• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The College Investor

Student Loans, Investing, Building Wealth

  • About
  • Podcasts
  • Research
  • Contact
  • Save For College
      • How To Start

      • How To Save For College
      • How To Pay For College
      • What Is the Average Cost of College?
      • What Is A 529 Plan and Where to Open One in Your State
      • How Much Should You Have In A 529 Plan By Age
      • How To Use A 529 Plan For Private Elementary And High School
      • What Are Qualified Expenses For A 529 Plan (And What Doesn’t Count)?
      • The Best Brokers To Open A 529 Plan
      • Tools + Accounts

      • 529 Plans: The Ultimate College Savings Plan
      • 529 Plan Contribution Limits
      • Prepaid Tuition Plans | What To Know
      • Understanding And Using 529A ABLE Accounts
      • Using A Roth IRA To Save And Pay For College
      • FAFSA Deadlines for Financial Aid
      • CollegeBacker Review
      • Upromise Review
      • UNest Review
      • Other Options

      • Student Loan And Financial Aid Programs By State
      • The Guide To Military And VA Education Benefits
      • How To Fill Out The FAFSA
      • How To Find College Scholarships
      • The Best College Scholarship Search Websites
      • How To Find Grants To Pay For College
      • Pell Grants: What They Are And How To Qualify
      • Understanding Federal Work-Study
      • How To Use A 529 Plan If Your Child Doesn’t Go To College
  • Student Loans
      • Borrowing

        • How Student Loans Work
        • How To Apply For A Student Loan
        • Best Student Loans And Rates In March 2023
        • 10 Best Private Student Loans Of March 2023
        • Best Student Loans To Pay For Graduate School
        • Best Student Loans To Pay For Medical School
        • Parent Loans To Pay For College
        • No-Cosigner Student Loan Options
        • Guide To Income Sharing Agreements (ISAs)
        • Best International Student Loans
      • Get Out Of Debt

        • Best Student Loan Refinance Companies In March 2023
        • Best Student Loan Repayment Plans
        • Best Student Loan Refinancing Bonuses And Promotional Offers Of March 2023
        • Student Loan Forgiveness Programs (The Complete List)
        • The Full List Of Student Loan Forgiveness Programs By State
        • Public Service Loan Forgiveness (PSLF)
        • Top Student Loan Scams
        • Average Student Loan Monthly Payment
        • Average Student Loan Debt By Year
      • Reviews

        • Credible Review
        • Splash Review
        • Ascent Review
        • Citizens Bank Review
        • Commonbond Review
        • Earnest Review
        • ELFI Review
        • Laurel Road Review
        • LendKey Review
        • SoFi Review
  • Investing
      • How To Start

        • How To Start Investing in High School
        • How To Start Investing In College
        • How To Start Investing In Your Twenties For 22 – 29 Year Olds
        • How To Start Investing In Your 30s For 30 – 39 Year Olds
        • How To Start Investing With $100 Or Less
        • How To Give Kids The Gift Of Stock
        • What Is Dividend Growth Investing
        • IRA Rollover Chart
      • Tools + Accounts

        • Best Online Stock Brokers
        • The Best Traditional And Roth IRA Accounts
        • The Best Robo-Advisors
        • The Best Investing Apps
        • The Best Places to Trade Options
        • The Best Places To Open A Health Savings Account
        • The Best Solo 401k Providers
        • The Best Self-Directed IRA Providers Of 2023
        • Best Cryptocurrency Exchanges
      • Reviews

        • Vanguard Review
        • Fidelity Review 2023
        • M1 Finance Review
        • TD Ameritrade Review 2023
        • Charles Schwab Review
        • Robinhood Review
        • Webull Review
        • Betterment Review 2023
        • Wealthfront Review
  • Earn More Money
      • Extra Income

        • 20 Best Side Hustles You Can Start Earning With In 2023
        • 54 Side Hustle Ideas To Make Money Fast In 2023
        • 100 Ways To Make Money In College In 2023
        • 80 Ways To Make Money From Home In 2023
        • 5 Quick Money Making Ideas (That Take Less Than 1 Hour)
        • 10 Interesting Ways You Can Make Money Driving
        • High-Paying Side Gigs That Earn $1,000 or More Per Month
        • The 10 Best Money-Making Apps
        • Paid Surveys: Earn Money For Giving Your Opinion Online
        • 10 Crazy Ways To Make $10,000 You’ve Never Heard Of
      • Build Wealth

