Online Banks Like Current

online banks like current

Current is among the most popular challenger banks. This bank offers great offers, including free ATM withdrawals, fee-free overdrafts up to $100, gas hold removals, cashback, and teen accounts.

As more people switch to digital banking, there is a rising demand for alternatives. Here are some of the best digital banks that we have found with excellent features like the Current Bank.

Varo

varo money
  • Early direct deposit
  • No hidden fees
  • Overdraft protection
  • Partner Offers
  • Checking and Savings account
  • Free ATM withdrawals
  • APY of up to 3%
  • Varo advance

Varo is one of the largest neo-banks in the United States. Founded in 2015, Varo is an all-mobile bank based in San Francisco. This bank became the first digital bank to get a national bank charter in the U.S., making it a fully-fledged bank.

Customers get savings and checking accounts, a lending product, and a virtual financial advisor to help create a budget and analyze spending habits.

Just like Current, Varo has an early direct deposit, offers overdraft protection, free ATM withdrawals, and no hidden fees. They have more than 55,000 ATMs worldwide that customers can use to withdraw money for free.

Varo allows you to access your paycheck up to two days early like Current. They post the deposit in your account as they await funds from your employer.

Using the Green Dot feature, you can deposit cash into your Varo account. This way, you can control all your finances from one account as long as they are connected to the Varo app.

The Varo app has a rating of 4.6/5 on the App store. Customers can use the app to keep up with all the transactions, get financial advice and budgeting tools.

Chime

chime bank
  • Fee-free overdraft
  • Savings account
  • Credit builder
  • Early payday
  • 0.5% APY on savings accounts
  • No hidden fees

Chime is a digital challenger bank based in the USA. Founded in 2013, it was among the first players in the digital banking business.

Chime is similar to Current because it does not charge its customers any hidden fees. It also sets up direct deposit so that you can receive your paycheck two days earlier. With Chime, you will not be charged overdraft fees on debit card purchases of up to $200 with the feature SpotMe.

If you have a poor or no credit history, Chime is an excellent choice. They provide customers with a Chime Credit Builder Visa Credit Card to assist them in improving their credit score. This feature doesn’t come with any interest, annual fees, and you don’t need a credit check to apply.

Both Chime and Current have automated savings for their customers at no fee. With Chime, you can use direct deposit to transfer a specific percentage to your savings account when you get paid.

Accessing your money is pretty easy with more than 60,000 fee-free ATMs and more than the top 3 national banks.

Security is a priority with Chime. All the deposits are insured up to $250,000 through the Bancorp Bank or Stride Bank. This way, your information, money, and data are protected using encryption.

Mobile banking with Chime is pretty easy. The award-winning banking app allows you to track spending, grow your savings, transfer money, and make payments.

It also functions well on iPhone and Android devices. In addition, the app sends notifications with your daily bank account balance and instant transaction alerts when you use your debit card.

Ally

ally bank
  • Free ATM withdrawal
  • No overdraft fees
  • 0.55% APY with a High Yield CD
  • 0.5% APY on savings account
  • CD accounts
  • Personal loans and mortgages
  • Checking and savings account

Ally Bank is a digital-only banking division of Ally Financial Inc., which dates back to the 1920s. This full-service online bank offers services for customers who prefer banking using mobile apps and online.

Ally operates like Current because it offers a checking and savings account. The checking account doesn’t have any monthly fees, and they don’t charge any overdraft fees.

Customers can also use direct deposit to deposit checks into their accounts. You can also withdrawal from all their ATMs in the U.S. for free, and they’ll even reimburse you up to $10  per statement cycle.

Apart from the standard digital bank services, Ally offers more than Current by providing opportunities for customers to take out a mortgage for a home or a car, a personal loan, or invest in stocks and mutual funds. They also offer certificates of deposit (CDs), individual retirement accounts (IRAs), and investment advisory services through Ally Invest.

This online bank has a mobile app for Windows, iOS, and Android. With the app, you can find ATMs, check balances, transfer cash, deposit checks, pay bills and send money using their partner Zelle. In addition, this bank also has a partnership with Amazon’s Alexa, which allows customers to use the voice-activated digital assistant to send and receive money.

Axos Bank

axos bank
  • Savings Account
  • Earn up to 1.25% APY
  • No monthly fees
  • No overdraft fees

Axos Bank was among the first digital banks to be launched in the USA. Previously known as the Bank of Internet USA, it was founded in 2000. Axos offers financial products such as checking, savings, money market, CDs, retirement, and lending.

Just like Current, this bank has no monthly maintenance fees. They also have a full-service mobile app that allows you to control your finances from anywhere.

The deposits are also FDIC-insured which is an essential security feature for online banking. Through the app, customers can get account alerts, automate bills and manage their debit card transactions.

Axos is more suitable for entrepreneurs and small business owners because it provides loans to boost businesses.

Despite not having a physical location, customer support is available 24/7 to address any problems you may encounter.

MoneyLion

moneylion
  • Early paycheck
  • No ATM withdrawal charges
  • Free online sign-up
  • Investments on ETFs
  • $250 fee-free overdraft
  • Credit Builder

MoneyLion is an alternative for Current as a digital banking service provider. Founded in 2013, MoneyLion provides more than banking services. Customers can use this platform for investment at a monthly subscription fee which got established in 2018.

