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Founded in 2017 and based in New York City, Current stands out from its competitors by offering fast direct deposits. The checking account is designed to help you manage your money more effectively through the use of a seamless mobile app, no minimum balance requirements, and a free overdraft up to $200.
Summary: If you’re looking to get paid 2 days sooner and track your spending, Current’s account could be a great fit for you.
Deposits & Withdrawals
Safe & Secure
|HQ||New York City, United States|
|Min. To Open||$0|
|Min. Deposit For No Fee||$0|
|Paper Statement Fee||Not Applicable (all statements are electronic)|
|ATM Fee||Fee-free at 40,000 in-network All-Point ATMs in the US|
|State Restrictions||Available in all US States|
Current is not a bank. It is a financial technology company that provides banking services through Choice Financial Group, a member of the FDIC.
The fintech company offers the following accounts to its customers:
|Premium account||Teen account|
|✔️ No monthly service fees||✔️ No monthly service fees|
|✔️ Access to direct deposits up to 2 days in advance||✔️ Standard direct deposits|
|️✔️ Spending insights||❌ No spending insights|
|✔️ Budgets for multiple categories of spending||✔️ A budget for one spending category|
|✔️ Card with Tap to Pay||✔️ White or black card|
|✔️ Instant notification for purchases||✔️ Instant notification for purchases|
|️✔️ 3 savings pods earning up to 4% APY||✔️ 1 pod for donations|
|✔️ Access to overdraft protection with Overdrive||❌ No access to overdraft protection with Overdrive|
Opening an account with Current is simple and easy to do. You can apply here or download the app. You’ll need to have the following information during the sign-up process:
Current will ask you to take a picture with your smartphone to verify your ID.
To be eligible for an account, you must reside in one of the 50 US states, be over the age of 18 years old and possess a valid social security number. In addition, Current requires you to agree to electronic communication channels such as the receipt of monthly statements and end-of-year tax forms.
To qualify for the Overdrive feature, you must maintain a premium account and receive a minimum $500 qualifying deposit over the preceding 30-day period. A qualifying deposit consists of an ACH direct deposit from an employer, payroll provider, or a government payer.
There are no hidden fees when you sign up for an account with Current. Plus, there are no minimum balance fees, no overdraft fees, and no bank transfer fees.
Other fees you should consider when signing up to an account with Current include the following:
There are no fees when you withdraw cash at one of the 40,000 in-network All-Point ATMs nationwide. Out-of-network ATM fees apply, including charges from the ATM operator.
There are many features and perks offered by Current. Some of the most popular perks include the following:
There are many ways you can deposit and withdraw from your Current Banking account. For deposits, you can initiate a mobile check deposit, direct deposit, or an electronic transfer. You can make cash deposits in collaboration with a participating retailer.
For withdrawals, you can use your debit card to withdraw cash or make purchases, or send an electronic transfer.
It’s important to note that there are some withdrawal limits for your account. ATM withdrawals have a $500 maximum daily limit and count towards your overall spending limit. There is a $2000 spending limit for purchases per day and a $5,000 maximum transaction amount for peer-to-peer payments. You can adjust your daily limits at any time within the Current app.
The Current team is available 24/7 via chat inside the mobile app. To get in touch via email, you can send your message to [email protected]. Alternatively, you can fill out a form on the website.
Current’s banking services are provided through Choice Financial Group, a member of the FDIC. Each account is protected by the federal government by up to $250,000 per depositor in the event of bank failure.
Current offers several features and benefits that make it a great solution for mobile banking needs. With an easy-to-use interface, and the ability to get paid 2 days faster, this account is sufficient for the majority of users.
Current is a financial technology company, not a bank. Banking services provided by and Visa® Debit Card issued by Choice Financial Group, Member FDIC, pursuant to a license from Visa U.S.A. Inc and can be used everywhere Visa debit cards are accepted.
Teen accounts do not earn points
The Annual Percentage Yield (“APY”) for Current Interest is variable and may change at any time. The disclosed APY is effective as of April 1, 2022. No minimum balance required. Must have $0.01 in Savings Pods to earn Current Interest on up to $2000 in deposits per Savings Pod up to $6000 total. Please refer to Current Interest Terms and Conditions
Out of network cash withdrawal fees, third-party, and adding cash fees may apply.
Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.
Please refer to Overdrive™ Features Terms and Conditions.