Current Banking [An Honest Review]

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Current Banking is the embodiment of modern banking – a digital online banking app that charges no monthly fees. Perhaps its competitive advantage is the advantageous features users can take advantage of, including fast direct deposits, specialized accounts for teens, and instant credits on specific holds.

While the premise behind Current’s modern banking system is to provide users with a more convenient, futuristic banking experience, that experience doesn’t come without some undeniable drawbacks. If you’re looking for a modern bank account that makes everyday banking simple or trying to find a checking account suitable for your teen, Current might be the bank that suits your needs. Alternatively, if you’re looking for a bank that will fully accommodate your investing needs, you should continue your search because you won’t be satisfied with Current.

At any rate, this honest review will examine Credit Banking, how it can benefit you and if it’s the right choice for your banking needs. Continue reading below to learn more.

What Does Current Banking Do

Current is an online banking app that offers Visa debit accounts to its users. The account comes with free withdrawals accessible at over 40,000 ATMs across the U.S. They target everyday bank users who prefer basic accounts for paycheck direct deposit with no monthly fees.

Currently, their product offerings include:

  • Spend account with a Visa rewards debit card
  • Savings Pods with a 4.00% APY
  • Crypto buying and selling

Who is Current Banking For

Current features may appeal to the average bank user, but their Visa debit account was designed for a specific user. If you can say ‘yes’ to the following points, you could benefit from a Current account. 

  • You feel comfortable doing all your banking online through an app
  • You want to take advantage of a 4.00% APY savings account
  • You have a teen that is ready for a checking account
  • You prefer checking accounts that come with no fees

Whether you’re new to banking or looking for a basic account that will give you the ease of online banking and no hidden fees, you will find Current beneficial. 

Does Current Banking Charge Fees?

Perhaps Current’s most appreciated and popular feature is their fee chart, or lack thereof. When it comes to banking fees, users don’t need to worry about paying any because they are all waived. Below is a breakdown of the features that typically have associated fees but come at zero cost with a Current Spend account.

  • No minimum balance fees
  • No hidden fees
  • No overdraft fees
  • No in-network ATM withdrawal fees
  • No instant transfer fees (only applicable if transfers are sent to Current accounts)

The common belief among bank users is that if an account is only used for basic everyday banking, there should be no fees associated. As such Current responded to this by saying no to all fees, giving them a leg up compared to their competitors. And if you ask us, we think this is their best-selling point and possibly the feature that attracts their growing number of users. 

Pros and Cons of Current Banking

Pros of Current Banking:

  • No monthly transaction or transfer fees
  • User can put their money to work with 4.00% APY (annual percentage yield) compared to the 0.08% national average
  • Mobile check deposit
  • Users can grow their savings 20x faster with Current’s Savings Pods
  • Users can earn up to 15x points with every swipe at over 14,000 participating merchants
  • Free ATM use at over 40,000 locations
  • No overdraft fees up to $200 (restrictions apply) 
  • Get direct deposits up to 2 days earlier
  • An instant removal of gas holds 
  • Money spending and budgeting tracking are available at no cost
  • Teen banking options

Cons of Current Banking:

  • Banking is only available through the mobile app (if the app is down, there is no alternative option for accessing the account)
  • Users don’t have the option to purchase checks
  • Up to 5 business day hold for manual mobile check deposit
  • Daily ATM withdrawal limit of $500
  • Daily transaction limit of $2,000 

Where is Current Banking Available?

Since Current banking is an online-based app banking, it is accessible to users across the U.S. with no restrictions. All you need is to have access to Google Play or Apple App store and download the app to signup for an account. The first step is to visit the Current Banking website and get started with the signup. This is another one of their competitive features considering many competing banks require you to visit one of their locations to physically open an account.

To check out more online-only banks, check out Bask, CIT and Ally.

What Bank does Current use to provide their banking services?

Current uses Choice Financial Group to provide their banking services. CFG Bank is an FDIC-insured member.

What Are the Requirements to Open an Account?

The minimum age to open an account is 13 years old. In this case, their guardian will be required to set it up for them. For standard accounts, the user will need to meet the following three requirements to sign up:

  • U.S. Social Security Number (SSN)
  • U.S. residential address (P.O. Boxes will not be accepted)
  • Access to a personal smartphone that is set up to receive SMS/text messages

If you can fulfill all these requirements, you are qualified to open an account and get access to all its features.

Current Bank Direct Deposit

One of the things that attract people to neo-banks such as Current is that if you direct deposit into a Current bank account, your money will show up generally up to 2 days faster than traditional banks.

While it may not matter to a lot of people, that faster speed can sometimes be the difference between over-drafting your account or not.

Bottom Line

Current Bank certainly has a few novel and appealing qualities you won’t find at competing banks, such as no monthly fees, the ease of opening an account, and its generous 4.00% APY. That said, they also have significant drawbacks, such as no online or in-person banking, which can become problematic if the app is down with technical difficulties.

As such, if you’re a basic bank user whose only banking requirement is to have access to a card to swipe or tap for transactions, you will benefit from Current. Additionally, if you have a teen who is ready for a bank account, but you prefer to open one that you can control and monitor, you will enjoy this card. On the contrary, if you have issues with the daily withdrawal or transaction limit or prefer an account for investing purposes, this is definitely not the bank for you.

If you ask us, Current does a great job providing a seamless banking experience for the everyday user, but they could benefit by incorporating an online feature to offset app difficulties, and by removing the daily limits.

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