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Summary: Current is a financial technology company headquartered in New York City that offers banking products and services. It provides mobile-first banking services and partners with FDIC-member banks such as Choice Financial Group and Cross River Bank to insure customer deposits.

Current’s Spend Account is a bank account that allows you to build credit, earn points, and get paid up to two days early. Account holders can earn one point for every dollar spent on eligible dining and grocery purchases and redeem those points for cash back. There are no annual fees, minimum balance requirements, in-network ATM fees, or bank transfer fees associated with this account.

Current members can park their savings in up to three separate "Savings Pods" with a rate of up to 4% APY. To qualify for this rate, you must set up and maintain a monthly direct deposit of $200 or more. If this requirement isn’t met, you’ll earn the base rate of 0.25% APY.

Note that the 4% APY is available on the first $2,000 in each Savings Pod, meaning it applies to a maximum of $6,000 in deposits. Savings Pod balances above $6,000 do not earn interest.

Current offers members an easy way to buy and sell cryptocurrency in the Current app.

To fund your Invest account, you can transfer money from your Current account or an existing bank account, or deposit cash or a check. You can then choose from several cryptocurrencies, including bitcoin, ethereum, dogecoin, and more. There are no trading fees involved.

Eligible customers can take advantage of Current’s paycheck advance, which gives you instant access to up to $750 of your next paycheck for a fee, or within three business days for free. There is no credit check required to qualify, and Current offers flexible repayment plans.

Here’s a rundown of some of the fees you could encounter as a Current member:

FEE

FEE AMOUNT

Domestic cash withdrawal

$2.50 per transaction

Cash load

$3.50 per transaction

International cash withdrawal

$3, plus international transaction fee

International transaction

3% of transaction amount

Replacement card

$5

Inactivity

$5 per month after 12 consecutive months of inactivity

Account closure

$10

There are a few perks and drawbacks of banking with Current that you’ll want to be aware of before opening an account.

Pros:

Debit purchases earn rewards: Users can earn one point for every dollar spent on eligible dining and grocery purchases and redeem those points for cash back.

No overdraft fees: Current offers fee-free overdrafts for members who set up and receive a qualifying direct deposit.

No monthly fees: Members don’t have to pay monthly fees for account maintenance or to keep their account open.

Cons:

Savings APY limited to first $6,000: Current’s Savings Pods offer 4% APY on up to $2,000 per Savings Pod, with a maximum of three Pods. Balances that exceed this amount won’t earn interest.

No physical branches: Current is a fintech that operates solely online, meaning that members can’t do any of their banking in person. 

Fee for cash deposits: Current charges a fee for making cash deposits, which could be a drawback for members who want to fund their accounts this way.

Current account representatives are available to chat 24/7 directly in the support section of the Current app. You can also contact a support representative via email at support@current.com, or by filling out a contact form on the Current website.

The Current app is available for download on the App Store and Google Play and has a rating of 4.8 and 4.5 stars, respectively. Members can use it to check account balances, transfer money between accounts, get help from a customer service representative, and more.

Current is a fintech company and not a bank. Therefore, it is not an FDIC-insured institution. However, your funds are FDIC-insured on a pass-through basis via partner banks Choice Financial Group and Cross River Bank, up to the federal limits.

Current works with two different issuing banks. To determine your routing number, you’ll need to log into the Current App and go to Account > Voided Check in the app to see which issuing bank is linked to your account.

Current does not charge any monthly maintenance fees.

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