        • 40 Best Passive Income Ideas To Build Wealth In 2023
        • 3 Ways To Make $50,000 Per Year Without Working With Passive Income
        • How To Become A Real Estate Investor With Just $500
        • 15 Best Online Business Ideas
        • Residual Income: 7 Super Smart Ways to Build It
        • The Most Common Multiple Income Streams
        • How To Become A Real Estate Mogul With Only $10,000
      • Reviews

        • Fundrise Review
        • RealtyMogul Review
        • FarmTogether Review
        • AcreTrader Review
        • Swagbucks Review
        • Survey Junkie Review
        • TopCashback Review
        • DoorDash Review
  • Personal Finance
      • Banking

        • 10 Best High Yield Savings Accounts Of March 2023
        • 10 Best Money Market Accounts Of March 2023
        • 10 Best Free Checking Accounts In March 2023
        • Best Bank CD Rates Of March 2023
        • 10 Best Business Checking Accounts In March 2023
        • Best Online Banks Of March 2023
        • Best Credit Unions Nationwide Of March 2023
        • Best College Student Checking Accounts Of March 2023
      • Insurance

        • Best Life Insurance Companies
        • Renters Insurance
        • Car Insurance
        • Pet Insurance
        • Umbrella Insurance
        • Disability Insurance
        • Tuition Insurance
        • Travel Insurance
      • Credit Tools

        • Best Budgeting Apps
        • Cash Advance Apps
        • How To Get A Free Credit Score Report
        • Best Credit Monitoring Services For 2023
        • Debt Settlement: Inside The Secret World
        • Credit Repair Explained: Should You Pay For Help?
        • Best Personal Loan Companies And Lenders
        • Online Loan Companies To Borrow From Home
      • Tax

        • Best Tax Software
        • Free Tax Software
        • IRS Tax Refund Calendar
        • Common IRS Questions and Errors
        • Federal Tax Brackets
        • Capital Gains Tax Brackets
        • 401k Contribution Limits
        • IRA Contribution Limits
        • HSA Contribution Limits
  • Awards
  • Search
Home » Banking » Bank Reviews » Current Review 2023: Banking With Premium Features

Current Review 2023: Banking With Premium Features

Updated: February 7, 2023 By Robert Farrington

At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Any investing information provided on this page is for educational purposes only. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

Current Review 2023

Current is a banking app that offers a ton of different services that make your financial life easier. Whether you're a young adult, parent, or teen just starting out, there are options for you with Current.

Teaching your teens about money management is more interesting when its hands on. But it’s impractical to follow your teen around everywhere they go so you can monitor their spending.

Instead, you can use a banking app like the one from Current. It has plenty of parental controls to limit and monitor your teen's spending.

In this article, we’ll review what Current has to offer to anyone looking for a mobile-only banking experience with terrific features.


Current Review

Quick Summary

  • Banking app and Visa debit card with mobile-only account access
  • Earn a solid APY on your savings balance
  • Teen plan offers money management and parental control features
OPEN AN ACCOUNT

Current Details

Product Name

Current

Min Deposit

$0

Maintenance Fees

$0/mo

Cashback Rewards

Yes

APY On Savings Pods

4% on up to $6,000 in savings

Promotions

30-free trial

Table of Contents
Who Is Current?
What Do They Offer?
Are There Any Fees?
How Does Current Compare?
How Do I Open An Account?
Is My Money Safe?
How Do I Contact Current?
Is It Worth It?
Current FAQs
Current Features

Who Is Current?

Current is not actually a bank but instead is a financial technology company that helps people make smart money choices. It also provides various benefits through its account, including faster access to paychecks, spending insights, savings pods and cash back rewards, all without any overdraft fees or minimum balance requirements. It’s CEO is Stuart Sopp. Current was founded in June 2015 and is based in the Greater New York area. Current has raised $400M in funding to date.

They have some notable investors and partners, including popular YouTuber Mr. Beast.

The banking services Current offers are provided by Choice Financial Group and Metropolitan Commercial Bank, Members FDIC. The Current Visa Debit Card is also issued by Choice Financial Group and Metropolitan Commercial Bank, pursuant to a license from Visa U.SA. Inc, and can be used everywhere Visa debit cards are accepted.

What Do They Offer?

Current's accounts offer up to two days faster availability of your paycheck, removal of gas station holds, and great money management for teens.

For now, these accounts are mobile-only. So not only are there no local branches available to visit, but there is no desktop account access or management offered either. As of writing, account accessibility is only offered through Current’s mobile app.

Personal Accounts

Current offers a solid personal account - all of this is included for $0 monthly maintenance fees.

