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Do you have children that you are trying to teach positive spending and saving habits? Or maybe you are always on the move, so you are looking for a mobile bank (also referred to as a neobank)?
Current Bank may just be what you and or your family needs. Keep reading out Current Bank Review to find out if the services they offer are worth your time and effort.
What Is Current?
Current is a neobank which means they are not an actual brick and mortar business, rather than provide banking services via a mobile app without being an actual bank.
Currentis still FDIC insured, up to $250,000, which is $240,000 more than you can hold in your account, by their partnership with Choice Financial Group.
Current offers many different banking services, including a Premium and Teen Banking account, which are outlined below.
What Does Current Bank Offer?
- Mobile Banking: Mobile banking is the foundation of Current bank. From registration to bank services, everything must be done via Current’s app. Not only will you find normal banking services within the app, but you will also find an intuitive map to help locate ATMs, cash deposits, and merchants that provide cash back bonuses.
- Teen Banking: Current offers parents the option of setting up a Teen(s) account. The fee for this is $36 per year and is linked to the parent card. You, as a parent, can then control the Teen account spending, deposit money, and track spending habits. There is even a built-in chore feature that allows the parent to list chores that need to be complete prior to an allowance. All transactions on the Teen account can alert the parent.
- Checking Account: All your Current banking services and transactions happen via their app, no matter if you have a free, premium, or the teen account. Your Current account comes with a visa debit card that allows you access to more than 55,000 ATMs, cash deposits at more than 60,000 stores, 1 “savings pod” (more on this below), spending and budgeting tools, check deposits and direct deposit. This checking account is versatile and easy to use.
- Current Visa Debit Card: You can use your Current Visa Debit Cardanywhere Visa is accepted. You can also earn up to 15x points at certain stores when you swipe your card, which can be redeemed for cash in your Current account. You can find these locations within the Current app.
>> More: Current Visa Debit Card Review
Current Bank Account Features and Benefits
- Early Pay Day: You can get paid two days faster with a direct deposit. To qualify, you will need to enroll in direct deposit and sign up for a Current Premium Checking Account ($4.99 per month).
- No Hidden Fees: Current has no hidden fees. There are no minimum balance fees, no overdraft fees, no bank transfer fees, free ATM withdrawals, and no fee when you transfer money instantly to someone else using Current ~ tags.
- No Minimum Balance Requirements: Current does not have a minimum balance requirement nor are there any fees in relation to your balance.
- Earn Rewards: You can earn rewards when you swipe your Current Visa debit card. Some stores provide 15x points. These merchants can be found within your Current app.
- Real-Time Spending Alerts: One of the security features that Current offers is real-time notifications/alerts when your, or your Teen, card is used.
- Cash Deposits: As a Current member, you have access to over 60,000 locations to instantly deposit cash. There is no need to worry about remembering which locations are free as they are listed, via a map, within the Current app.
- Savings Pods: Savings Pods is a feature within Current that helps you withsavings. Essentially it is a side account within your Current account. You can set it up to automatically round your purchase price up so the difference is paid into that Savings Pod. Free accounts get 1 Savings Pod and Premium accounts get 3 Savings Pods.
- Current Pay Tool: Current Pay is a way to instantly transfer money for free when you use your Current ~ tag.
- 24/7 Customer Support: As a Current member, you get access to 24/7 support 365 days a year.
- Free ATM Access: Current members can withdraw cash for free at more than 55,000 in-network ATMs. To find the closest in-network ATM to you, simply open your Current app, select ATM and you will see a map showing all ATMs within your vicinity.
Current Bank Accounts
Here are the different types of bank accounts Current Bank has.
Basic Personal Checking (Free)
With the Basic account, you get access to all the features and tools Current offers within the app. You will also gain access to the more than 55,000 in-network ATMs, and 60,000 + stores for cash deposits. The Basic account comes with 1 Savings Pod.
Premium Personal Checking ($4.99/Month)
For $4.99 per month, your Premium offers you everything that a Basic account offers, plus 3 Savings Pods, direct deposits are received 2 days earlier, any holds that gas stations put on your Current Visa debit card are refunded, and free overdraft up to $100 (as long as you also receive at least $500 per month via Direct Deposits).
