A mobile-focused money management option
Finding the right place to keep your money can be difficult. You want an account with low fees and useful features that make it easier to manage your money.
Current is a mobile-oriented option offering useful features such as prepayments and refunds and might be of interest to customers looking for an easy-to-use online banking.
Here are some of the main features of Current.
Advance pay day
Sometimes you need the cash quickly. It can be painful to wait until payday with just a few dollars in your account. With Current, you can get paid as early as two days before your actual payday.
If you sign up for direct deposit, most employers send your paycheck to your bank a few days before your official payday. This gives your employer and the bank a chance to handle the money transfers and sort out issues.
Instead of making you wait for your payday, Current gives you your paycheck when it receives the funds, up to two days before payday.
Related: Banks offering early direct deposit
Discovered free of charge
Another benefit for people who often have a low account balance is the free overdraft. With Current, you can spend money until your account reaches a balance of – $ 100 without incurring an overdraft fee.
To be eligible for this service, you must register for direct deposit. When you receive your next paycheck, Current automatically applies it to your negative balance, paying off the amount you owe.
Related: Best No-Fee Banks
Cash back rewards
One of the downsides of using a debit card over a credit card is that debit cards usually don’t offer rewards. With a rewards credit card, you can get up to 5% of the amount you spend on rewards, if not more.
Currently, things are changing, giving you rewards when you make purchases with your debit card. Current partners with different brands and merchants to deliver these rewards.
When you buy something from a participating merchant, you can claim up to 15% in rewards. You can redeem your rewards for cash back directly to your checking account.
Learn more: Current Visa Debit Card Review
Refunds pending gasoline
When you use your debit card to make certain types of purchases, the company you are paying may suspend some of the funds in your checking account. This is especially common in places like gas stations, where you swipe your card before you know exactly how much you’ll owe.
For example, when you buy gasoline, you swipe your card before refueling. The gas station could put a hold of $ 50 on your checking account. This is to make sure that you have at least $ 50 in your account so that you can afford the amount of gasoline you will buy.
Once you’re done filling your tank, you know how much you actually owe, but the $ 50 hold remains. At most banks, it can take a day or two for the gas station to take the amount owed and release the rest of the money in your account. During this time, this money is in your checking account, but you cannot spend it.
Current instantly releases funds held by gas stations when you are done filling your tank. This means that you will have less money blocked in your account, which you cannot spend, and more freedom to use your money as needed.
Current also aims to make it easier for people to save money by offering savings modules. You can set up multiple savings modules to track different goals.
For example, you can set up one capsule to hold your emergency funds and another that you can use to save for a vacation.
Current allows you to automate your savings by making regular transfers from your current account to your savings modules. You can also sign up for debit card roundups. If you do, every purchase you make will be rounded up to the next dollar, and Current will deposit the rounding into one of your savings modules.
For example, if you buy a lunch for $ 14.39, Current rounds the purchase up to $ 15 and puts $ 0.61 in one of your pods. This makes it easy to save money without having to think about it.
Learn more: Best Summary, Automated Savings & Micro Savings Apps
Banking services for teens
Teaching teenagers what money is and how to manage it is difficult but important. Current offers a debit card designed for families with teens that gives parents tools to help them teach their children to manage their money.
You can instantly transfer money to your teens’ spending accounts and get notified whenever they spend money. You can even set up tasks in the app and automatically pay your teenager as they complete them.
If you want, you can set spending limits or block certain merchants, which allows you to make sure your kids are spending their money responsibly.
Teens have access to many of the same features as their parents, including advance paychecks and automated savings, as well as the financial freedom of having their own debit card and checking account.
Prices and fees
Current does its best to make its pricing transparent and easy to understand. It presents itself as offering an account with no hidden fees or surprise fees.
The basic account has no monthly fees or minimum balance requirements. There is no overdraft fee and you can withdraw free of charge at over 50,000 ATMs across the country.
To unlock most of Current’s features, including prepayments and several savings modules, you must subscribe to Current Premium. It costs $ 4.99 per month.
Additional fees apply if you want to take advantage of Current’s teen banking features. You will pay $ 36 per year for each teenager you sign up for a card.
Signing up for Current is easy. Download the app from the App Store or Google Play Store, open it and register with your email address or phone number and password.
Like any bank account, Current will ask you to provide certain personal information, such as your name, address, and social security number.
You will also need to link an existing bank account in order to fund your checking account. It usually takes a few days to transfer the funds.
Once your account is set up, Current will send you a debit card. When it happens, you can activate and start using your new account.
Current’s mobile experience is excellent. In fact, you cannot log into your account through a computer’s web browser. You need to manage your account through the current app.
The app is well designed, stylish and easy to use. It has been rated positively on the App Store and Google Play Store, earning an average of 4.7 out of 5 stars across both stores.
Related: Best mobile banking apps
Whenever you trust a company with your money, you want to make sure they take security seriously. This is especially true for online banks that have a lot of personal information and have access to the cash you need on a daily basis.
Current uses industry standard practices and technologies to protect your information. Current has also partnered with the Metropolitan Commercial Bank, an FDIC insured bank, to offer its banking services, which means your account is fully FDIC insured.
This means that even if Current goes bankrupt or is unable to return the money you deposited, the FDIC can refund the money you lose, up to a limit of $ 250,000 for individual accounts.
Related: Best (and safest!) Online banks
Customer Support / Service
When looking for an online option to manage your money, it’s important to understand how customer service works. You can’t just walk into your local branch and ask someone for help. You will need to get help by phone or online chat.
Current has a knowledge base that you can use to answer basic questions about your account and how different features work.
If you need more personalized assistance, you can message Current through their website or do a live chat through the app. Chat representatives are available 24 hours a day on weekdays and 9 a.m. to 8 p.m. EST on weekends.
If you want help talking to someone over the phone, support is available weekdays from 9:00 a.m. to 6:00 p.m. EST. No phone support is available on weekends.
Advantages and disadvantages
Before signing up with an account with Current, it’s worth considering its pros and cons.