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 remarkable 4.00% APY — one of the most competitive rates available. A balance of at least $0.01 is required to earn interest.

But it's 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: Neobanks can be solid options for consumers who prefer online-only banking. Funds deposited in these accounts are usually FDIC-insured through partner banks, which will also typically receive customers’ money if a neobank closes, so customer funds are safe. (Learn about what can happen if a neobank closes.) Neobank accounts often have low monthly fees and earn strong rates. However, they may also lack traditional banking features, including in-person customer service and access to personal or cashier’s checks (often required for large purchases, such as buying a home) or wire transfers. 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.