Mobile-first online banks dedicate significant care and attention to crafting exceptional digital experiences. This focus has enabled banks like Current Bank to successfully develop digital banking platforms that eliminate customers’ need for traditional brick-and-mortar financial institutions.
But do Current Bank’s services represent a genuinely solid option worth your consideration? We’re here to explore that question in this comprehensive Current Bank review. Let’s examine what this mobile bank offers to help you determine whether it aligns with your banking requirements!
What is Current Bank?
Current Bank operates as a neobank—a financial technology company providing checking accounts and debit card services. Current Bank accounts include distinctive features that set them apart from other online banks, including built-in budgeting tools and comprehensive parental controls for their teen account offerings.
History of Current Bank
Founded in June 2015 and headquartered in the Greater New York area, Current Bank operates under the leadership of CEO Stuart Sopp.
The company has secured $220M in funding through a Series D round, with popular YouTuber Mr. Beast ranking among their most notable investors.
Current Bank and Choice Financial Group
Current Bank differs from traditional banks—in fact, it’s not technically a bank at all.
The company collaborates with Choice Financial Group and Metropolitan Commercial Bank to deliver their banking services and debit card offerings. These partnerships ensure Current account customers receive FDIC insurance protection on their deposited funds.
What are Neobanks?
Neobanks operate as online-only financial institutions. By partnering with traditional banks, neobanks can provide FDIC insurance coverage for funds deposited into their accounts.
This means that if a neobank ceases operations, customer funds remain protected.
Generally, neobanks provide accounts with higher interest rates and lower fees compared to traditional financial institutions. However, their online-only structure may mean they lack certain conventional banking features like wire transfers or check-writing capabilities.
Before opening a Current account or any neobank account, consider whether you’ll need access to specific money management tools that might not be available.
Current Bank Product Offerings
Current Bank offers three distinct account types for prospective customers: Basic account, Premium Account, and Teen Account. Let’s examine each account type in detail below.
Basic Account
Current Bank’s basic checking account serves as their free plan option. No monthly fees or minimum balance requirements apply when opening this account.
This basic checking account includes all the standard features you’d expect from an online checking account.
Your free checking account includes a debit card for making withdrawals from Current’s partnership network of over 55,000 ATMs.
For cash deposits, you can visit any of 60,000 partnered retail locations.
Current Bank’s basic account includes these features:
- Free debit card
- Standard direct deposits
- One Savings Pod
- Budgeting for one category of spending
- Insights on Spending
- Notifications for purchases
- No overdraft fees
This Current Bank account should meet your requirements if you simply need a straightforward bank account without monthly fees.
Premium Account
The Current premium account costs $4.99 per month. This checking account provides access to the neobank’s complete feature suite.
Everything available in the basic account (debit card, cash deposits, etc.) comes included with the premium account.
Premium accounts also include valuable extras. With direct deposit enrollment, you can access your paycheck up to two days early. The premium account also supports three savings pods for tracking multiple financial goals simultaneously.
Current Bank premium checking accounts also provide instant refunds for gas station authorization holds. Gas holds typically occur when using your debit or credit card at gas stations.
Gas stations place temporary holds on your account for predetermined amounts. For instance, a station might hold $50 on your account. After completing your purchase, the station releases the unused portion of the hold. So if you spent $20 of the $50, you’d receive the remaining $30 back.
These gas holds can sometimes take several days to clear, temporarily reducing your available account balance.
Here’s what premium Current accounts include:
- Debit card
- Early access to direct deposit
- Spending insights
- Budgets for each category of spending
- Three savings pods
- Immediate gas station authorizations credit
- No overdraft fees
- Notifications for purchases
Premium accounts deliver enhanced value, particularly through early payday access and gas hold refunds. The plan also includes an exclusive black debit card that’s more stylish than the standard offering.
Teen Account
Current Bank’s teen account is available for $36 annually. If you have teenagers without checking accounts, this option provides money management tools specifically designed for their needs.
Budgeting represents one of the most crucial personal finance skills anyone can learn. These Current Bank accounts equip teens with tools like round-up savings features, goal-setting capabilities, and balance-checking abilities to help develop this essential skill.
Parents wanting their teens to contribute with household chores will find Current Bank’s chore feature particularly helpful.
The system works by allowing you to create chore lists for your teen to complete. You can automate allowance payments when chores are successfully finished. Since Current Bank gives you control over these payouts, you can reduce or withhold payments when chores aren’t completed or done properly.
Current Bank’s teen debit card offers another standout feature. While other financial services like Gohenry focus primarily on providing debit cards for kids, Current Bank distinguishes itself by offering this service alongside comprehensive adult banking solutions. Using their debit card or Apple Pay, teens can make payments, request money, donate to charity, and shop both online and in-store. You’ll receive instant purchase notifications while maintaining the ability to set spending limits, block specific merchants, and pause or replace cards as needed.
