Current Bank Review
6 Must Knows (Before Signing Up)
Neobanks or digital banks like Current Bank are becoming a popular way for banking for most people. And for good reason – low fees and higher interest rates as well as excellent apps make old schools banks seem well … old school.
But deciding which to choose can be challenging because there are so many these days and they offer different things.
Check this out:
Some neobanks are awesome for savers and other for investors. Others are great for building a credit scores so you can get cell plan or rental.
There is something for everyone.
Of course losing your hard-earned money through hidden fees and surprise charges is also top of the “to be avoided” list.
Luckily, this isn’t your typical platform review article. We’ve outlined everything that you need to know to help you make the best decision.
Let’s dive right in!
Full Disclosure: While we aim to show you the good and the bad in every review so you can make the best choice, there may be links contained in this page which are affiliate links (and while not costing you anything) do earn us a commission if you click on them and decide to use the service. In many cases we also get the opportunity to provide you with discounts and offers as part of using the link. Cheers and Thank You!
Quick Takes
Current Bank has over 2,100 reviews from active users with a rating of 3.8/5 which is considered “Great” on Trustpilot. 68% of the 2,100+ users’ reviews gave this popular online banking platform a 5-star rating citing ease of use with a highly responsive customer support.
They additionally mentioned that Current Bank is fast compared to most of its competitors.
| ? Established | 2015 with its headquarters in New York |
|---|---|
| ???♀️ Number of Clients | 4,000,000+ users (November, 2022) |
| ? Currencies Supported | USD and Crypto |
| ? APY on Saving Pods | 4.00% on up to $6,000 (September, 2022) |
| ? Physical Officies | No physical offices – fully online |
| ? Availability | Web and Mobile (Android and iOS) |
| ? Security | Enterprise-grade Security |
| ⭐️ Reviews | 3.8/5 from 2,100+ reviews on Trustpilot – Great review for neobanks. |
| ? Official Website | Visit Current Bank |
1. What can you do with Current Bank?
Opening a Current Bank account allows you to enjoy its awesome features and services.
Check out some of its core features and services:
- Rapid Direct Deposits – Current funds your account quicker than other banks. For example, after payroll submission by your employer, salary transfer to your account is exceptionally fast (up to 2-days faster than other banks).
- Cash Deposits – You can deposit cash from 60,000 different points.
- Savings Pods are Current’s money saving feature which allows you to save money for whatever reason you may have. Basic account holders get one pod while the premium account holders get three pods. Teen account holders also get one saving pod plus a giving pod. The giving pod allows the account holder to donate money for charity, or for any other cause. The money you want to save gets deposited in pods automatically.
- No Overdraft Cost – This feature is available for premium accounts only. You can overdraw $200 for free which will be deducted automatically from your paycheck without any additional fee(s) using Current Bank’s Overdrive feature.
- Debit Card Rewards – Current Bank gives rewards to clients who purchase goods or services using Current debit card. Clients’ reviews showed that they were satisfied with the platform’s rewards (up to 15x points).
- No Gas hold charges – Some gas stations hold extra funds for three days to complete the transactions. Current refunds the holdup charges instantly to your premium account.
2. Is Current Bank Right for You? (And When It’s Not)
Check out this comprehensive analysis which will help you determine whether Current Bank is ideal for you:
When Current IS right for you
- If you want to be paid quickly
- If you want to send and receive money instantly for free.
- You want instant refunds for gas hold charges.
- If you don’t want to maintain a minimum balance.
- You want good cashback rewards.
When Current IS NOT right for you
- You want to maintain more than $10,000 on your debit card.
- You want an overdraft of more than $200.
- You don’t want to pay international ATM or transaction fee.
2.1 Current Bank Alternative
| Platform | User Needs | Why we think it is better |
| Chime | Need to maintain more than $10,000 on your debit card. | Chime is one of the leading neobanks with over 12 million users. The platform does not have a minumum balance or maximum amount needed to earn you more money. In addition, Chime has a partnership with two banks and doesn’t have any overdraft charges covering up to $200. Read our comprehensive review on Chime. |
3. How Much Does it Cost to Use Current Bank?
Current offers three types of accounts that come along with different costs and benefits. We’ve summarized them for you below.
| Type | Basic | Teen | Premium |
|---|---|---|---|
| Cost | Free | $36/yr | $4.99/mo |
| Rapid Deposit | Normal | Normal | 2 days early |
| Debit Card | Regular chip | Regular chip | Tap to pay chip |
| Savings Pods | 1 | 1 + 1 giving pod | 3 |
3.1 What are the Fees?
Knowing an online banking platform’s fees and guarantees is an essential factor that you should consider. What’s more important is whether your preferred banking choice is transparent. As such, Current Bank’s website is transparent about its fees and guarantees.
