Current Financial Services Overview

Right now, there’s a financial technology firm based in New York City that offers a variety of banking products and services. They focus on mobile-first solutions and collaborate with FDIC member banks, like Choice Financial Group and Cross River Bank, to secure customer deposits.

One of their offerings is the Spend Account. This isn’t your typical bank account; it lets users build credits, earn points, and get paid up to two days earlier. For every dollar spent on eligible meals and grocery purchases, account holders earn 1 point, which can be redeemed for cashback. Plus, there are no annual fees, minimum balance requirements, or fees for in-network ATM usage or bank transfers.

Members of Current can also park up to three savings accounts through their Savings Pods, which offer a rate of up to 4% APY. To qualify for this rate, a direct deposit of at least $200 each month is necessary. If that threshold isn’t met, you’ll receive a basic rate of 0.25% APY.

It’s worth mentioning that the 4% APY applies to the first $2,000 in each Savings Pod. So, if you have up to $6,000 across three pods, you’ll earn interest, but balances exceeding that won’t.

Additionally, Current has made it simpler to buy and sell cryptocurrencies via their app. You can fund your investment account by transferring from another bank, or by depositing cash or checks. They feature a range of cryptocurrencies like Bitcoin, Ethereum, and Dogecoin, with no transaction fees involved.

For those eligible, Current also provides salary advances, allowing immediate access to up to $750 of your upcoming salary without a credit check. They also offer flexible repayment plans.

Let’s summarize some fees and features you might encounter as a Current member.

Pros and Cons Overview

Pros:

• Earn rewards on debit purchases: Users gain 1 point for every dollar spent on qualifying meals and groceries, redeemable for cashback.
• No overdraft fees: Members can avoid overdraft charges with eligible direct deposits.
• No monthly fees: There are no charges for account maintenance, and users aren’t required to keep their accounts open.

Cons:

• Interest limited to $6,000: The 4% APY applies only to the first $2,000 in each Savings Pod, so amounts over that won’t earn interest.
• No physical branches: Current operates entirely online, meaning in-person banking isn’t an option.
• Cash deposit fees: There are charges for depositing cash, which may deter some users.

If you have questions about your account, you can chat with representatives 24/7 in the support section of the app or contact them via email. The app is available on both the App Store and Google Play, boasting ratings of 4.8 and 4.5, respectively. Users can manage their balances, transfer funds, and access customer service through it.

Although Current operates as a fintech company and is not technically a bank, it does offer FDIC insurance through partnerships with Choice Financial Group and Cross River Bank, up to federal limits. To find your routing number, simply log into the app and check your account details.

Importantly, there are no monthly maintenance fees with Current.