  • No Minimum Balance REquirements
  • Overdraft up to $200 without any overdraft fees
  • Faster direct deposits (up to 2 days earlier)
  • 40,000 Fee-Free ATMs
  • Mobile Check Deposit
  • Savings Pods
  • Earn up to 15x points for unlimited cashback at participating retailers

The most compelling features are the faster direct deposits and gas hold removals. Faster direct deposits mean money deposited from your paycheck should be available up to two days faster than the average direct deposit. Also, the fee-free overdraft up to $200 when you have a qualifying direct deposit can be helpful.

Unlike other banks, Current ignores the date that employers intend for your paycheck funds to be released. Instead, it credits your account moments after receiving it. This is a common feature of prepaid debit cards.

The gas hold feature removes holds placed on your card by gas stations, which is a feature uniquely offered by Current. Some gas stations may apply a hold of up to $100 on your card for days. These holds basically lock the amount being held, making it unavailable for spending. Current will immediately remove the hold so that you don’t lose any availability of your funds.

Related: Best Bank Accounts To Get You Paycheck Early

Teen Banking

The teen plan is designed with parental supervision and money management in mind. It’s a great way to help teach your teen about using money. Parental features include:

  • Cashless convenience
  • Instant transfer to your teen’s card
  • Notifications for all purchases
  • Ability to block specific merchants
  • Ability to set spending limits
  • Set chores to complete
  • Automate allowance payments
  • Multiple family members can add funds

The Teen plan, however doesn’t include any savings pods (explained next).

You might be better off finding a great starter checking account for kids.

Related: These Are The Best Prepaid Cards For Teens

Savings Pods

Current's savings pod are like savings accounts which can be used to section off funds for a specific savings goal. You can label each pod and money can be deposited/moved into a pod directly from your account, direct deposit, or automatically added through round-ups (to the nearest dollar) from purchases made with your card.

Current currently offers 4% APY on up to $6,000. All you have to do to enable the interest feature is to move money from your spending balance to one of your Savings Pods.

Rewards

Current has a points rewards program for its members. Now, account holders can earn up to 15x points on purchases money they spend at 14,000+ retailers, including popular names like Subway, Rite Aid, True Value and Cold Stone Creamery, which are redeemable for cash back in your Current account.

Points are credited instantly after purchase and can be redeemed at 100 points per dollar inside the Current app. Current estimates that its members could earn up to $165 in cash back per year by just using their card at participating gas stations alone. It also says that new offers will be added regularly and can be found in its app.

Transaction Limits

Current accounts do have a few limits worth noting. These include:

  • $500 daily maximum in ATM withdrawals
  • $2,000 daily maximum in card purchases
  • $5,000 maximum transaction amount for peer-to-peer payments through Current Pay

Mobile App

Current accounts are managed through its mobile app. The mobile app is available for Android and iOS. Visit the Current website to download the app. On the Apple App Store, Current is rated 4.7 out of 5 from over 86k ratings. On the Google Play Store, the app is rated 4.6 out of 5 from more than 93k voters.

Are There Any Fees?

There are NO monthly maintenance fees or minimum balance requirements.

Out-of-network and third-party fees may apply as well. For example, the fee for using an out-of-network ATM is $2.50. There's also a $3.50 fee per transaction for adding cash.

How Does Current Compare?

Current's teen accounts and their accompanying parental supervision and money management tools are really what set it apart from the myriad of online banking apps available today. But even in the teen banking space there's some strong competition.

Depending on your situation, another banking app might be a better fit. Check out how Current compares in this quick chart:

Header
Current Review Comparison
Current Review Comparison: Copper
Current Review Comparison: Axos First Checking

Rating

Maintenance Fees

$0

$0

$0

Earns Cash Back

Earns Interest

Min Deposit

$0

$0

$50

ATM Network

40,000+ ATMs

55,000+ ATMs

91,000+ ATMs

Cell
OPEN AN ACCOUNT
READ THE REVIEW
READ THE REVIEW

How Do I Open An Account?

As mentioned previously, Current's accounts are mobile-only. This means that you can only open an account through one of its mobile apps. You can download the app from the iOS or Android app store. Or you can text yourself a download link from it's site. 

Open an account here >>

Is My Money Safe?

Yes. Deposited funds are covered by FDIC insurance up to $250,000 through Current’s issuing bank, Choice Financial Group.

How Do I Contact Current?

