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In-Depth Analysis

Current Bank Account Review

G. Dautovic Image
ByG. Dautovic
September 20, 2021

Current is a mobile bank that offers checking accounts and debit cards for modern families. Its well-featured mobile app enables clients to deposit money on their accounts faster, manage their budgets, and withdraw cash on over 55,000 ATM locations across the country.

According to Current bank reviews by customers, this is one of the best mobile banking options for parents and teens.

Monthly Fees Start at
$0

More than 55,000 ATMs across the US

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Fortunly Rating

Account type:
Checking account
Min. initial deposit:
None
Min. account balance:
No requirements
Account fees:
$0/month (Basic), $4.99/month (Premium), and $36/year for a teen account
ATM fees:
Depends on the ATM operator
Foreign transaction fees:
3%
International ATM fee:
$3
APY:
Non-interest checking account
FDIC-insured:
Yes
pros thumb up Strengths
  • Fast deposits
  • Cashback rewards
  • Parent/teen account
  • Free overdraft
  • Money management
  • Over 55,000 ATMs
pros thumb up Weaknesses
  • No physical branches
  • No APY
  • Teen account can’t help you build a credit score

Current Bank Overview 

If you are looking for a modern banking solution to make your life easier, you’ve come to the right place. Current is an online bank founded in 2015 by a team of young developers, designers, data analysts, and managers. Following online banking trends, they’ve focused on delivering a unique mobile banking experience to users who want to have their finances at their fingertips. 

The New York-based company doesn’t provide any traditional banking services. Instead, it’s more like a fintech financial business that offers personal checking accounts through its first-rate mobile banking app. 

Stuart Sopp, Current’s founder and CEO, created the app that uses Current Core, a unique banking technology, to help consumers take control over their finances and make banking available to everyone. In addition to standard checking account features, clients get a debit card and access to a wide range of other tools that are hard to find elsewhere. 

Are all those favorable Current bank reviews on TrustPilot really to be trusted? We’ve done in-depth research and can confirm that this banking solution deserves your attention thanks to its excellent customer support, feature-rich mobile app, and a free overdraft. Some clients are especially satisfied with the option to open an account for teenagers, which is useful for teaching children to manage their finances and adopt healthy spending habits.

How does Current compare to other banks?

Current Logo Current
Minimum initial deposit:

No

Monthly fees:

$0 (Basic), $4.99 (Premium)

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Capital One Logo Capital One
Minimum initial deposit:

No

Monthly fees:

No

Visit Website
Chime Logo Chime
Minimum initial deposit:

No

Monthly fees:

No

Visit Website

Getting Started With Current

The Current product list is limited to personal checking accounts. Unlike savings accounts, checking accounts are more liquid and considered one of the most important financial tools for everyday money transactions. 

There’s no initial deposit to open a Current bank account and no minimum balance to maintain it. Moreover, with the Basic account, consumers are free of any fees. There are two more account types, the Premium account and the account for teens, both with premium features and additional fees.

Each account comes with a debit card that enables users to quickly withdraw money, make purchases, and earn rewards in specific stores. Since Current is not a traditional bank, the debit card for basic accounts is issued through Metropolitan Commercial Bank, while premium account holders get a debit card issued by the Choice Financial Group. Current’s debit card is a Visa card, meaning that you can use it on any ATM that accepts Visa cards. 

Features and Services

Current focuses on providing fast, efficient, and affordable online banking. Here’s an overview of what you get by opening a Current account:

