Current Accounts Review: Spend and Save
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Current is a neobank, a nonbank financial technology company that relies on a partner bank to provide FDIC insurance for customers’ deposits. Accounts are accessed primarily through the Current mobile app. Current offers a rewards debit card, plus an interest rate of 4.00% on its Savings Pods for customers with direct deposits. But there are limitations to that very high rate, as explained below.
No overdraft fees.
No monthly fees.
Large, free, nationwide ATM network.
No minimum opening deposits.
No branch access.
Fees for cash deposits.
Limit on amount that earns high savings rate.
Product reviews
Checking
Current doesn’t charge a monthly fee for its Spend account, and there are no minimum balance requirements. The account offers a rewards program, too. Account holders can earn points by using their debit card at select retailers. Points can then be redeemed for cash or other items.
Customers can make fee-free withdrawals at more than 40,000 in-network Allpoint ATMs across the country. The account doesn’t have the option to write checks, but customers can pay bills using ACH transfers or their debit card.
Mobile check deposit is free and available through the Current app, once you’ve successfully received a deposit from a linked external source. But making cash deposits is trickier and will cost you $3.50 for each transaction. Depositing cash requires going to a participating retail store such as CVS or Walmart and having a cashier help you with the transaction.
Current also offers the option to link a teen debit card to the main account for free.
Current Account
Savings
The spending account comes with three Savings Pods for setting aside money for a specific purpose. Current’s Savings Pods offer a rate of 4.00% — a competitive rate, but it’s only for customers who have direct deposits of at least $200. (The rate is technically called a “bonus rate” because Current, which isn’t a bank, pays customers the money.) A balance of at least $0.01 is required to earn interest. The rate without having direct deposits is 0.25%.
It's also worth noting that each Pod is limited to holding a maximum of $2,000, so each customer is limited to earning that high interest rate on a maximum of $6,000. High-interest accounts at some other financial institutions have a higher balance limit or none at all.
» Want more options? See NerdWallet’s analysis of the best savings accounts and the best checking accounts
Current Savings Pod
Customer experience & overdraft fees
Customer experience
What to know about neobanks: Nonbanks such as neobanks can be solid options for consumers who prefer managing money online and don’t mind having a nontraditional place to bank. But neobanks do have differences from banks that can pose risks, particularly in the way deposits are insured:
A neobank such as Current is a third-party banking technology platform that partners with banks to provide accounts to customers. Funds deposited at a neobank are ultimately held at the partner banks. The funds are FDIC insured in the event of a partner bank’s failure and only if the neobank maintained accurate deposit records. (Learn more about how neobanks work.)
If a neobank goes bankrupt, there is no FDIC insurance involved. It’s up to the neobank to ensure customers get their money back, which may involve delays and potential loss of account access. Banks, in contrast, receive prompt assistance from the FDIC if they fail. (Learn about what can happen if a neobank closes.)
Neobank accounts often have low monthly fees and earn strong rates. However, they may lack traditional banking features, including in-person customer service, wire transfers and access to personal or cashier’s checks (often required for large purchases, such as buying a home). Consider these details before opening an account.
Current customer experience: Current’s mobile app earns high ratings. The app lets account holders create budgets to track their monthly spending in different spending categories. Customers can also opt to use the round-up feature, which rounds up debit card purchases to the nearest dollar and puts the difference in a Savings Pod.
Customer support is available 24/7 through the chat feature within the app. You can also reach Current by email or by submitting a form on the company's website.
Some important information regarding the limits to the savings rate and cash back details are buried in FAQs and the fine print on the website.
Overdraft fees
Like more and more banks these days, Current doesn’t charge overdraft fees. Current also allows customers to overdraw their accounts by a certain amount. Current says: "We determine eligibility for Fee-Free Overdraft based on your direct deposit history, account activity, and other risk-based factors." To qualify for this free service, your account must receive at least $200 in monthly direct deposits. Note that ATM transactions, peer-to-peer payments, ACH payments (including bill pay) and Current Pay transactions aren’t covered by this service; those transactions will be declined.
If an account doesn’t qualify, transactions that would overdraw the account are denied. If a transaction does go through, the amount must be repaid immediately with a deposit.
» MORE: See best banks for overdrafts
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.