Current Bank Review: Pros and Cons

According to the national survey, nearly 96% of US households have at least one bank account. However, with numerous banks of all calibers competing for your attention on the market, choosing the right one is more difficult than ever. With this in mind, is Current a good bank for your needs? In this review, we will discuss what it offers to new and existing account owners, discuss its pros and cons, and determine if it is worth trusting.

Current Bank Review: What Makes it Stand Out

Current is a mobile banking platform designed for managing your digital finances, supported by Cross River Bank and Choice Financial Group. This bank is online-only and has no physical branches, which gives it an interesting mix of advantages and downsides.

Is Current a checking account?

Basically, you get a debit card to receive paychecks via deposit and make daily transactions. Money is accessible on demand, and you can spend it as you would with any other bank.

Budget control

Current offers a flexible and handy budget control tool. You can divide your funds into categories and set an individual spending limit for each. The application tracks spending and sends notifications if it exceeds the limit.

Saving pods

Account owners can open up to three pods for saving. You can also earn a bonus of up to 4% and up to 2,000 USD by opening a direct deposit of 200 USD or more. By the way, this bonus is higher than any other average annual percentage yield. For the deposits below 200 USD, the savings bonus is 0.25%.

Current reward program

Current allows account holders to earn points by spending on purchases from any of over 14,000 participating partners. The list includes gas stations, restaurants, and even some small local businesses. You can always find the nearest partner offers in the bank’s mobile app. Every 100 points grants you 1 redeemable dollar.

Build card

The build card works like any other secured credit card, but doesn’t charge an annual fee or interest. Here, spending balances are based on the money you add to your account. Once you pay down the balance, the service reports your timely payments to TransUnion and the other major credit bureaus, helping build a positive credit history. If you fail to pay on time, you will be charged a 3% late fee on the outstanding balance.

Account types: Current card reviews

Current offers two types of accounts:

• Individual;
• Teen.

An individual account is a debit card for daily spending or a build card for improving your credit score situation. Both provide access to direct deposit within up to 2 days. Paycheck advance can reach up to 750 USD.

Also, a parent who’s already a client can open a teen banking account for their child. The offer includes a debit card for daily spending and comes with instant money transfers. Teens can withdraw cash from ATMs and use standard direct deposit. If the child purchases anything using the card, the mobile application sends an instant notification to keep the parents informed.

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Pros of the Current Bank

First, let’s check what kind of advantages you can get by using Current Bank and what makes it a good choice for digital financial management.

No fee and deposit requirements

Current doesn’t set the monthly fee and interest, allowing you to avoid extra spending. As a bonus advantage, there are no minimum requirements for opening a deposit, which means you can start with any balance.

High bonuses for saving pods

If you open a deposit of 200 USD, you will receive a 4% bonus, up to 2,000 USD, as we’ve mentioned above. This feature makes opening a deposit a far more attractive prospect.

Cashback

Given the wide range of partners, the Current’s cashback feature is likely to come into play no matter what lifestyle you lead.

Building credit history

The bank reporting on-time payments to TransUnion and the other major credit bureaus helps build a positive credit history.

Cons of the Current Bank

As always, it’s better to be safe than sorry, so let’s see what disadvantages the bank has. We leave it up to you to decide how meaningful these are.

No joint accounts

Joint accounts can be shared among several individuals, which can be extremely convenient. Current Bank reviews state that this financial provider does not offer such a service.

Limitations

This digital bank doesn’t have a dedicated ATM network. This disadvantage will become especially noticeable when traveling abroad, as you’ll have to pay about $2.50 plus a 3% foreign transaction fee each time you withdraw cash from an ATM.

Special terms for getting bonuses

The 4% bonus is available only if you make a monthly deposit of at least $200; a smaller deposit will drop the bonus rate to just 0.25%, making it much harder to grow your savings. Saving pods can accept no more than 2,000 USD per pod, so if you’re after a higher return rate, consider putting your money into a high-yield account in another bank.

No physical location

The main feature of Current Bank is its status as a digital-only platform. It means you won’t have access to your account any other way except through your online account. So, if anything goes wrong, you will have to solve problems in online mode, which can be inconvenient for some users.

Final words

To summarize our Current review, it is a reliable bank for opening checking accounts that offers a uniquely digital way of controlling your money. Knowing the pros and cons of Current Bank, you can decide for yourself whether it is worth trying. Current has a positive rating, and, if its account owners’ reviews are to be trusted, provides an excellent user experience.