Skip to content
- Home
- /
- Neobanks Reviews
- /
- Current Review 2024: Is...
Current Review 2024: Is It a Legit Neobank?
Swen Keller
- URL: https://current.com/
- Year Founded: 2015
- Headquarters: New York, USA
- Monthly/Yearly fees: No monthly or annual fees
- Account types: Current Account (Personal) and Teen Account
- Physical Card: Yes
- Platform App: Mobile, Web
- No. of Cryptocurrencies: 30+
- Fiat Available: USD
- Deposit Methods: Mobile check deposit and linked bank account
Current Review: Our Opinion
The Current account stands out for its mobile deposit check feature and ease of use. Also, unlike a lot of its competitors, Current does not charge users monthly or annual fees and doesn’t run credit checks.
It offers a sizable selection of cryptocurrencies as well.
That said, a huge limitation is that the Current Account isn’t available to worldwide users, only United States residents. There are also very few banking features available on the Current app when compared to similar options.
What is Current?
Current is a financial technology company that offers banking products via a third-party partner financial institution Choice Financial Group.
The platform has a debit card and mobile app that allows users to execute financial decisions such as budgeting, quicker direct deposits, and its round-up savings pods feature.
It does not charge any monthly fees, overdraft fees or any hidden fees.
Users can create either a personal Current Account or a Teens Account under the supervision of an adult.
An Overview of Current
Current was founded in 2015 as a financial technology company. It is headquartered in New York, the United States.
The Neobank targets both regular users and teens. It offers savings accounts, earlier direct deposits, Visa debit cards, and other banking services through Choice Financial Group.
It is important to note that Current isn’t a conventional bank. The company is fully online and has no physical operational locations.
To deposit money users use the mobile check deposit option rather than lining up in a banking hall to deposit.
Current offers its services via its mobile app for iOS and Android devices.
The company was founded by Stuart Sopp and currently has over 4 million active users. Its present valuation is over $2.2 billion.
Pros
- Easy to use
- No monthly fees, overdraft fees, or minimum balance requirements
- Mobile check deposits and quick direct deposits are available
- High APY on savings accounts
Cons
- Limited banking services
- Only available to United States residents
Current Review: Unique Features
Current Pay
Current Pay is Current’s P2P platform that allows users to send or request money from other Current users instantly.
With Current Pay, you can split the cost of dinner or instantly request money from family and friends.
Every account has a unique tag and QR code that you can use to share your Current Pay profile and find your friends.
To pay or request money from other Current users through Current Pay, do the following:
Open the app and go to the Money($) tab.
Tap “Pay” or “Request” and search for the recipient.
Alternatively, you can tap the QR reader to scan their QR Code.
Next, tap “Pay” or “Request” and select an amount. You can also include the reason for the transfer.
After choosing an amount, review the transfer by clicking “Next”
Finally, click “Confirm”
All Current Pay transfers are by default drawn from your primary balance. But if your balance is not enough to pay for the transaction, you can deposit cash using any of your external funding sources.
Once the deposited amount is reflected in your Current balance, the payment will be completed.
Savings Pods
A Savings Pod is a feature that allows you to set aside your extra cash to help you reach your savings goal.
The Savings Pod is Current’s equivalent of a savings account.
With the Pod, you can earn an annual yield on your money that compounds every day.
Every Current Account comes with 3 Savings Pods.
The Teen account comes with a savings Pod and a Giving Pod for users who would like to donate to a charity of their choice.
Current Pods are not investment products. It just allows you to save your money. The funds in the Pod are secure and FDIC-insured up to a total of $250,000.
There are no restrictions on moving money in and out of a Pod. There are also no transaction restrictions or associated penalties.
You can grow the money in your Pod and earn up to 4.00% APY by keeping a balance of at least $0.01 in a Pod.
The rate you earn is dependent on your ability to keep a qualifying direct deposit of more than $200 in your account.
If the direct deposit amount in the account is less than that, you’ll earn an Annual Percentage Yield of 0.25%.
To have a Current Savings Pod, you must be a Current member with an individual (Debit or Build) account.
To set up a Savings Pod, do the following:
Open the app, scroll down near the bottom of the screen, and tap on “Create Savings Pods”.
Follow the onscreen prompts to add a title, and image/ description and set your goal amount.
Once this is done, tap “Done”
Savings Pods can be funded in 3 ways: through your primary balance, a new funding source, or after depositing a check.
To deposit cash via a check tap on “Add$”.