Teen Banking ($36/Year)
If you have a Teen(s) and you would like to start teaching them money management, Teen Banking by Current is a great option.
For $36 per year, the teen(s) will get their own card that is linked to the parent card with specific features.
As a parent, you can set up a chore feature to teach/pay allowances, transfer funds instantly to the teen card, set spending limits, block merchants, and set alerts for card usage. Unfortunately, Current does not provide the Teen Banking account with a Savings Pod which would be a great idea.
Current Bank Rewards Program
Current has recently announced the addition of a rewards program. Current members can now earn up to 1x points when they swipe their Current Visa debit card (15x with a Premium account). All participating locations are viewable, via a map, within the Current app.
How Does a Current Bank Account Compare to Other Options?
Here is how Current compares to some alternative banking options.
#1. Chime Bank Account vs. Current
Chime Bank is a $0 fee neobank backed by The Bancorp Bank, Member FDIC. There is no minimum deposit required and if you receive at least $500 each month in direct deposits, you can enroll in Chime’s “SpotMe” service which allows you to overdraw your account up to $20 on debit card purchases without any penalty. If you remain a good steward with Chime, this limit can be raised to $100.
>> More: Chime Bank Review
#2. Oxygen Bank vs. Current Bank
Oxygen Bank is another neobank, and similar to Chime Bank in that they are backed by The Bancorp Bank, Member FDIC.
Having no monthly fees, no overdraft fees, no minimum balance fee, and no ACH fee, Oxygen also offers generous cash back rewards program by offering 5% cash back on gas, pharmacies, food delivery, and more. You can also earn 7% at Amazon and Whole Foods. Oxygen’s cash back rewards rotate each month.
>> More: Oxygen Bank Review
#3. CIT Bank vs. Current Bank
CIT Bank is a top 50 U.S. Bank that aims to empower its member’s businesses, their savings, and our communities.
When you have a CIT checking account, you can take part in many different savings options from Money Markets to CDs. CIT Bank is a Member FDIC, so your funds are insured up to $250,000.
>> More: CIT Bank Review
Current Bank Review FAQs
Here are some frequently asked questions about Current Bank.
Is Current Bank a Real Bank?
No. Although Current Bank is backed by Choice Financial Group, who is a Member FDIC, Current Bank is considered a “neobank” which means they offer banking services via a mobile app without any brick-and-mortar locations.
Is Current Bank Safe?
Current Bank is safe due to being backed by Choice Financial Group, Member FDIC. This means your account is insured up to $250,000 which is $240,000 more than Current allows its members to store in their accounts.
What Bank Is Current Connected to?
Current has a partnership with Choice Financial Group, Member FDIC, for their banking services as well as their Premium Current card. Current also partners with Metropolitan Commercial Bank, Member FDIC, for the Current White Prepaid Visa Card (debit card).
Does Current Account Have an ATM Card?
Yes, Current has a Visa debit card that acts as an ATM card at more than 50,000 in-network ATMs.
How Do I Open a Current Bank Account?
To open a Current Bank account, you must download their mobile app which is available on iOS and Android devices. Once you download the app, launch it, and then follow the steps to open your account.
Is a Current Bank Account Worth It?
The recent addition of their rewards program does help make them more relevant, but they still fall short of competitors mentioned above due to putting certain features/services behind their Premium account when their competitors offer them at no additional cost.
Are There Any Fees for the Current Bank Account?
There are no fees on the Current Bank account. However, some additional services are only available to Premium members which costs $4.95 per month.
Bottom Line: Current Bank Review
Current Bank has joined the growing “neobank” industry by offering $0 fees on most, if not all services.
However, Current puts a lot of other services behind their Premium option at $4.99 per month which are standard, and free, with most other neobank’s.
If you have a child and you are looking to teach him/her some financial responsibility, then Current Bank could be a good option with their automatic chore/allowance feature, spending habits tracking, and card usage alert system. However, this feature does cost $36 a year.
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