Current is a US-based mobile-only bank account, offering a checking account service designed to add speed and ease to the banking experience, while also allowing customers to manage their money more closely. Current is a member of the US’s FDIC, meaning they have the standard insurance coverage limit of $250,000 per depositor.
Current makes it incredibly easy to open a fully-fledged checking account with just your smartphone. The application process begins when you download Current’s app from the App Store or Google Play, you can also go to their website and request they send a download link to your phone. Once the app has downloaded, the next step is to tap the prompt to “get started” and follow the screen’s instructions. These steps involve having a verification code sent to your mobile and using your phone’s camera to upload a photo of your driver’s license, followed by a selfie to verify that you are exactly who you say. Current will then take a maximum of one business day to review your application and get your checking account up and running, which makes the process much quicker than at a traditional bank.
Current offers a choice of two different checking account plans designed to suit different types of people. The first is the Current Basic account. This account comes with a free checking account and a white debit card. You will also have access to standard direct deposit services, one of Current’s “Saving Pods,” and all of the app’s spending insight and notification services. You can also opt for a Current Premium account, which will cost $4.99 per month. This account offers everything that the Basic account does, in addition to an exclusive black debit card, early direct deposits, three saving pods, and gas hold refunds.
As Current is a mobile-only bank, the processes of adding funds to the account are limited to digital. To add funds from another account, you will need to link the account that will be your funding source via the app. This involves tapping the dollar sign along the bottom of the app and selecting Move Money. You can then choose who and where your funds will be coming from, enter an amount, and select the payment frequency. You can also just as quickly send the money back to your funding source. Withdrawals are operated via the ACH network, so they will take between 1 and 3 days to appear in the account.
The mobile app is the hub for all of Current’s banking services, and it’s easy-to-navigate, straightforward, and sleek design makes it incredibly clear to make sense of your personal banking. Your Current checking account is placed front and center on the app, offering all of the tools that are to be expected with an online banking account. However, this checking account goes above and beyond the typical traditional checking account, offering an array of innovative and intuitive tools and services. You Current checking account is annotated with a range of insights on your spending and savings. Spending categorization allows you to break down your spending into groups so you can see where your money goes.
Current does not currently offer a full-fledged savings account; however, they offer their innovative “Savings Pods” to encourage better saving behavior. These savings pods work like individual savings goals. You set it up yourself and give it a name such as “deposit fund” or “new shoes fund.” You can transfer money into this savings pod from your Current checking account, and you have the option to set up a direct deposit that will add new funds monthly. Current also offers a “round-up” feature that will round-up all of your payments to the nearest dollar, placing the excess in your savings pod – so you can save without even thinking about it. The Current Basic account comes with one savings pod, while the Current Premium account comes with three.
Traveling with your Current debit card is made as simple as possible, so you can spend more time enjoying your time away. Your Current debit card can be used wherever Visa is accepted, meaning you will be able to withdraw cash from ATMs when traveling. Domestic travelers will be happy to hear that all ATMs within the US offer Current users free withdrawals; however, there may be an external fee placed by the ATM owner. However, when traveling abroad, there will be a 3$ fee for cash withdrawals at an international ATM, and there will also be a 3% fee on the total transaction amount for purchases. It is also necessary to make a travel plan with Current ahead of your trip, avoiding them being alerted to suspicious activity on your card and preventing you from accessing your funds. Luckily, Current make travel plans easy to access on the app.
Current is an excellent option for those looking to dip their toes into the US’s growing world of neobanks. It offers some great features for in-depth insight into your spending and saving activity, and the savings pods allow you to squirrel money away to one side without even realizing it. The mobile app has been designed for a seamless user experience. It is ultimately satisfying to use, while also offering plenty of money management tools into the features you have come to expect from a digital banking platform. The option for free ATM withdrawals from all US ATMs is a great touch; however, it does not extend to fewer fees abroad. Despite not having any physical branches due to this bank’s digital status, the responsive 24/7 customer service allows you to have all of your problems and inquiries dealt with quickly and efficiently online.