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Current Review 2023: Offers a competitive APY but few customer service options

Updated January 3, 2023, 4:54 PM UTC
Photo illustration of the Current Bank logo surrounded by a green and blue frame.
Current is a New York City–based neobank that offers a checking and savings account.
Photo illustration by Fortune; Original logo by Current

Unlike traditional brick-and-mortar operations, Current is a New York City–based neobank that is partnered with Choice Financial Group. This fintech primarily offers banking services via mobile application. Consumers have access to a checking account with savings features, also known as a “savings pod.” In addition to these traditional banking services, Current users can buy and trade crypto, manage their budget, and rack up rewards.

Deposits made into your Current account are FDIC-insured, and Current offers a Visa debit card as well as free withdrawals at more than 40,000 ATMs across the nation. All rates and fees are current as of January 3, 2023, and are subject to change.

Current offerings 

Current offers a personal checking account that also allows consumers to set aside funds in a “savings pod.” These pods offer instant and unlimited transfers from spend accounts.

Checking accounts 

Current Spend Account 

  • APY: $0
  • Fees: $0
  • Minimum opening deposit: $0 
  • Rewards: 15x points on purchases made at participating merchants. 
  • Check-writing privileges: None
  • Debit card: Yes 

Current Savings Pod 

  • APY: 4.00%
  • Fees: $0
  • Minimum opening deposit: $0 
  • Minimum balance to earn APY: $0.01 
  • Maximum balance: $2,000 per savings pod. Customers can open a maximum of three savings pods for a total of $6,000. 
  • Debit card: Yes 

Other services Current offers 

Current offers a number of other benefits and services for its account holders. A few major perks include: 

  • Faster direct deposit: With Current, you can get paid up to two days early when you sign up for direct deposit. 
  • Overdraft protection: Current’s Overdrive™ feature lets account holders overdraft up to $200 with no overdraft fees. 
  • Teen banking: Parents can link a teen debit card to their main Current account to teach their kids how to manage their own money.
  • Cryptocurrency investing: You can buy up to 27 of the most popular coins directly in the Current app, including Bitcoin, Ethereum, Dogecoin, Shiba Inu, and more. 
  • Points and cashback: Current account holders  can earn up to 15x points every time they swipe their card at over 14,000 participating merchants nationwide. These points can then be redeemed for cash in their Current Account. 
  • Gas hold removals: Current immediately removes gas holds that stations put on debit cards at the pump, making all account funds available, right away. 
  • Money management tools: Current helps account holders budgeting tools to track their spending and hit their money goals.
  • Current tags: With Current, you can instantly send and receive money for free to other members on Current using your unique Current ~tag. 

The Current platform and customer support 

Customers who bank with Current can sign up for an account online, but they will primarily be banking through the Current mobile application, which has over four stars on both the App store and Google Play. As far as customer service goes, Current has limited options with no phone or online chat service. For assistance, customers will have to fill out a request online and will be contacted via email or chat support within the mobile app. 

Pros and cons of Current

Current offers a more modern approach to traditional banking, and while this may be a selling point for some consumers, it may not be the best banking option for consumers across the board. Here’s a rundown of some of the major pros and cons: 

Pro: Current is partnered with an FDIC-insured bank. Even though Current is not a bank, depositors are insured up to $250,000 for each account ownership category through Current’s partner bank. 

Pro: Current offers a lucrative cash-back rewards program. Current customers can earn 15x points on purchases made at participating merchants. 

Con: Current does not have a customer service number. For customers who have questions about their account, getting a hold of a real human could be an issue because Current does not have a direct customer service number. All service requests must be made through Current’s site where customers can submit their information and wait to hear back via email. 

Con: Depositing cash in your current account will incur a fee. Current charges a $3.50 fee for depositing cash into your account.

Frequently asked questions

Is Current a real bank?

Current is not a bank, it is a financial technology company that provides banking services, sometimes referred to as a neobank. 

What bank is Current using?

Banking services for Current customers are provided by Choice Financial Group. 

Is Current a safe bank? 

Current is FDIC-insured through Choice Financial Group. Depositors are protected up to $250,000 for each account ownership category, in the event of a bank failure.

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