Current Accounts Review: Spend and Save

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.

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 $500. (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.

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, with customers rating the Android version 4.6 stars and the iOS version 4.7 stars, both out of 5. 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. Live customer service by phone is available for customers Monday-Friday 9 a.m.-8 p.m. ET. The number is only shown to logged-in customers, not other visitors to Current’s website. You can also reach Current by email or by submitting a form on the company's website.