6,000 with a minimum $200 qualifying direct deposit.
- Monthly Fee. $0 monthly fee.
- Minimum balance to earn rate. $0.01
- Maximum 3 Savings Pods: $2,000 per Savings Pod.
- Total Savings Limit: $6,000.
- Roundup: Automatically rounds up transactions and saves the spare change.
- Budgets. Customers can set up budgets within the Current app to track spending throughout the month.
Current Paycheck Advance
Current offers a paycheck advance to customers that have direct deposit at Current as well as customers with direct deposit at a different financial institution. Your advance can be deposited instantly for a fee, otherwise standard timing takes up to three business days.
Current Paycheck Advance Features
- Credit checks: There are no credit checks required.
- Direct deposit amount: Minimum $500.
- Must have a Current account: You’re not required to have a Current bank account.
- Advance amount: Up to $500.
- APR: None.
- Fees: Optional tip when you request a paycheck advance. There is a fee for requesting instant access, although the rate varies by the amount of the advance.
Current Credit Builder Card
Current’s Build Card is designed to help rebuild your credit effortlessly by reporting your responsible spending habits directly to TransUnion.
There are no complicated credit checks or worrying about expensive credit card fees.
Current Credit Builder Card Features
- Card type: Secured and alternative.
- Annual fee: $0.
- Credit Check: No credit check.
- Security deposit: No minimum security deposit.
- APR: None.
- Rewards: 1x to 7x, depending on the merchant.
- Foreign transaction fee: 3%.
- Rewards: 1x to 7x, depending on the merchant.
- Reports to credit bureau: Only Transunion.
It’s concerning that the Current Build Card reports to just one of the three major credit bureaus because different lenders may review reports from different bureaus when you apply for credit. If your credit report is pulled from Equifax or Experian — which may ultimately result in a denial for more credit.
Current Banking Pros and Cons
Pros
Cons
Who is Current Good For?
Current offers a viable alternative to people that need a simple bank account to perform daily financial transactions. The added benefits of earning high yields for individuals with direct deposit along with the ability to build credit is a valuable asset.
However, if you already have good credit and have access to high-yield savings accounts elsewhere, you’ll likely find more value at a traditional bank with more sophisticated financial products like money market accounts, retirement accounts, rewards credit cards and welcome bonus offers.
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6080 Center Dr, 6th Fl
Los Angeles, CA 90045