If you want to move the money to other savings pods or funding sources, tap “Move $”.
By activating Round-Ups, you enhance your savings by setting aside a small amount of money each time you complete a transaction.
Funds that are placed into Savings Pods are moved from your available account balance. This means that if the funds in your account balance are insufficient for a transaction, Current will not automatically dip into your Savings Pod.
You will need to move the money from the Pod into your account before reattempting the purchase.
Build Card
The Build card is a secure credit card that allows you to build your credit history with on-time payments. The Build card is linked to your Current account and draws from your available spending balance.
The card is safe and simplifies credit building. It is also used exactly the way a normal card is used. You can swipe or tap your Build card to make a payment.
Current keeps track of the money you spend with the Build card to ensure that you have enough money set aside in your Reserved Funds to cover the outstanding balance.
You can easily pay off your outstanding balance from your Reserved Funds with AutoPay.
Since the Build card aims to build your credit history, Current reports your on-time payments to TransUnion. This helps to build your credit history.
The Build card can be used for ATM cash withdrawals without fees. And the card can be used at over 40,000 in-network Allpoint ATMs across the United States.
That said, out-of-network ATMs may attract additional fees.
How to Buy Crypto with Current?
After downloading the app and agreeing to its terms and conditions, create your account and fund your account via direct deposit or mobile check deposit.
Once your account is funded, you’ll be able to purchase cryptocurrency instantly.
To do so:
Launch the Current mobile app and then tap the Crypto icon.
Choose the coin you want and enter the amount in USD that you want to buy.
Next, tap Buy again after going over your order.
That’s it! You’ve purchased cryptocurrency on Current. You’ll be able to view your total crypto balance after purchasing it.
You also don’t need to buy a full coin, Current allows you to have fractional ownership of a cryptocurrency.
Note that your transaction may be pending after finalizing it and you’ll be informed once it settles.
Also, all finalized crypto trades are final and cannot be undone.
How is Crypto Stored?
Current stores your cryptocurrency using hot wallets available on its platform.
Cryptocurrencies Available on Revolut
Current supports over 30 cryptocurrencies.
Supported cryptocurrencies include Bitcoin, Ethereum, Shiba Inu, Dogecoin, Cardano, etc.
Current Review: Fees
Current does not charge monthly fees or annual fees. Rather, the Choice Financial Group partner charges users for transactions made.
The platform takes a $3.50 transaction fee when you deposit cash into your account. This fee is deducted from your available funds.
Current also charges fees for transactions involving its Current Visa debit card.
These app fees include a $3 fee plus a 3% international transaction fee for cash withdrawals at international ATMs.
It also charges a 3% fee of the total transacted amount for international purchases.
For domestic ATM transactions with the Current debit card, you’ll be charged a $2.50 domestic cash withdrawal fee which is separate from whatever fee the ATM operator decides to charge.
For Current app cryptocurrency transactions, the platform does not charge trading fees on top of the buy or sell action. Rather, it places a dynamic spread or margin between the market price and the cryptocurrency displayed to the trader.
Security: Is Current Safe?
Current is a secure financial technology company that is partnered with reputable financial institutions to offer secure financial services to users.
Current requires a US Social Security Number to open an account.
This is done to validate the identity of account holders and to protect the platform.
All data in transit and at rest are encrypted.
These data are only accessed when it is necessary for transmission processing or legal purposes.
The platform also has several security measures in place for the web platform and mobile app such as fingerprint or biometric locks and two-factor authentication.
Staking Rewards and Cashbacks
Current does not offer staking rewards as part of its cryptocurrency offerings, however, it allows users to earn points (Cashbacks) for using its debit card.
Customers can earn up to 7× points on card swipes when they spend on over 14,000 supported merchants and then redeem these points for cash back on their account.
It’s important to note that earning rates over 1× are only available at Individual Current accounts at supported merchants.
Supported Countries
Current is only available to customers in the United States.
Current Licences
Current is not a bank, it is a financial technology company. Its banking services are provided by Choice Financial Group and Cross River Bank, both members of the Federal Deposit Insurance Corporation (FDIC).
The Current Visa Card is issued by Choice Financial Group under a license from Visa USA. Inc.
Opening a Current Account
To open a Current account you need the following:
- United States Social Security Number (SSN)
- United States residential address (P.O. Boxes are not accepted by Current)
- A mobile device that can receive text messages
Once you have the following go to https://current.com.
Enter your mobile number above the Sign Up button at the top of the page.
Current will send you a link to download its app.