Check it out:
| Service | Fees |
|---|---|
| Account fee | Basic (free), Teen ($36/yr), Premium ($4.99/mo) |
| Cash Deposit | $3.50 |
| ATM | Domestic (free), International ($3), Domestic out-of-network ($2.50 + ATM fees) |
| Replacement card | $5 (each) |
| Transactions | Domestic (free), International (3%) |
| Overdraft | Free |
| Expedited Card delivery | $20 |
4. How to Sign Up and Use Current Bank
Anyone with a US residential address (P.O not allowed), a smartphone and a social security number (SSN) can open a Current bank account. Minors can also open accounts with the consent of a parent or guardian. You’ll need to submit a valid identification card, e.g., state ID, driver’s license, or passport.
To open an account:
- Download the current app from Google Play or the App Store. You can also request a download link on current.com
- After installing the app, click on the “Get Started” icon and carefully follow the instructions on the screen. After filling in the details, you’ll receive a verification code on your phone.
- Next, you’ll be asked to take a photo of your government-issued identity (e.g driving license) and a selfie for verification.
- The review process does not last more than a day. After that, you are free to use your account.
5. What do Current Bank Customers Say (including Negative Reviews)?
Current Bank has good ratings from customers on almost all platforms that we surveyed for this review. For example, 68% of users gave Current Bank a 5-star rating on Trustpilot.
Unfortunately, 22% of the users gave Current a 1-star review citing security issues and account closures.We’ve summed up our findings from customer reviews below. Check them out:
The Good
Current’s customers like
- Positive experience with spending and saving controls
- Fast and free deposits
- Free overdraft and rewards
- Good customer service response
- Cutting edge feature-rich app
Here’s what a customer, Kingreed, said about Current:
“I love banking with current the service is great and it’s easy to use current has great customer service I appreciate everything thank you.”
The Bad
Most complaints were about
- Physical cash deposit issues
- Fraud and internet theft
- Customer service problems
- Account closure without notice
Here’s what a dissatisfied user said:
“Absolute Scam! Deposited 2k into my savings and it is missing, they have no record of it, will not give this back to me. Customer service is not helpful and cannot even find out where it is or how long it will take to be available in my current account.”
6. Is Current Bank Safe?
Current Bank is secure. It has a partnership with Choice Financial Group for account insurance. The choice financial group is insured by the Federal Deposit Insurance Corporation (FDIC). Therefore, Current has indirect FDIC insurance.
Current Bank uses encryption all around to safeguard transaction and account data. Its account security features also follow cybersecurity standards in the industry.
However, we strongly recommend using a unique and strong password (alphanumeric and special characters) changing your account’s password regularly. In addition, setting text alerts for transactions and using multi-factor authentication (2FA) on your account is also essential. It enhances your account’s security.
7. Wrap Up on Current Bank Review
Current bank is an ideal option for those who want to ride the rising tide of digital-only banks. You get exactly what you see without hidden charges or fees. It not only has all the features that a traditional brick-and-mortar bank does, but it also offers some brilliant innovative tools. (Jump here to see what Current Bank offers.)
You can get detailed insights into your spending habits and activity. Saving pods also offer you the ability to save money on the side without even being aware of it. The design of the mobile app is well thought out. It offers excellent streamlined functionality along with advanced innovative features.
7.1 Can You Trust Current Bank with Your Money?
Absolutely! As far as we can tell, Current Bank is a safe banking platform. Its enhanced security features, e.g., secure bank connections, secure transactions, in-app biometrics, etc. should keep your money safe. In addition, there are no hidden charges that might consume your hard-earned money.
1. How Long Does it Take for a Deposit to Appear in My Current Account?
It takes 3 – 5 business days for a deposited check or money from a funding source to reflect in your Current Bank account. If you deposited a check or initiated a deposit from a funding source after 5 PM EST, you will have to wait for the next business day for Current Bank to start processing your deposit request.
2. Will I Be Charged Any Fee When Adding Cash to My Account?
Put simply, Yes, you will be charged a $3.50 fee which will be deducted from your available balance. However, the fee will not be deducted from the cash you want to add to your account. It will be deducted from available money in your account.
Current Bank Review - 6 Must Knows (Before Signing Up)
Current Bank has reviews on Trustpilot (3.8/5 from 2,100+ users). Discover its pros and cons by reading this in-depth Current Bank review.
Application Category: Finance Application
3.8