Current Accounts Review: Spend and Save
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- Banking experience
- Overdraft fees
Overall institution rating
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. But there are limitations to that very high rate, and the bank has limited options for customer support.
Penalty for outsize CFPB complaints: NerdWallet deducted 0.5 star from Current’s overall rating due to the volume of complaints on the Consumer Financial Protection Bureau database relative to its partner bank Choice Financial Group’s asset size. For more information about this penalty, see our methodology page.
Best for: Customers who are looking for a rewards debit card, plan to do most of their banking via mobile app and want a high savings rate despite the low limit of the Savings Pods.
- Stellar 4.00% APY on up to $6,000.
- Cash-back rewards program.
- Well-rated mobile apps.
- No-fee withdrawals at more than 40,000 in-network Allpoint ATMs in the U.S.
- Depositing cash incurs a fee.
- Limit on balance that earns high savings rate.
- No branches.
Deposits are FDIC Insured
4.5/5 NerdWallet rating
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.
Deposits are FDIC Insured
5.0/5 NerdWallet rating
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.
» Want more options? See NerdWallet’s analysis of the best savings accounts and the best checking accounts
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. 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.
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. You can also reach Current on Twitter, by email or by submitting a form on the company's website.
Like more and more banks these days, Current doesn’t charge overdraft fees. Current also allows customers to overdraw their accounts by up to $200. To qualify for this free service, called Overdrive, your account must receive at least $500 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 for Overdrive, transactions that would overdraw the account are denied. If a transaction does go through, the amount must be repaid immediately with a deposit.
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star. How we rate banks, credit unions and other financial service providers.