After downloading the app, launch the Current app and then tap on Get Started.
Next, enter your phone number and input the verification code that was sent to your smartphone by SMS.
Input your details including first and last name, email address, social security number, physical address, and date of birth.
Choose the type of account you want to open (Personal or Teen banking).
Next, confirm your mailing address, not the P.O. Box.
Activate your Current virtual debit card if you want to begin using your account immediately.
Next, set up direct deposit and link your external bank account to fund your Current account or add funds with mobile check deposit.
You’ve successfully created your account.
Current Visa Debit Card
The Current Visa debit card lets users spend, save, and manage their money.
The credit card can be used wherever Visa cards are accepted both online and offline.
Current offers both a digital and physical Visa debit card.
You can use it to withdraw from an ATM that bears the Visa Interlink or Maestro logos.
Current does not charge any fees for using the card except when traveling internationally.
The card is managed directly from the Current app.
This allows you to stay on top of your spending. You can receive notifications on the app when you swipe or block merchants. You can also set spending limits.
There are no subscription fees or hidden fees.
As already stated, all Current Accounts come with a Virtual card that you can use in the absence of your physical card.
Both the physical and virtual cards can be paused at any time through the app.
To pause the physical card, a PIN is required, this is not needed for the virtual card.
You can activate your virtual and physical Visa debit card from the “Card Settings” section of the app.
Current Mobile App
Current’s mobile app is a mobile banking app that allows you to manage your money on the go.
With the app, you can build credit using the Build Card.
You can also get paid 2 days faster than your regular Payday via direct deposit. You can also enjoy instant money transfers via Current Pay.
Current offers fee-free overdraft and free ATM withdrawals from over 40,000 ATMs.
You can enjoy up to 4.00% APY on your savings with Pods and up to 7x the points and cashback on swipes.
You can also get spending notifications and insights into your savings and expenditures and also set spending limits for your card.
Current offers 24/7 in-app customer support and chat.
Current Deposit and Withdrawal Methods
You can add funds to your Current account using direct deposit from a linked bank account or via mobile check deposit.
The mobile check deposit is a unique feature that allows you to take a picture of a check using the Current mobile app and it’ll be deposited in your Current account.
Customer Service
Current offers 24/7 customer support via email at support@current.com and via the in-app chat on the app.
For security readings, the Current customer support team does not communicate with an email address that is not listed on your account.
This means you can only contact the support team with the email address associated with your Current account.
Current has a FAQ page with detailed information about different aspects of the platform.
Current Compared with its Main 2 Competitors
The main competitors of Current include Wise and Revolut.
Both of these options outshine Current in their reach and offerings.
Wise, for example, offers multiple global currency accounts and is available in various nations of the world, it also supports ACH direct deposits while Current only supports US users. However, it outdoes Wise in cryptocurrency supported as the latter does not support digital assets.
Revolut, on the other hand, offers multiple currency accounts, supports direct deposits and is available in various nations. It also supports cryptocurrencies and stocks, which Current does not.
In general, Current falls short when compared to its main competitors.
What is a NeoBank?
A Neobank is a financial technology company that doesn’t have physical locations like a traditional bank offering all its services online.
Neobanks typically partner with a physical traditional bank to offer its banking services.
How to Choose the Right NeoBank for Your Needs?
To choose the right Neobank consider the following:
- If its partner traditional bank is insured (FDIC, CDIC, etc.)
- Ease of Use
- Geographic availability
- How offered products align with your financial goals
- Are cashback rewards available
- Does it offer early direct deposits
- Does it offer credit checks or not
Conclusion
Current is a neobank built for USA residents.
It offers limited but unique features like the mobile check deposit option for adding funds, however, when compared with similar options it falls through in offered functions.
Current also has a confusing transaction fee structure.
In general, the platform is easy to use.
Current’s features are commendable, but there’s more to explore. Dive into our Sofi review and see how it compares to another big player in the NeoBanks realm.
FAQ
Most frequent questions and answers
Current has been on the scene since 2015 with no major security challenges it controversies and is partnered with an FDIC member bank, the Choice Financial Group to offer its banking services.
Current supports only users in the United States and offers limited deposit options and features.
No, Current is a financial technology service, not a bank.
Although they are very similar services, Current offers more features than Chime and higher APYs on its savings account. Current also has a credit builder, which Chime does not.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, or use any specific exchange. Please do not use this website as investment advice, financial advice, or legal advice, and each individual’s needs may vary from that of the author. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.
To view our privacy policy read here.
