Current Banking Review: The App’s 9 Best Features Ranked
Trying to make the most of current banking review app? You are in the right place. Below we break it down in plain English, with practical tips you can actually use.
Key Takeaways
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- Current is a mobile app that offers fee-free banking, up to 4% boost on savings1, transparent teen banking and a host of other features.&nbs...
Current is a mobile app that offers fee-free banking, up to 4% boost on savings1, transparent teen banking and a host of other features.
Founded in 2015 as a teen debit card and mobile app, the New York-based company has since expanded to serve adults and racked up 4 million users. It offers its banking services through FDIC-insured Choice Financial Group.
CEO Stuart Sopp, who worked in the finance industry for 15 years before founding Current, has said the company is oriented around access to liquidity, especially for people living paycheck to paycheck. To that end, Current seeks to separate itself from traditional banks by offering a high rate on savings, quicker access to funds2, and automated micro-savings.
Table of Contents
ToggleCurrent Banking App’s 9 Best Features
For this review, we ranked Current’s features based on their value and uniqueness among online banking platforms.
#1. Savings Pods That Pay Up To 4% Bonus
Current offers up to 4.00% bonus on up to $6,000 in savings spread across three “savings pods,” making it a viable option for buffering against inflation or savings toward short-term financial goals, such as an emergency fund or a vacation.
Savings pods aren’t savings accounts, and the bonus generated by them isn’t interest. Instead, this bonus is offered through a feature called Current Boost, and it’s key to know that Current can change the rate at any time.
To qualify for this feature, you have to receive a direct deposit of $200 or more from your employer or a payroll provider at least every 35 days. If you don’t, your savings pods will pay a 0.25% bonus instead.
In either case, Current pays daily against the annual yield. While the bonus only applies to $2,000 in each savings pod, you can put more than $2,000 into them.
#2. Automated Micro-Savings (Roundups)
Current’s round-ups feature allows you to automatically set aside the difference between an expense and the next dollar into savings. This feature is especially handy if you have trouble saving money on your own.
Enabling round-ups is simple: just pick a savings pod and tap the toggle switch to turn it on.
These funds are much more accessible to you than they would be with services that offer similar features. One example is Acorns, which puts your automated savings into ETFs.
Current’s round-ups don’t work if your account is negative or if you make your purchase with the Overdrive feature, which allows you to overdraft with your debit card up to $200.
#3. Teen Banking Built Into the Platform
Current’s free teen account offers teens some financial independence and an opportunity to learn about money management while allowing you to oversee them.
With a teen account, your teen gets a Visa debit card. They can designate money on the debit card for spending, saving or charity, view their balances, use Current’s automatic savings feature, and set up recurring transfers to savings. They can use tens of thousands of ATMs nationwide for free and pre-authorized holds from gas stations will be automatically removed when they purchase gas.
You can transfer money to your teen’s account, monitor their spending, set spending limits, block retailers, set chores and automatically transfer money to their account as allowance or when they complete their chores.
Both you and your child, who must be at least 13, need to have Current accounts for teen banking to work. You’ll link your accounts via a QR code on your device.
#4. Gas Station Hold Removals
Current instantly removes the pre-authorized holds gas stations put on your card when you fuel up your vehicle. That can be a lifesaver if you’re low on cash, as these holds can run $50 or more, sometimes even climbing past $100.
In fact, Mastercard and Visa, the biggest payment processors, recently raised the limit gas stations can set holds at from $125 to $175.
It’s not just that pre-authorized holds can be a hassle when you make the purchase, either; they can hang around for as long as three days. That can be catastrophic when your balance is close to zero. It can cause the transaction to be declined or lead to an overdraft, and if you overdraft your account, that can come with its own set of fees.
Fortunately, Current eliminates the risk by preventing gas station pre-authorization holds from hitting your account in the first place.
#5. Early Access to Direct Deposits
Final Thoughts
Before you check out, double-check current banking review app against current offers and any coupons you can stack. Small habits like this add up to real savings over a year. Originally published at thewaystowealth.com.
Cleveland Dietz
Our editorial team researches and verifies every money-saving guide before publishing. Editorial policy · About us
