Current Exam 2022: Competitive APY but Limited Customer Service Options

Unlike traditional brick-and-mortar operations, Current is a New York-based neobank that is partnered with Choice Financial Group. This fintech mainly offers banking services via a mobile application. Consumers can choose between a checking account or a high-yield savings account, also known as a savings bank. Along with these traditional banking services, current users can also buy and trade crypto, manage their budget, and earn rewards.

Deposits to your current account are FDIC-insured, and Current offers a Visa debit card as well as free withdrawals at over 40,000 ATMs nationwide. All rates and fees are effective 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.

Chequing accounts and savings accounts

Current expense account

  • APY: $0
  • Costs: $0
  • Minimum opening deposit: $0
  • Awards: 15x points on purchases made at participating merchants.
  • Check Writing Privileges: None
  • Debit card : Yes

High Yield Savings Account

Current savings module

  • APY: 4.00%
  • Costs: $0
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0.01
  • Maximum balance: $2,000 per savings module. 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 major benefits include:

  • Faster direct deposit: With Current, you can get paid up to two days sooner when you sign up for direct deposit.
  • Overdraft Protection: Current’s Overdrive™ feature allows overdraft account holders up to $200 with no overdraft fees.
  • Banking services for teenagers: Parents can link a teen debit card to their primary checking account to teach their kids how to manage their own money.
  • Investing in cryptocurrency: You can buy up to 27 of the most popular coins directly in the Current app, including Bitcoin, Ethereum, Dogecoin, Shiba Inu, and more.
  • Points and cashback: Current account holders can earn up to 15x more points every time they swipe their card at over 14,000 participating merchants nationwide. These points can then be redeemed for cash in their checking account.
  • Disposal of gas wedges: Current immediately removes gas holds that stations place on debit cards at the pump, making all account funds available immediately.
  • Money management tools: Current helps account holders use budgeting tools to track spending and meet financial goals.
  • Current tags: With Current, you can instantly send and receive money for free to other Current members using your unique current ~tag.

The current platform and customer support

Customers using Current can create an account online, but they will primarily do their banking through the Current mobile app, which has over four stars on the App Store and Google Play. When it comes to customer service, Current has limited options with no phone or online chat service. For assistance, customers will need to complete an online request and will be contacted via email or chat in the mobile app.

Advantages and disadvantages of current

Current offers a more modern take on traditional banking and while that may be a selling point for some consumers, it may not be the best banking option for consumers across the board. Here is an overview of some of the main pros and cons:

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

Pro: Current offers a lucrative cash back program. Current customers can earn 15 times the points on purchases made at participating merchants.

Disadvantage: Current does not have a customer service number. For customers with questions about their account, it can be difficult to contact a real human, as Current does not have a direct customer service number. All service requests should be made through Current’s site where customers can submit their information and wait to receive an email response.

Disadvantage: Depositing money into your checking account will incur fees. 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, it is a financial technology company that provides banking services, sometimes referred to as neobank.

Which bank uses Current?

Banking services for current customers are provided by Choice Financial Group.

Is Current a safe bank?

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

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About Kristina McManus

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