  • Fast direct deposits. Current’s main selling point. The bank claims it can fund your account two days faster than any traditional bank. As soon as your employer submits the payroll with the information on how much you should be paid, the Federal Reserve notifies the bank to send the money to your Premium account. 
  • Savings pods. A feature that helps you save money, available to both Basic account (one pod) and Premium account owners (three pods). To fund your pods, deposit money directly or enable the Current banking round-up feature that rounds up the sum you pay and credits your pod(s) with the difference every time you make a purchase. It’s not like traditional high-yield savings accounts - you won’t get any interest on the deposited money - but it’s a convenient way to start saving by regularly setting aside small amounts of money.
  • Cash deposit. Although Current is an online bank without local branches, you can still make cash deposits. Thanks to its collaboration with over 60,000 stores across the states, you can deposit cash into your account wherever needed.
  • Debit card rewards. According to the Current debit card reviews, clients are especially satisfied with the debit card reward program, something you can usually find only with top cashback credit cards. With the Current debit card, you can earn up to 15x points when making purchases in specific stores and redeem them for cash.
  • Free overdraft. The bank gives you a free overdraft through its Overdrive feature. It means that you can overdraft up to $100 cost-free, as long as you have the Premium account and get a minimum of $500 in direct deposits monthly. The bank will simply deduct the money from your next paycheck.
  • Instant gas hold refunds. When you buy gasoline, some gas stations hold a certain amount of money (more than you spent on gas) until the transaction is completed. With the Current bank card, you don’t need to wait for refunds. For example, if you buy gas for $20, some stations can place a hold on up to $100 for up to three days. Current will credit those extra $80 to your Premium account instantly. 

Types of Current Checking Accounts 

Current offers two types of checking accounts - Basic and Premium - and special parent/teen accounts. Here’s what you need to know about each before you sign up. 

Basic Account

The Basic account is free, meaning that you can get it along with a White Visa debit card without paying maintenance or any other fees. The account features are limited compared to the premium option but still beneficial, as many clients’ current.com reviews can readily confirm. 

Basic accounts come with no minimum account balance or initial deposit. Direct deposits have the standard turnaround time. You get access to one savings pod and budgeting tools to track and manage one category of spending. It allows you to see how much money you spend on specific products and notifies you each time you make a purchase.

Premium Account

The Premium account will set you back $4.99 monthly. This, too, is a no-deposit and no-minimum-balance checking account, but with an exclusive debit card and additional features like faster direct deposits, three savings pods, and instant gas station refunds. You can also create and manage budgets for various spending categories.

Parent/Teen Account 

Another great thing about Current online banking is the teen account. Your teens will get an account linked to yours, so you can track their spending habits and help them learn to manage their finances. Through the mobile app, you’ll be able to see where they make purchases and even block some stores. The account offers many other valuable features, like setting chores and paying off your kid when the chore is done. You can also set automated allowances, spending limits, and quickly send money when your kids are abroad. 

A teen account comes with a Visa debit card that enables teens to shop online, withdraw money from ATMs, or make purchases via Apple Pay. The Current card for teens is a good way to teach your kids budgeting and spending, although it’s not quite like top credit cards for young people that help them build credit scores and come with additional benefits.

The Current account for teens comes with a 30-day free trial, after which you’ll be automatically charged $36 for the annual maintenance of one teen account. 

Additional Perks 

Current bank has several other tools and services worth mentioning. First off, the app is equipped with features that help you manage your budget and track your spending habits. You can create a budget for one or several spending categories, depending on the account you have. Current checks and reviews your monthly spending and notifies you each time you are about to go over your limits. 

Another feature we need to mention is the mobile check deposit. It’s the fastest way to deposit paper checks into your account: Just take a photo of both sides of the paper check and wait for a couple of days before it’s credited to your account. 

Then, there’s Current Pay, a tool that enables members to send and request money from each other. With the Current app tag feature, you can share your profile with other members, type the amount you want to send, and complete the transaction within a second. 

Fees and Guarantees

Current’s pricing scheme is transparently displayed on their website. As we’ve already mentioned, the Basic plan is free, while the Premium account will cost you $4.95 per month. To add one teen account, you’ll need to pay an additional $36 per year. 

Current doesn’t charge overdraft and transfer fees. The fee-free transfer is available via direct deposits, ACH transfer, or by using your PayPal account. However, there are some costs that come with the Current Visa debit card: 

  • $3.00 international ATM fee
  • 3% international transaction fee
  • $5 for a debit card replacement 
  • $20 for expedited card delivery (Normally, the bank will send your Visa debit card to your home address up to 10 days after you open an account.) 