This challenger bank has a similar feature as Current, enabling customers to receive their paycheck two days earlier. Through the feature, RoarMoney, you can receive your payment before your colleagues.

MoneyLion has Instacash, which allows customers to unlock $1,000 cash advances at zero interest when making two recurring direct deposits to their RoarMoney accounts. Apart from banking services, you can reach your goals by auto investing with MoneyLion. Their team helps you choose an investment strategy and manage your portfolio to help you reach your goals.

The mobile banking app makes it easier to track all financial transactions. It shows the progress made to help you plan your personal finances. In addition, you can make deposits from anywhere.

One Finance

one finance
  • Earn unlimited 3.00% APY on Autosave
  • Early paycheck
  • No monthly fees
  • No ATM withdrawal charges
  • Savings Pocket
  • Loans at 1% per month/12% APR
  • Credit Builders
  • Overdraft protection

Based in San Francisco, California, One Finance was founded in 2019 by Bill Harris and Brian Hamilton.

The One Finance and Current digital banking platforms encourage saving. While Current has Saving Pods, One Finance has Savings Pockets. These Pockets are free and unlimited.

They allow customers to create Pockets to meet a certain savings goal or an expense. In addition, you can manage money together with a partner or family members by creating and sharing joint Pockets.

With One Finance, customers can build a credit line. With this feature, customers can finance a purchase or pay bills using the monthly paychecks at a rate of 12% APR. As your account grows, the bank can increase your credit line.

If you add a direct deposit, you can unlock features such as a 3.00% APY on up to 10% of your direct deposit. In addition, you can also get early paychecks and increase your savings potential in Save Pocket by up to $25,000.

To access your cash, you can withdrawal money from the 55,000 fee-free Allpoint ATMs at no charges. Customers can also enjoy ACH bank transfers for free.

Using One comes with security. The customer deposits are under the Coastal Community Bank, which is an FDIC deposit insurance scheme member. Because of this, your money is safe and protected up to $250,000.

Discover Bank

discover bank
  • No monthly fees
  • No overdraft fees
  • 0.4% APY on savings account
  • Checking account
  • Money Market account

This full-service online bank offers a broad range of services. Like Current, you can open checking and savings accounts that allow you to spend and save some money. In addition to these services, the bank also has money market accounts and offers CDs for a longer-term goal at no monthly maintenance fee.

Customers can get 1% cash back on up to $3,000 in debit card purchases each month with the checking account. If you open a savings account, the APY is 0.4%. Discover ATMs are easy to find; there are 60,000 no-fee ATMs.

In addition, Discover has also partnered with Zelle to help you send money to family and friends with a bank account in the U.S. This service is also free; Discover doesn’t charge any fees to use Zelle, whether you are sending or receiving.

Cash App

cash app
  • Early paycheck
  • No monthly fees
  • Direct deposit
  • Bitcoin trading

Cash App was founded in 2013 by Jack Dorsey and Jim McKelvey (Square Inc). This mobile payment service also operates as a digital bank.

As an alternative to Current, it provides a simple bank account that receives direct deposits at no fees. It’s an excellent platform to send and receive money at no cost. Although it’s a digital bank, the money is not insured because Cash App is not a Member FDIC and doesn’t use a Member FDIC bank to hold funds.

Just like with Current, you can also get your tax refunds via Cash App. You should use this financial platform to transact money quickly or need to trade in Bitcoin.

How to Choose a Digital Bank Like Current

Current Bank offers its customers tons of benefits that make it easier to manage their money from anywhere. So what should you look out for when choosing a digital bank?

  • Fees

Extra fees on your account can eat into your finances. When selecting a digital bank, go for one that doesn’t charge or keeps the fees at a minimum. 

These fees include monthly payments, overdrafts, and ATM charges. Ensure that you analyze all the costs and take advantage of features such as reimbursement for third-party expenses at the ATM.

  • ATM Locations

A good digital bank will offer you free ATM withdrawals. Apart from this, you should select a bank that has a network of ATMs to allow you to access cash at any point.

  • Security

Digital banks that are FCID members or use a bank who’s a member insure their funds. This ensures that your money is safe. In addition, the mobile app for the bank should be safe to keep your information and data secure. This is the only way to protect your money.

  • Financial Products

You should choose a digital bank depending on the products you need. Digital banks offer a wide range of financial products from savings accounts, checking accounts, and money markets. Go for alternatives that suit your needs.

  • Digital Banking Experience

These challenger banks don’t have physical locations; therefore, you have to rely on digital service and customer care support in case you need any assistance. You can check online reviews of the mobile apps on Google Play and App Store to get information on how they function.

For customer service, it’s good to go for a bank that has a 24/7 helpline. You can check whether the bank has an online chat option, or you can access customer representatives.

Conclusion

Digital banks like Current are taking over as more people seek accessible services. With technology and mobile apps, customers can access banking services via a computer or a smartphone.

We have discussed the digital banks that operate just like Current. They have similar features and some particular products that they offer their clients. Before choosing one of these digital banks, it’s advisable to carefully research the benefits and products available.

Current is an excellent choice among the neobanks in the USA. However, the other alternatives could also offer different options to help you manage your finances much better. Get all the right information before choosing which works best for you.