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Current Account -
Current Teen Account
Pros and cons
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Current Account
The Current Account is a solid free hybrid checking/savings account. It might be appealing if you're comfortable keeping your money all in one place and looking for budgeting tools and savings features.
Most notably, Current banking lets you earn up to 4.00% APY through a savings feature called a Savings Pod. A Savings Pod may be used to save money for individual goals, and you can add an image and description to label how the money will be used. Each account has three Savings Pods, which can hold a maximum of $2,000 per pod.
You'll also get some notable perks common in checking accounts — for example, the Current Account has a two-day early direct deposit and lets you earn cash back on debit card purchases.
Current Teen Account
Current banking also has a debit card for teens. To be eligible for the debit card, at least one parent will have to get a Current Account. Teens will need to open and link a separate account through a QR code.
Teens will be able to manage their debit card through the Current Teen Account, which doesn't have minimum balance requirements or monthly service fees.
With the Teen Account, you also have the unique option to donate to charities — choose from a list of organizations and save money through a Giving Pod.
How Current works
Current is a mobile fintech platform with banking products for adults and teens. Anyone over the age of 18 may open a hybrid checking/savings account. You may also open a debit card for a minor if you're a parent, but you'll have to open a Current Account first.
While Current isn't a bank, its banking services are issued through Choice Financial Group (Member FDIC). You may safely keep up to $250,000 in an FDIC-insured bank account.
If you have questions about Current banking products, you'll have to search through the website FAQ section or submit an email request. You can't call a customer representative on the phone.
The platform's mobile app is rated 4.6 out of 5 stars in the Google Play Store and 4.7 out of 5 stars in the Apple store.
Current trustworthiness and BBB rating
The Better Business Bureau rates businesses by assessing how they respond to customer complaints. Current has a D rating because the BBB has received a high volume of customer complaints, and Current hasn't fixed the recurring problems customers complain about.
BBB ratings aren't necessarily the be-all and end-all. You may also want to talk to current customers or read online customer reviews.
Current vs. Chime
See how the Current banking app compares to Chime, another popular fintech banking platform.
Choosing between Current and Chime may depend on what you prioritize in your banking experience.
Current offers a higher interest rate than Chime, but there are account balance limits — you only be able to earn 4% APY on up to $6,000 in Saving Pods. Money that isn't kept in Saving Pods won't earn any interest.
Meanwhile, Chime has a bit more of a straightforward approach. The Chime Savings Account pays 2.00% APY, and there aren't any limits.
You may also prefer Current to Chime if you're looking for more unique budgeting features. You can create a budget to keep track of your spending in certain categories or earn cash back on debit card purchases.
Current vs. Spruce
Current banking and Spruce both offer mobile banking products. See how the two stack up below.
Your decision between these two mobile banking platforms may ultimately hinge on how you would conduct your finances.
With Current, you'd be opening a hybrid checking/savings account. A hybrid account combines savings and checking features. You'll earn a high interest on money kept in three Savings Pods like you would with a savings account (although, there's a limit of $2,000 per pod). In terms of checking account features, you'll be able to receive early direct deposit and have access to a debit card.
Spruce has separate savings and checking accounts. The Spruce Spending Account also has a debit card and offers early direct deposit. Meanwhile, the Spruce Savings Account lets you save for individual savings goals. You won't be able to earn any interest on your savings, though.
Frequently asked questions
You can open a Current Account and Teen Account, and there are no monthly service fees or subscription fees.
Can I deposit cash in the Current Account?
You may deposit cash at over 60,000 stores. You may also link an external bank account and make transfers to deposit money into a Current Account.
If you're looking for more online-only institutions that accept cash deposits at ATMs or stores, review our list here.
You'll have access to 40,000 fee-free ATMs in the Allpoint ATM network.
You may withdraw up to $500 daily from ATMs. The debit card has a daily spending limit of $2,000.
Current does not permit daily limit increases, so you won't be able to make one-time withdrawals or debit card purchases that exceed the limits.