Technically speaking, however,Currentis not an online bank.
That means money you put into a Current accountisFDIC insured.
Money can be transferred to spending accounts from savings, and interest is paid daily.
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Getting Started with Current
Current says that signing up for an account takes less than two minutes.
No Interest Til Almost 2027?
Balance Transfer = Credit Card Cheat Code
And like that, youve become a Current member.
Two Current Accounts
Currentoffers two unique accounts.
Weve broken down the Current Teen Account below.
After, well explore each of the benefits that Current touts and detail which accounts those benefits apply to.
Current is among those financial institutions.
To set upearly direct deposit, simply opt in to that feature in the Current mobile app.
Doing so will allow you to get access to your paycheck up to 48 hours early.
When your employer submits payroll, this hits the Federal Reserve, which sends this info to Current.
Current is thus aware that the money is incoming, even if it will take a couple of days.
Instead of making you wait, Current makes that money available to you immediately.
If you look closely, thereareout-of-online grid ATM fees.
Current partners with Allpoint, meaning customers have access to 40,000 fee-free ATMs.
However, these out-of-online grid fees appear to be the only hidden fees associated with Current.
Mobile Banking
Current is entirely digital.
You wont find brick-and-mortar locations anywhere, which means it needs a robustmobile app.
This is one of the top-rated apps of any online banks we review.
Add Cash
How do you fund your Current account if there are no physical locations?
Current makes this pretty manageable by partnering with more than 60,000 stores across the country.
The ease of adding cash is a big selling point, even over more established online banks accounts.
Mobile Deposit
Mobile check depositis another way to add money to your banking account.
This is a pretty standard feature for online banks.
This optional feature allows you to automatically round up the cost of any purchase to the nearest dollar.
Savings Pods are easy to set up in the Current app, and they are a standout feature.
Some banks dont allow you to create these sub savings accounts that help you organize savings toward various goals.
With the Current Personal Account, you get up to three Savings Pods.
Money can be transferred to spending accounts from savings, and interest is paid daily.
Fee-Free Overdraft
Available for:Qualifying Customers
Current advertisesfee-free overdrafts, which is mostly true.
Current falls somewhere in the middle.
A caveat: You dont immediately start with a $200 threshold.
At first, Current caps you at $25.
Note: Overdriveonlyworks for debit card purchases.
Use your debit card at one of more than 14,000 participating merchants to earn up to 15x points.
These points are redeemable for actual cash in your Current account when youve earned enough.
Fee-Free ATMs
Current advertises no hidden fees, and thats mostly true.
That said, youll be hard-pressednotto find an in-data pipe ATM.
As part of the Allpoint online grid, Current offers 40,000 fee-free locations.
you could easily find these in the app.
How Do You Avoid Paying Pesky ATM Fees?
Gas Hold Removals
One of the more unique features of Current is thegas hold removal.
Gas holds can be challenging, especially for those who live paycheck to paycheck.
Current aims to take away that added stress by removing gas holds for all Current Account holders.
Whats a gas hold?
This can often take up to 72 hours, according to Current.
Money Management
The Current mobile app is chock full of variousmoney management tools.
you’ve got the option to only do this with other Current members.
So until Current becomes a more popular financial institution, your options are limited for in-app transfers.
Simply find other users with the ~ ahead of their username.
Security
Current may not be a traditional bank, but it takes security seriously.
Are Banking Apps Safe?
Weve weighed the pros and cons of using Current for your basic checking account needs.
Current is not a bank; its a financial technology company.
There is no minimum balance requirement at Current.
Though it is not a traditional online bank, Current is a legitimate financial institution, much like Chime.
In fact, Current aims to be more consumer focused than traditional banks.
Current has been around for more than five years.
In that time, it has proven that it is a trustworthy institution.
The debit card you get through Current depends on the account you open.
That makes this one of the better debit cards on the market.
Current is not a bank; it is a financial technology platform.
However, it offers banking services through Choice Financial Group and Metropolitan Commercial Bank and carries FDIC insurance.
For all of this, Current is a very reliable financial solution.
Timothy Moore covers bank accounts for The Penny Hoarder from his home base in Cincinnati.
Freelancer Caroline Gaspich contributed to this post.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
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