Current’s accounts are insured by the Federal Deposit Insurance Corporation. It means that if something happens with the bank, your money will be protected. Like other banks that offer good checking accounts, Current secures each account up to $250,000.

The Current App

You can download the app from Google Play or App Store. After you choose the account type, the bank will ask you to provide basic information, such as your name, address, Social Security number, and so on. 

Mobile banking with Current couldn’t be easier. The app has a sleek modern design, it’s easy to navigate, and packed with features that accommodate faster and more effective banking on the go. For example, if you’re looking to withdraw some money from your Current card at an ATM, the app will show you the nearest ATM locations. Also, it displays a map of stores near you where you can earn points while shopping. 

Funding Your Current Card 

You have several options for funding your Current debit card. Direct deposits from employers or other sources of income (government benefits or alimony) are the most common. Although Current is not a traditional bank, it facilitates ACH transfers from an external bank to your Current account. You can also take pictures of your paper checks to deposit the money into your account.  

Withdrawing Money 

Although the bank doesn’t have brick-and-mortar branches, you can easily withdraw money from your Current Visa card at ATMs - more than 55,000 of them across the US. Of course, stores that accept Visa cards will also accept your Current card. 

Current automatically places some daily limits on your withdrawals: The daily spending limit for purchases is $2,000, while the ATM cash withdrawal limit is $500 per day. However, if you’re worried about security, you can also lower your limits.  

Customer Support and Security

We agree with you that having fast and reliable customer care should be among each bank’s primary concerns. That’s why we’re happy to report that Current bank customer service is one of its strongest sides. Agents are available via email, phone, or chat, so you can get help whenever need it. 

However, we were not equally satisfied with other customer-related aspects of support. Despite its cutting-edge design, the Current website is somewhat hard to navigate. There’s a knowledge base with answers to the most common questions, but finding what you’re looking for can be tricky. 

When it comes to security, we’ve already mentioned that all Current accounts are insured by the FDIC. The bank employs industry-standard security features to protect all transactions. Modern mobile features, such as fingerprint or facial recognition, are also available. 

Room for Improvement

Our Current review highlights the many strong points of this bank, but we also need to mention where it falls short. First of all, there are no physical branches, although, to be fair, this drawback is partially compensated with numerous stores where you can deposit cash into your account. Secondly, there are no current.com checks and checkbooks, meaning that you cannot write checks from your account. 

Lastly, Current’s most significant drawback is that you are not offered an APY or any other way to earn interest on your money, which is one of the main benefits that come with most other checking accounts. 

What You See Is What You Get 

In our opinion, Current’s offer is refreshingly transparent. It’s an excellent solution for tech-savvy parents and teens who prefer mobile banking. Current bank mobile deposit functionality is what we liked the most, as it allows you to deposit money to your account faster and without going to a bank branch. Other mobile app features, like creating diverse savings pods, or tracking your spendings, are also beneficial and can even compare to top-rated budgeting apps.

FAQ
Is Current a reliable bank? +

Current offers FDIC-insured checking accounts for up to $250,000 per account holder. It uses the latest technology to protect consumers’ information and transactions, while its mobile app boasts additional security features, such as fingerprint and facial recognition.

Is Current a good debit card? +

Current offers Visa debit cards with many advantages, such as cash rewards and gas hold refunds. Read our Current card review for the complete list of benefits.

Who is the Current bank owned by? +

Current’s owner and CEO is Stuart Sopp. He and his team of developers, designers, and finance experts created a stable and modern online banking platform that provides safe, fast, and efficient mobile banking at affordable prices.

Does Current charge a monthly fee? +

If you sign up for the Current’s Basic account, you don’t need to pay any monthly fees. However, the bank’s exclusive features are available only with the Premium account, which costs $4.99 per month. There’s also the option to link your teen’s account, which will set you back $36 per year. Based on Current bank reviews on TrustPilot and other similar platforms, most clients use some of the bank’s paid options since they are considered a good value.