Current Checking Account Review 2024: Get Paid 2 Days Sooner

Katie StinerJanuary 7, 2024

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.

Overall rating

Reviews

Features

HQ	New York City, United States
Monthly Fee	$0
Min. To Open	$0
Min. Deposit For No Fee	$0
Paper Statement Fee	Not Applicable (all statements are electronic)
Overdraft Fee	$0
ATM Fee	Fee-free at 40,000 in-network All-Point ATMs in the US
Rewards	Cashback
Transactions	Unlimited
Debit Card	Visa
Branch Access	None
State Restrictions	Available in all US States

In depth review on Current Checking Account

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

Current Checking Account is best for  

• Free overdraft up to $200: Overdraft protection is available on the premium account where you can spend up to $200 with no overdraft fees, penalties, or late fees. Account overdraft limits start at $25 and are steadily increased after reviewal up to $200.   
• No hidden fees: Current is very transparent about fees and avoids charging hidden fees to its customers. There are no minimum balance fees, no overdraft fees, and no bank transfer fees. 
• Fast direct deposits: You can get direct deposits credited to your account up to two days faster. For example, if your employer makes a direct deposit and your paycheck would normally be available to you on a Wednesday, you would receive your deposit by Monday. 

Current Checking Account benefits

• Fee-free ATM withdrawals: There are no fees when you withdraw cash at one of the 40,000 in-network All-Point ATMs nationwide. There is a convenient ATM locator in the app, so you can find an ATM located close to you.  
• No minimum balance: There is no minimum balance required on the account to keep it open. 
• Instant transaction alerts: All accounts come with instant notifications for purchases, so you can keep track of your balance at all times.  
• Cashback rewards: You can earn points with over 14,000 participating merchants nationwide. These points can be redeemed for cash or other items in the Current Shop. 
• Fast application process: Current has a fast sign-up process. You can download the app and sign up in less than 2 minutes.  
• Easy-to-use mobile app: Current offers a highly rated easy-to-use mobile app that helps you manage your finances and spending.
• Teen accounts available: Parents can open an account for their teens that provides a Visa debit card with tools on how to manage and budget money. Plus, parents can block merchants, automate allowance payments, and receive notifications on the teen’s spending.  
• High APY: Current members can receive a 4.00% APY on up to $6,000 in their Savings Pods

Current Checking Account drawbacks  

• Limited customer service: You cannot call customer service. At the moment, you need to fill out a form on the website or email support to get in touch.  
• No physical branches: There are no physical branches available and no way to access in-person support.  

Account opening 

5

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: 

• Full name 
• Valid US address 
• Date of birth 
• Email address 
• Phone number 
• Government-issued ID 
• Social security number 

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.  

Fees  

4.5

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: 

• Domestic cash withdrawal fee: $2.50 (outside of All-Point network) 
• International cash withdrawal fee: $3.00 plus the currency exchange fee (per transaction) 
• Currency exchange fee: 3% (of the transaction amount per transaction) 
• Replacement card fee: $5 (per replacement card) 
• Cash load fee: $3.50 (per transaction at participating partners) 

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.  

Features 

4.5

There are many features and perks offered by Current. Some of the most popular perks include the following: 

• Cashback: You can earn points that can be redeemed for cash or other items every time you swipe your card at one of the 14,000 participating merchants. Points are instantly added to your account, and you can use the Points tab in the Current app to find the nearest participating locations.  
• Faster direct deposit: The premium account allows you to get paid up to 2 days early.  
• Teen Banking: You can transfer money into your teen’s account and monitor spending habits through instant notifications of purchases. Plus, the account allows you to block merchants and pay your child for chores completed. 
• Gas hold removals at the pump: When you purchase gas, a hold is automatically put on your card until your payment clears. This hold can amount to $50 or more. Premium members can benefit from instant removal of gas holds, giving you access to your full balance at all times.  
• Visa debit card: Current members can benefit from a Visa debit card to make purchases. 
• APY: Receive a 4% APY on balances up to $6,000.

Deposits and withdrawals 

4.5

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.  

Customer service 

4.5

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 support@current.com. Alternatively, you can fill out a form on the website.  

Safe and secure 

5

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.   

Is Current Checking Account right for you? 

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.