Current Bank Review 2022: Future Mobile Banking App

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When considering banking options, millennials want convenient solutions that fit their lifestyle; because of this, Mobile-only banks are becoming popular among millennials and Gen Z since they use mobile apps and online interfaces for most of their activities. You can borrow money, pay your bills, deposit checks, transfer funds, and invest in stocks through these banks without visiting a branch.

That’s where the Current Bank steps in. In this article, we’ll look at what Current is, how it works, and what it offers anyone looking for a mobile-only banking experience. Let’s get started.

What is Current Bank?

Current is a US-based mobile banking app offering a current account service designed to make banking easier while allowing users to manage their money more effectively. Stuart Sopp, the company’s CEO, founded it in 2015. It is based in New York City. This challenger banking app has 15 investors, With over $402 million raised over four rounds. It serves more than 2 million users.

Current’s deposits are covered by the standard insurance coverage limit of $250,000 per depositor, provided by Current’s partner bank, Choice Financial Group.

Who is Current Bank For? 

Current is an excellent app for people who prefer not to visit a bank branch and only intend to utilize their phones for banking. Additionally, you can withdraw cash, pay bills within a few taps, check balances, and transfer money between your accounts. 

So, if you’re a student or someone who wants financial convenience, this app is for you. However, we’d advise against the Basic Account since it lacks many features. 

On the other hand, the Premium account is more reasonable, while the Teen Account is ideal for parents who want their children to learn financial responsibility early.

Meanwhile, it’s not ideal for people who’re looking for an extensive range of features, such as saving accounts, C.D.s, and loans.

How to join the Current Bank?

Check out the latest Current Bank Promotion to get a welcome bonus and reward. Here’s the process to sign up for a Current account

  1. Download Current’s app from the Google Play Store or Apple App Store. you may also request a download link On Current’s website
  2. Provide your personal information like your name, email address, phone number, mailing address, and social security number.
  3. (Optional) Fund your account with a debit card or bank account

After signing up, you will receive your debit card by USPS Within seven to ten business days. The good news is that you don’t have to wait seven to ten days before you can use your account. The Current feature allows you to use a virtual card that can be added to your digital phone wallet while waiting for your physical cards to arrive.

Current Bank Accounts 

Current offers two types of accounts – Basic and Premium – as well as special accounts for parents and teens. Here’s what you need to know before signing app

Basic Account

Basic accounts are free, meaning you will not need to pay any maintenance fees or other fees. They have fewer features than Premium accounts but are still beneficial, as client reviews confirm. 

A basic account does not require a minimum balance or initial deposit. Direct deposits take a standard amount of time to process. You get access to one savings pod and budgeting tools to track and manage one spending category. Each time you purchase a specific product, you are notified. You can monitor the amount you spend and how much you spend.

Premium Account

A Premium account costs $4.99 per month. Similarly, this is a no-deposit checking account with no minimum balance, but it comes with an exclusive debit card and additional features like faster direct deposits, three savings pods, and instant gas station refunds. Additionally, you can create and manage budgets for different spending categories.

Parent/Teen Account 

The parent/teen account is another great feature of Current as a Neobank. You will be able to track your teenager’s spending habits and help them manage their finances by linking their account to yours. You can track where they make purchases and block some stores through the mobile app. Additionally, the account has other valuable features, such as setting chores and rewarding your child when they complete them. Besides automating allowances and spending limits, you can also quickly send money to your children abroad.

The teen banking account comes with a Visa debit card, allowing teens to shop online, withdraw money from ATMs, or make purchases via Apple Pay. The Current card is an excellent way to teach your kids budgeting and spending, though it isn’t like traditional credit cards for young people who build credit and offer additional benefits. Current Teen Banking offers a 30-day free trial, after which you will be charged $36 for the annual maintenance of a single teen account. 

Top Features of Current Bank

This web-based bank provides efficient, convenient, and affordable online banking solutions. Check out what you’ll get when you open a Current Account:

  • Fast direct deposits. The current main selling point is fast direct deposits. The company claims to be able to transfer funds to your account two days faster than traditional banks. The Federal Reserve notifies Current to send the money to your Premium account as soon as your employer sends your payroll information to Current on how much you should be paid.
  • Savings pods. Both Basic account owners (one pod) and Premium account owners (three pods) have access to this saving feature. If you want to fund your pods, you can deposit money directly or use the round-up feature in the Current mobile app, which will credit your pods with the difference every time you purchase. Unlike a traditional high-yield savings account, you won’t get interested in the money you deposit, but it is a convenient way to start saving by setting aside you can still deposit cash. 
  • Cash deposit. Even though Current is an online banking platform without local branches, you can still deposit cash. You can deposit cash into your account anywhere in the U.S., thanks to the collaboration with over 60,000 stores. 
  • Debit card rewards. According to Current debit card reviews, clients are especially pleased with the debit card rewards program, which is usually found only with cashback credit cards. You can earn up to 15x points when making purchases in certain stores with the Current debit card, and these points can be redeemed for cash. 
  • Free overdraft. Current offers a free overdraft through its Overdrive feature. In other words, if you have a Premium account and receive a minimum of $500 in direct deposits each month, you can overdraft up to $100 cost-free. The money will be deducted from the next paycheck.
  • Instant gas hold refunds. There are some gas stations that hold money (more than you spent on gas) until the transaction is complete. With the Current app, you don’t have to wait for refunds. For example, You may have to wait up to three days for up to $100 if you buy gas for $20 in some stations. Current will credit those extra $80 immediately to your Premium account.

