Current Bank Review 2023 [Get 4% APY With Mobile Banking]

Updated On: 03/21/2023 is reader-supported. When you buy via links on our site, we may earn an affiliate commission at no cost to you.

In today's fast-paced world, mobile banking has become a popular choice for people who want to manage their finances on the go. Current Bank is one such mobile banking app that offers a range of features designed to make banking easy and convenient.

One of the most attractive benefits of using Current Bank is its high-interest rate of 4% APY, which is significantly higher than most traditional banks.

In this Current Bank review, we will take an in-depth look at the app's features and benefits, as well as any potential drawbacks or fees, to help you decide whether it's worth incorporating into your financial routine.

About Current

About Current

Current is a financial service company that provides mobile, web, and software solutions to its customers. The company was founded in 2015 and has since then become one of the leading providers of financial services in the US.

With Stuart Sopp as its CEO, Current is based in New York and employs over 10,000 people with billions of dollars in assets. The company's mission statement is to provide superior products at all times, which it achieves through offering various benefits such as saving pods, financial insights, advance paychecks, and many rewards.

Banking services are provided by Choice Financial Group and Metropolitan Commercial Bank, both members of FDIC. Current has raised $400M in funding to date with investors and partners, including popular YouTuber Mr. Beast.

Services Offered By Current

Services Offered By Current

Current provides a wide range of services to help individuals manage their financial needs. From online banking to budgeting tools, Current offers innovative solutions that make it easy to stay on top of your finances.

Whether you need a simple account or more advanced features like mobile payments and cashback rewards, Current has something for everyone.

With its user-friendly platform and commitment to customer satisfaction, Current is quickly becoming one of the most trusted names in the financial services industry. Here is the list of services offered by Current:

Personal Accounts:

Personal accounts are available to those who would like to use their own funds for personal purchases, transfers of funds, and other activities. These accounts offer a variety of benefits such as:

  • No minimum balance is required.
  • Faster deposits.
  • Mobile check deposits.
  • 40,000 fee-free ATMs.
  • Overdraft up to 200$ without any overdraft fees.
  • Saving pods.

Opening a personal account with your bank can be beneficial if you are looking for convenience and flexibility when it comes to managing your finances. With the features offered, you'll have access to the tools necessary for efficiently managing your money and staying on top of your finances.

Teen Accounts:

A teen account is a specialized bank account that provides money management tools, parental control options, and resources for financial literacy to help teenagers learn how to manage their money responsibly.

By using these accounts, teens can develop good financial habits that can benefit them in the long run. Here are the features of teen accounts provided by Current bank.

  • Ability to check to spend.
  • Ability to block merchants to stop excessive spending.
  • Ability to limit spending.
  • Cashless transactions.
  • Instant transfer to child's card.
  • Notifications of all purchases.

Saving Pods:

Saving pods are similar to traditional saving accounts, but they are tailored toward specific saving goals. Users can add funds to their saving pods from their accounts or through direct deposits and round-ups from their card purchases.

One of the key benefits of saving pods is that they offer a high Annual Percentage Yield (APY) of 4% on up to $6,000 for all users who move money from their spending balance into one of their savings pods.

This feature enables users to earn more interest on their savings than they would with a traditional savings account. By utilizing saving pods, individuals can achieve their financial goals faster while earning a higher return on their savings.


Rewards by Current is a fantastic rewards program for account holders that offers incredible earning potential. With the ability to earn 15X reward points from over 14,000 stores including popular chains like Subway, True Value, and Cold Stone, account holders can quickly rack up points toward their next redemption.

The program allows for easy redemption as well, with 100 points equating to one dollar within the Current app. Whether you're looking to save money on your everyday purchases or treat yourself to something special, Rewards by Current offers a great way to earn and redeem rewards.

Advance Paychecks:

Current's Advance Paychecks feature provides its users with the added benefit of receiving their paychecks up to two days earlier than traditional banking methods. This means that as soon as your employer deposits your paycheck into your Current account, you have access to those funds right away.

This can be a game-changer for those who need to cover unexpected expenses or simply want to get ahead on bills and other financial obligations.

Security In Current 

Security In Current 

In the Current bank review, one thing to remember is their commitment to security. Security is a top priority for online shopping. SSL certificates are used to ensure that sensitive data, such as credit card numbers and personal information, is encrypted and protected from hackers.

However, even with these measures in place, there is always a risk of compromise. To mitigate this risk, Current banks offer additional security features, such as setting spending limits on debit cards.

Additionally, the Current bank offers mobile wallets that can only be accessed through PIN or fingerprint authentication, providing an extra layer of protection for users' financial information.

Fees In Current

Fees In Current

In today's banking landscape, consumers are looking for a transparent and affordable experience. With no monthly fees, maintenance fees, or minimum balance requirements, the Current bank is setting itself apart from the competition.

Not only that, but customers can benefit from a free overdraft of up to $200. However, it's important to note that third-party fees may be required, and out-of-network ATM fees will cost $2.50 per transaction.

Additionally, adding cash to your account will come with a charge of $3.50 per transaction. Overall, the Current bank offers a great deal of value for those seeking a hassle-free banking experience without any hidden costs or surprises.

Pros and Cons Of Current

Pros and Cons Of Current

Here’s a quick look at some of the pros and cons of Current:


No monthly fee: This is one of the biggest advantages to banking with Current - no monthly fees! There are also no maintenance fees or minimum balance requirements, making it a great option for those who are looking to save money on their banking.

High APY: The Current App offers a high Annual Percentage Yield (APY) of up to 4% when users move their spending balance into one of their savings pods. This means users can earn more interest on their money than they would with traditional savings accounts.

