Current Account 2024 Review
Current is a fintech company has partnered with Choice Financial Group, a member-FDIC financial institution, to provide checking accounts and savings accounts online. (And if you're interested in investing, you can trade cryptocurrency here too.)
The Current Account is a checking account with no monthly fees or minimum balance requirements. It is designed for mobile-centric consumers. The account offers a rewards program, early direct deposit, and no-fee overdrafts.
A Current Account can help you to simplify banking and save money on fees. You might consider one of these accounts if you:
- Want to earn rewards on debit card spending
- Are ready to ditch high banking fees, including overdraft fees
- Would like to earn a competitive rate on savings goals or invest in cryptocurrency
You might choose a different checking account if you need or want to be able to do your banking at a branch. Keep in mind, however, that brick-and-mortar banks might cost you more in fees.
Overall, our verdict is that Current could be a good fit for anyone who's ready to make the switch to mobile-only banking or wants to earn rewards from a checking account. Comparing Current to your existing bank or other checking options can help you find the best one for your needs.
Current Account Pros & Cons
Compared to Other Checking Accounts
Chime Checking
Chime Checking is an online checking account that has no monthly fees or minimum balance requirement. It offers surcharge-free access to more than 60,000 ATMs in the Allpoint and Visa Alliance ATM networks. However, out-of-network ATMs can still impose surcharges--and Chime doesn't refund ATM fees. Qualifying customers can also be eligible for a small overdraft line of credit and two-day early paychecks.
Read our full editorial review of Chime Checking.
SoFi Online Checking Account
SoFi's online checking account has no monthly fees or required minimum balance. The account offers cash back rewards at qualifying local businesses, in addition to some interest earnings on your account funds. SoFi offers surcharge-free access to the Allpoint ATM network of more than 55,000 ATMs--no ATM fee refunds, however. It also offers early direct deposit to eligible customers.
Read our full editorial review of SoFi's checking account.
Ally Bank Spending Account
Ally Bank's Spending Account is an online interest-checking account with no monthly fees or minimum balance requirement. Customers get up to $10 per month in ATM fees, in addition to surcharge-free access to the Allpoint ATM network. For qualifying customers, Ally Bank also provides early direct deposits and a small overdraft lenience program (not a line of credit).
Read our full editorial review of Ally Bank's Spending Account.
Chase Total Checking
Chase Total Checking is the basic checking account from one of the largest U.S. banks, which means an abundance of branches and ATMs across the country. However, it does have a $12 monthly fee, which can be waived when requirements are met. As a national bank, Chase offers a comprehensive suite of financial transactions and services, in addition to excellent digital banking tools and features.
Read our full editorial review of Chase Total Checking.
Rewards Program
Rewards checking accounts are usually the exception, rather than the rule. But it's possible to find checking accounts that offer points or cash back on purchases.
The Current Account is a rewards checking account.
With this account, you can earn up to seven per dollar when you swipe your debit card at over 14,000 participating merchants.
You can then redeem those "swipes" for cash back into your Current account.
Earning back some of what you spend is great, as it's like getting a discount on your purchases. And unlike a cash-back rewards credit card, you're not creating debt or paying interest.
Note: Current teen accounts don't earn rewards.
Interest Rates
Interest checking accounts pay you money back on your balances.
Can you earn a lot of interest with this type of checking account?
It depends on the bank. An interest checking account at an online bank, for example, is likely to pay a higher rate than what you could get at a traditional bank.
The Current Account does not earn interest. But you could earn a competitive APY with Current Savings Pods.
Savings Pods are designed to help you set and reach your financial goals. You can create up to three pods for different goals and earn an APY that's well above the national average savings rate. You'll need to set up a qualifying direct deposit of $200 or more to earn the highest rate. But that might not be hard to do if you're already getting your paychecks via direct deposit.
Current helps you boost savings even more through automatic round-ups. Every time you swipe your Current Account card, the amount is rounded up and the difference gets deposited into a Savings Pod.
Fees
There's no monthly fee at Current so there's nothing to avoid.
That's a nice change from traditional banks, where you might pay $5 to $10 or more each month just to maintain a checking account.
If you're currently paying a fee for your checking account, you might have a few options for avoiding it.
For example, banks can waive checking account fees if you:
- Meet minimum daily or monthly balance requirements
- Set up one or more eligible direct deposits into your account each statement period
- Make a certain number of debit card purchases per month
- Transfer a minimum amount of funds from a linked account
- Are a military member or a minor
Of course, the easier option is to choose a checking account that has no monthly fee.
That way, you don't have to worry about meeting a minimum balance requirement or any other conditions. And you get to keep all of the money you deposit.
Current does not charge the high fees you might expect at other banks. Here's what the fee schedule looks like:
Other Account Fees - Current Account
| Type | Fee |
|---|---|
| Monthly fee | $0 |
| Out-of-network ATM fee | $2.50 |
| International ATM fee | $3 |
| International transaction fee | 3% of transaction |
| Overdraft fee | $0 |
| Stop payment fee | $33 |
| Debit card replacement | $5 |
You won't pay anything to access your account and withdraw cash at 40,000+ Allpoint ATMs.
However, there is a $2.50 out-of-network ATM fee. The ATM's owner could also charge a fee to use their machine.
Account Access
Since Current operates online, you won't be able to visit a branch.
You can, however, manage your money with these options:
- Withdraw cash or complete other surcharge-free transactions at 40,000+ Allpoint ATMs
- Log in to online banking
- Use the Current mobile banking app
Current makes it easy to add funds using remote check deposit. You can also transfer funds from a linked account at a different bank.
It's easy to set up direct deposit for paychecks or other recurring payments. And you can get paid up to two days early.
If you want to send or receive money with another Current member, there's no fee when you use the payment feature in the app.
Customer support is available via secure messaging. Current also has a chatbot that you can use to look up answers to common questions.
There's no phone support or live chat support available at this time.
Opening a Current Account
It's easy to open a Current Account online.
Here's what you'll need to get started:
- Name, address, and phone number
- Date of birth
- Social Security number
- Bank account number and routing number to make your initial deposit
There are no minimum or maximum limits for Current Accounts. So you can deposit a little money or a lot to get started.
Just keep in mind that you're only covered up to $250,000 under FDIC limits.
Once your account is open, you'll get your debit card in the mail in a few business days. But in the meantime, you can use online or mobile banking to transfer funds to your account or send payments to other Current members.
