Current 2022 Review: A Competitive APY, But Limited Customer Service Options

Unlike traditional brick-and-mortar operations, Current is based in New York City new bank which works with Choice Financial Group. This fintech mainly offers banking services through mobile applications. Consumers can choose between a checking account or a high-yield savings account, also known as a “capsule savings account.” In addition to these traditional banking services, current users can also buy and trade crypto, manage their budget, and collect rewards.

Deposits into your checking account are FDIC-insured, and Current offers a Visa debit card and free withdrawals at more than 40,000 ATMs nationwide. All rates and fees are current as of November 8, 2022 and are subject to change.

Current offers

Current offers two types of accounts: a checking account and a high-yield savings account.

checking and savings accounts

Current expense account

  • APY: $0
  • Fees: $0
  • Minimum deposit at opening: $0
  • Reward: 15x points on purchases at participating retailers.
  • Permissions to write checks: none
  • debit card: Yes

Savings account with high return

power saving pod

  • APY: 4.00%
  • Fees: $0
  • Minimum deposit at opening: $0
  • Minimum balance to earn APY: $0.01
  • Maximum credit: $2,000 per savings capsule. Customers can open a maximum of three savings capsules for a total of $6,000.
  • debit card: Yes

Other services Current offers

Current offers a number of other benefits and services to its account holders. Some important advantages are:

  • Faster direct deposit: Current allows you to get paid up to two days early when you sign up for direct deposit.
  • Overdraft protection: Current’s Overdrive™ feature allows account holders to overdraw up to $200 with no overdraft fees.
  • Teen Banking: Parents can link a teen debit card to their main checking account to teach their kids how to manage their own money.
  • Investing in Cryptocurrencies: You can buy up to 27 of the most popular coins right in the Current app, including Bitcoin, Ethereum, Dogecoin, Shiba Inu and more.
  • Points and Cashback: Checking account holders can earn up to 15x points every time they swipe their card at over 14,000 participating merchants across the country. These points can then be redeemed for cash in their checking account.
  • Gas storage tank removal: Current instantly removes gas reserves that stations have deposited on debit cards at the pump, making all account balances available immediately.
  • Money Management Tools: Current helps account holders with budgeting tools to track their spending and meet their money goals.
  • Current tags: With Current, you can instantly send and receive money to other members on Current for free using your unique Current ~Tag.

The current platform and customer support

Customers banking with Current can sign up for an account online, but they will primarily be banking through the Current Banking mobile app, which has over four stars on both the App Store and Google Play. As far as customer service goes, Current has limited options with no phone or online chat service. For assistance, customers must complete a request online and will be contacted via email or chat support within the mobile app.

Pros and Cons of Current

Current offers a more modern approach to traditional banking, and while that might be a selling point for some consumers, it might not be the best consumer banking option across the board. Here is an overview of some of the main advantages and disadvantages:

Pro: Current works with an FDIC-insured bank. Although Current is not a bank, depositors are insured up to $250,000 for each category of account holder through Current’s partner bank.

Pro: Current offers a lucrative cashback rewards program. Existing customers can collect 15x points for purchases at participating retailers.

Con: Current does not have a customer service number. For customers who have questions about their account, reaching a real human might be a problem as Current doesn’t have a direct customer service number. All service requests must be made through Current’s website, where customers can submit their information and await an email response.

Cons: There is a fee for depositing cash into your checking account. Current charges a $3.50 fee for depositing cash into your account.

frequently asked Questions

Is Current a real bank?

Current is not a bank but a financial technology company that offers banking services and is sometimes referred to as a neobank.

Which bank does Current use?

Existing customer banking services are provided by Choice Financial Group.

Is Current a safe bet?

Current is FDIC insured with Choice Financial Group. Depositors are protected in the event of a bank failure for up to $250,000 for each category of account holder.

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