Instant money transfer: With the Current App, users can instantly transfer money to friends and family with just a few taps. It's a great way to send money quickly without having to wait for traditional banking methods.

Budgeting tool: The Current App also provides a budgeting tool that helps users easily track their spending, set goals, and manage their finances.

No or low overdraft fees: With Current, users can get overdraft up to $200 without any fees. This makes it a great option for those who may find themselves in need of quick cash.

Up-to-date technology: The Current App is powered by the latest technology, making it faster and more secure than ever before.


Only available in the mobile app: The Current App is only available as a mobile app, so users will need to use their smartphone or tablet in order to access the service.

International fees: Current charges a 20$ fee for international ATM withdrawals, which may be too expensive for some users.

Low Interest: While the app offers a limited selection of high-interest returns for current account holders with large balances, the interest rates on their savings accounts are not very attractive.

For instance, the Current Savings Account only has a 1.5% interest rate on balances of $10,000 or more. On the other hand, customers who opt for higher-yield options like the Current Market Account need to maintain a minimum balance of $100,000 to avoid monthly fees.

How To Open An Account In Current 

How To Open An Account In Current 

Opening an account in Current is a straightforward process that can be done entirely through the mobile app. First, download the Current app from the App Store or Google Play Store and launch it on your device.

Next, select "Sign Up" and follow the prompts to enter your personal information, such as your name, address, and Social Security number. You'll also need to provide a valid form of identification, such as a driver's license or passport.

Once you've completed all the necessary steps, you can fund your account and start using it right away. Overall, opening an account in Current is quick and easy thanks to its user-friendly mobile app interface.

Does Current Worth It?

Does Current Worth It?

If you value a wide range of services and mobile banking needs, Current may be worth considering. With faster direct deposits and technological solutions catered to customers' needs, it's no surprise that Current Accounts are highly rated by users.

It's important to note that Current has lower interest rates compared to other banks. That being said, the Current Teen plan is useful for those whose financial institution doesn't provide parental control options.

Whether or not Current is worth it depends on your priorities and what you're looking for in a banking experience.

Current Alternatives

Current Alternatives

The current bank review will be incomplete without mentioning some alternatives for users to consider. That’s why we have curated a list of some good competing banking options:


Chime Financial, Inc. is a fee-free mobile banking service that has gained immense popularity due to its innovative approach to banking. Unlike traditional banks, Chime's customers do not have a direct banking relationship with the banks it uses for its services.

This means that accounts can be canceled without notice, and deposits may not be returned in a timely fashion. However, Chime does not charge monthly or yearly overdraft fees, and there is no minimum balance required for its checking account.

Additionally, customers can enjoy early direct deposit, automatic savings tools, and a debit card with rewards. With over 8 million account holders, Chime has become a trusted name in the world of digital banking.


CashApp is a peer-to-peer payment app that has been making waves since its launch in 2013. With CashApp, clients can easily send and receive money, obtain a debit card, set up direct deposits, and even invest as little as $1 in stocks.

Additionally, users can buy, sell or transfer Bitcoin with ease using the app's built-in features. One of the most impressive aspects of CashApp is that it allows users to file their taxes for free.

Whether you're looking for a simple way to manage your finances or a powerful tool for investing and trading, CashApp has something for everyone.

Varo Bank

Varo Bank is a mobile-only bank that offers its customers top-notch security measures, with data protection provided by 256-bit AES encryption through its mobile app and extensive ATM network.

In 2020, Varo received a national bank charter and FDIC protection, broadening its range of services to include loans, credit cards, and other financial products.

Varo accounts offer competitive annual percentage yields (APYs) and provide further data insights to help customers manage their finances more effectively.

Overall, Varo Bank is an excellent option for those looking for a secure and convenient banking experience on their mobile devices.

FAQ About Current Bank Review

Is Current a trustworthy bank?

Yes, Current is a trustworthy bank that is FDIC-insured and has been accredited by the Better Business Bureau since 2019. The bank also has extensive security measures in place to protect its customers' data.

Is Current bank a real bank?

Yes, Current is a real bank and has been licensed by the U.S. Office of the Comptroller of Currency since 2018 as a national bank. Additionally, it is FDIC-insured and accredited by the Better Business Bureau.

What bank does Current use?

Current works with two main partner banks, CBW Bank and Blue Ridge Bank, to provide its customers with banking services. Both CBW Bank and Blue Ridge Bank are FDIC-insured institutions that offer safe and secure banking experiences.

Is there a fee for using Current Bank?

No, there are no fees for opening a Current Bank account or using the bank's services.

Does Current offer parental control?

Yes, parents can set up parental controls on their child’s Current account to ensure they are spending responsibly and staying within their budget. Parents can also monitor transactions and receive notifications when certain financial thresholds are met.

How much does it cost to open an account with Current?

Opening an account with Current is free. There are no fees for opening or maintaining the account. However, you may get premium service in exchange for 4.99$.

Final Words

Current Bank is a trustworthy, secure, and convenient banking option for those looking to manage their finances on the go. Its extensive security measures, low fees, and wide range of features make it an ideal choice for digital banking enthusiasts.

Whether you want to save money or invest in stocks and cryptocurrency, Current's robust platform provides everything you need. We hope this Current bank review has given you a better understanding of the features and services that this digital banking platform offers.

Michael Restiano

I lead product content strategy for SaltMoney. Additionally, I’m helping our broader team of 4 evolve into a mature content strategy practice with the right documentation and processes to deliver quality work. Prior to Instacart, I was a content strategy lead at Uber Eats and Facebook. Before that, I was a content strategist at SapientNitro, helping major Fortune 500 brands create better, more useful digital content.

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