Multiple family members can contribute funds to teen accounts when you grant them that capability. You can link your teenager’s account to your Current account if you maintain one. All participants must have the Current mobile app installed.
Within the Current Bank app, navigate to “View all Accounts” and select your teen’s account. You’ll see an option to add your teen, which generates a QR code. Your teenager scans this code through their mobile app to establish the account connection. Rest assured—this linking won’t give your teen access to view or manage your balance.
Current Bank Teen Account Features:
- Instant transfer’s to your teen’s account
- Notifications for all purchases
- Set up blocks to certain merchants
- Ability to set up spending limits
- Automate payments for allowances
- Set up chores
This plan type doesn’t include savings pods. You can test this account free for 30 days before the annual $36 fee applies.
Current Bank Product Features
Let’s explore the key product features Current Bank provides.
Savings Pod
Current Bank’s savings pods function similarly to savings accounts, with one key difference—they don’t earn interest.
This feature helps you achieve specific savings goals by separating portions of your funds.
You can label each savings pod and fund them by transferring money directly from your account, using round-up features from card purchases, or through direct deposit allocation.
Cash Deposits
One significant limitation of online banks compared to traditional institutions with physical branches involves cash handling.
While online banks typically provide free ATM withdrawals, depositing cash into your account presents challenges.
Current Bank has partnered with more than 60,000 U.S. stores to accept cash deposits from their customers, with funds added instantly to your account.
This capability proves essential for customers who handle significant amounts of cash while preferring online banking over traditional institutions.
Budgeting and Savings Tools
Daily spending tracking and budgeting present ongoing challenges. Current’s premium account includes budgeting tools that help you monitor spending across different categories.
By establishing spending limits across all categories, you can track every purchase made with your card.
The mobile app allows on-the-go budget access, showing both spending totals and remaining balances.
Current Bank’s spending insights also deliver valuable information about your purchasing patterns and habits.
Mobile App
The Current Bank app works on both Android and iOS platforms, serving as your primary account management tool.
Rewards Program
Rewards programs commonly appear with credit cards but rarely with debit cards. Credit card rewards typically offer cashback, airline miles, and hotel points.
Current Bank has established merchant partnerships nationwide, allowing you to earn rewards when paying with your Visa debit card.
You earn 15 points per dollar spent at partnered merchants, with points redeemable for various rewards including cashback.
Transaction Limits
Current Bank imposes several transaction limits worth noting:
- $5,000 maximum transaction amount for peer-to-peer payments through Current Pay
- $2,000 daily maximum in card purchases
- $500 daily maximum in ATM withdrawals
Current Bank Pros
Cash Back Rewards
Earn rewards when shopping at participating stores with your card—a valuable bonus for purchases you’d make anyway.
Fee Free Overdraft
With at least $500 in monthly direct deposits, premium account holders can overdraft up to $100 without fees.
Teen Accounts with Parental Controls
Parents can teach money management skills while giving teens financial freedom, maintaining control through spending limits and merchant restrictions.
Deposit Cash
Current enables easy cash deposits through their network of over 60,000 retail locations—a capability unavailable at most online banks.
Basic Services for No Monthly Maintenance Fees
If you only need basic online banking, Current delivers that without hidden fees or minimum balance requirements, including savings account functionality through their pod feature.
Opening this basic account involves no monthly fees.
Current Bank Cons
Can get pricey
Opening multiple teen accounts becomes expensive at $36 annually per account.
Accessing Current’s full service suite costs $4.99 monthly. While gas hold refunds, early payday access, and multiple savings accounts provide nice extras, the monthly fee can feel steep.
No interest earned on “Pods”
While savings pods offer a useful feature, their lack of interest earnings might provide sufficient reason to explore alternatives.
FAQ: Current Bank Review
Let’s examine how Current performs overall as a service provider.
Does Current Bank have a good mobile app?
Current Bank’s app receives high ratings on both Apple and Google Play stores. Users report positive experiences, especially when using teen accounts to teach their children solid money management habits.
How are the Current Bank features?
All Current accounts eliminate minimum balance requirements and hidden fees. However, accessing their premium features like free overdraft requires upgrading to their $4.99 plan and establishing at least $500 in monthly direct deposits.
Does Current Bank offer customer service?
Current customer support provides an FAQ section for searching common questions, live chat functionality, and email support at support@current.com.
Phone support is also available at 888-851-1172, operating weekdays from 9 a.m. to 6 p.m. EST and Saturdays from 9 a.m. to 5 p.m. EST.
Is Current Bank worth using?
If you only need basic checking account functionality for money management, Current could suit your needs well. However, their premium service appears overpriced compared to the features provided.
Competitors like Chime provide many of Current’s paid features at no cost. Therefore, if you’re interested in Current’s premium offerings, exploring competitors might reveal better alternatives.
For parents, Current’s teen account offerings deliver solid value. They provide the appropriate level of spending control to help responsibly teach children effective money management skills. However, families with multiple children might find the pricing prohibitive.