Current Bank Fee And Pricing

Opening an account with Current Bank is free, and there is no minimum opening deposit or balance requirement. As for fees, Current Bank does not charge monthly maintenance fees, which many traditional banks charge. Here’s a rundown of the fees you have to keep in mind. 

Cash deposit fee

It costs $3.50 to deposit cash in your account through a partner retailer, which is a bit steep. To avoid this fee, you’ll need to transfer funds from another bank account to your own. The bottom line here is that Current is probably not the best choice if you frequently need to deposit cash.

Gas stations hold fees.

You may be temporarily charged more than the amount of gas you purchased with your Current debit card at a gas station. These charges are known as gas station hold fees.

For example, you might pump $20 worth of gas, but the gas station will temporarily hold $50.Through Current’s paid plan, you can receive an instant refund, but It can be frustrating for customers who use the free plan, to wait for transactions to clear. 

Pro tip: Avoid gas station hold fees by paying cash or using a credit card.

Teen account fee

 It will cost $36 a year to add a child to plans.

Foreign transaction fees

The Current debit card is not what you want to use when traveling abroad due to a 3% transaction fee on purchases outside the United States.

Pros & Cons


  • Well rated mobile app
  • ATM withdrawals are fee-free at over 55,000 machines
  • No monthly fee or minimum deposit requirements
  • The teen banking option is a solid choice for kids 


  • Fees for depositing cash
  • No mobile check deposit
  • $500 maximum daily ATM withdrawal limit
  • No physical branches
  • No customer support phone number

Is the current bank safe?

It is quite safe to use Current since the company puts a great deal of emphasis on member privacy. Here are some security features: 

  • Face ID Lock and Fingerprint Lock: You can put a biometric lock on your app to maximize security. 
  • Secured Transactions: Your credit card data is protected from skimmers by the EMV chip on the card. 
  • Secure Connections: You can transfer funds securely via the online channel. 
  • Pause Transactions: To prevent unauthorized expenditure, you can pause transactions from your app if you’ve lost your card. Similarly, you can resume card transactions in the app. 

Who is eligible to join the Current Bank?

Current Wallet is available to customers who are 18 years old or older, and Current requires all customers to be at least 14 years old to have a Current Debit Card. Current Bank also requires Current Account holders to have earned any income in the past six months before opening Current Savings Current Accounts. 

Is Current Bank worth it?

In general, Current Bank is a great bank that provides many options for Current Account holders of all kinds. Current Bank caters largely to businesses and offers many technologically-based services for its customers.

Current Bank offers a large variety of current accounts rated highly, but Current Bank lacks in the interest rate department. Current Bank has a wide variety of Current Accounts to fit any Current Account holder’s needs, and Current Bank provides technological solutions for its customers’ problems.


Current is an excellent option for those looking to dip their toes into the growing neo bank market in the U.S. The savings pods allow you to stash money away without even realizing it, and it offers some great features for in-depth insight into your spending and saving activity. 

The mobile app is designed to provide a seamless user experience by offering plenty of money management tools and the features you have come to expect from a digital banking platform. Because the bank is digital, it does not have any physical branches, but you can easily resolve all of your problems and inquiries online via its responsive 24/7 customer service.

Current Bank FAQS  

The following are the most frequently asked questions about Current Bank.


Yes. Current Bank is safe and trustworthy. It’s a trustworthy online bank with FDIC insurance from its backers (Metropolitan Commercial Bank and Choice Financial Group).

Can you earn rewards or bonuses with Current?

Yes, all members can earn cashback at participating retailers with the Current Visa Debit Card. Also, you can earn $1 for each friend you refer who opens a new account. Your friend will earn $1 too!

Does Current have any physical branches?

No, but it does offer fee-free cash withdrawals at over 40,000 Allpoint ATMs throughout the United States.

Does Current Have a Required Minimum Balance?

No, Current has no minimum balance requirement.

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Aryan Mishra
Aryan Mishra is an accomplished writer and contributor to, specializing in topics related to personal finance, money-saving strategies, and online shopping. Aryan holds a Bachelor's degree in Economics from the University of Allahabad, where he developed a keen understanding of economic principles and consumer behavior.