You can reach a Current agent by live chat 24/7 inside the app. To speak with someone over the phone, you can call 1-888-851-1172. Finally, you can contact the Current team by email at support@current.com.

On Trustpilot, Current has a 2.8/5 customer service rating out over 2,200 reviews. It's not currently accredited with the Better Business Bureau (BBB) but it has a 1.9/5 rating and has been promptly responding to complaints.

Is It Worth It?

Overall, Current is a compelling offering if you're looking for a mobile solution to your banking needs. If faster direct deposits is a need that you have, then Current could be worth it. And if gas station holds noticeably affect you, again, may be worth considering. 

Given that so many financial institutions offer methods for parents to control their children’s spending, parental spending features may not offer much of a selling point. But if your financial institution doesn’t have anything like that, Current’s Teen plan could definitely worth it.

It's important to point, however, that many banks (especially online banks) are able to match many of Current's features while also offering savings accounts and other products. Check out our list of the best online banks.

And be sure to compare Current's teen banking app options with our favorite starter checking accounts for kids.

Current FAQs

Here are a few of the most common questions that people ask about Current:

Does Current have any physical branches?

No, but it does offer fee-free cash withdrawals at over 40,000 Allpoint ATMs throughout the United States.

Can you deposit cash into your Current account?

Yes, but a $3.50 is applied to every cash deposit transaction.

Does Current let you overdraft?

Yes, but only if you enable Overdrive™ inside your account.

Can you earn rewards or bonuses with Current?

Yes, all members can earn cash back at participating retailers with the Current Visa Debit Card. Also, you can earn $1 for each friend you refer who opens a new account. Your friend will earn a $1 too!

Current Features

Minimum Deposit

$0

Minimum Balance

$0

Cash Back Rewards

Yes

APY On Savings Pods

4% on up to $6,000 in savings

Maintenance Fees

$0/mo

Branches

None (online-only)

ATM Availability

40,000 Fee-Free Allpoint ATMs in the U.S.

Out-Of-Network ATM Fee

$2.50

Cash Deposits Allowed

Yes, but there is a $3.50 fee per transaction

Customer Service Number

1-888-851-1172

Customer Service Hours

24/7 chat availability

Mobile App Availability

iOS and Android

Bill Pay

Yes

Mobile Check Deposit

Yes

FDIC Certificate

9423

Promotions

None

Current Review
  • Fees and Charges
  • Customer Service
  • Ease of Use
  • Tools and Resources
  • Features and Services
Overall
4.2

Summary

Current is a banking app and debit card that offers faster direct deposits, gas hold refunds, parental controls, and more.

Pros

  • Direct deposit up to 2 days faster
  • Instant refunds on gas holds
  • Teen banking with parental controls
  • Fee-free overdraft up to $200

Cons

  • Mobile-only: No local branches and no desktop account access
  • Open An Account
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

Editor: Clint Proctor Reviewed by: Claire Tak

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
Subscribe
Connect with
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of

I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree

2 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Primary Sidebar

Featured Bank Reviews

>  CIT Bank (recommended)
>  Discover  (recommended)
>  Barclays
>  Chime
>  Chase Bank
>  American Express Savings
>  Axos Bank
>  Quontic Bank

Checking Accounts

  • Best Free Checking Accounts
  • Best High-Yield Checking Accounts
  • Best College Student Checking Accounts
  • Best Starter Checking Accounts For Kids
  • Best Teen Checking Accounts
  • Best Checking Accounts for Military Members
  • Second-Chance Checking Accounts

Savings Accounts

  • Best High Yield Savings Accounts
  • Best Money Market Accounts
  • Best Student Savings Accounts

Certificates Of Deposit

  • Best No-Penalty CDs Rates
  • Best 12 Month CD Rates
  • Best Jumbo CD Rates
  • Best Overall Bank CD Rates

Business Banking

  • Best Business Checking Accounts
  • Best Business Savings Accounts

More On Banking

  • Best Bank Bonus Offers
  • Best Free Online Banks
  • Best Credit Unions
  • Best Banks For Students
  • Best Bank Accounts To Get Your Tax Refund Or Direct Deposit Early

Footer

Who We Are

The College Investor is an independent, advertising-supported financial media publisher, focusing on news, product reviews, and comparisons.

Connect

  • Contact Us
  • Advertise
  • Press & Media

About

  • About
  • Our Team
  • Podcast
  • Editorial Guidelines
  • How We Make Money
  • Archives

Social

Copyright © 2023 · The College Investor · Privacy Policy ·Terms of Service · DO NOT Sell My Personal Information

wpDiscuz