7 Things to Know About the Current Account (Feb. 2024)

Things To Know About The Current Account

Current is revolutionizing the way we think about mobile banking. With its standout features and unique benefits, it’s making a real splash in the competitive digital finance arena. It’s perfect for those who are over the traditional brick-and-mortar banking scene.

Think of Current more as a fintech innovator than a typical bank. It partners with Choice Financial Group and Cross River Bank, both FDIC members, to deliver top-notch banking services to its customers. The Current Visa® Debit Card, issued by Choice Financial Group and licensed by Visa Inc., is accepted everywhere Visa debit cards are. It can be your go-to card for everyday use.

The Current account is serious about making banking smooth and mobile-friendly. It emphasizes convenience, from its easy-to-navigate app to the no-hassle account opening process that skips the credit check. Plus, its minimal fees are a big win if you’re watching your budget, and it offers cash back on everyday purchases. That’s just icing on the cake.

In this article, we identify the seven key features that make the Current account stand out. Ready to say goodbye to high-fee traditional banks? A Current account is waiting for you.

1. The Current Account Provides Mobile Banking Services

The Current account, available exclusively through the Current app, is serious about user-friendliness and easy navigation. Whether you need to check your balance, review your transactions, or make a transfer, it’s all just a few taps away.

Current app and Build secured card
The Current account is accessible through its mobile app.

But that’s not all. The Current app goes beyond the basics. It offers financial management tools, such as budgeting features and insights into your spending habits, perfect for anyone aiming to take charge of their finances.

Moreover, you’ll always be in the loop with real-time notifications for transactions and essential account updates. And since Current is always on the cutting edge of technology, expect regular app improvements and updates to ensure your banking experience keeps pace with your evolving needs.

This commitment to digital-first banking makes Current a top choice if you prioritize convenience and efficiency.

2. You Can Open the Account Without a Credit Check

Current is changing the game when opening a bank account — they’ve kicked the credit check to the curb. This news is excellent, especially if you’ve had a few financial hiccups or are just starting out and building your credit.

  • Safe and secure Visa debit card with instant transaction alerts.
  • Fee-free overdraft protection of up to $200 with Overdrive™.
  • Earn 15x points when you swipe your card at participating merchants, which can be redeemed for cash in your Current Individual account.
  • Access 40,000 fee-free Allpoint ATMs in the US.
  • Get paid up to two days faster with direct deposit.
  • Current is a financial technology company, not a bank. Banking services are provided by Choice Financial Group, Member FDIC.
  • See official site, terms, and details.
★★★★★

4.9

Overall Rating

Monthly Fee Minimum Deposit Minimum Balance Reputation Score
$0 $0 $0 7.5/10

Here are some tools banks typically use to vet you for a new account:

  • ChexSystems: It keeps an eye on the not-so-fun stuff like overdrafts and unpaid fees. If ChexSystems flags you for something, banks might think twice about letting you open an account.
  • Early Warning Services (EWS): Big banks run this one. It’s serious about sniffing out fraud and keeping risky business in check.
  • TeleCheck: These folks track how you handle checks. Banks and stores use this info to decide if they’ll allow you to open an account or write checks.

Have you ever bounced a check or forgotten to pay a bank fee? Those actions can make banks say “no thanks” to your account application. But Current decided those red flags aren’t a dealbreaker.

This approach is a real win for young folks, people new to the country, or anyone trying to get their finances back on track. It also shows that Current is serious about opening up banking to everyone, no matter their past.

3. The Account Has Minimal Fees

Current keeps banking affordable by scrapping many of those pesky fees. You won’t see monthly maintenance fees taking a bite out of your account, no need to stress about maintaining a minimum balance, and even fees for everyday banking are much lower than usual.

This approach is a massive leap from how many traditional banks do things. You know how it goes: Monthly fees start to pile up, and before you know it, they’re nibbling away at your savings. If you’re unhappy with fees messing with your money, you’ll love Current’s approach.

Current fees
Current discloses account fees on its website. These fees are current as of Dec. 2023.

Cutting down on fees means more of your money stays where it belongs — with you. This is a big deal if you’re keeping a tight hold on your budget or if you’re trying to boost your savings. Plus, Current is serious about being transparent and upfront about any fees you might encounter.

With such a low-fee approach, Current is making banking more accessible. It’s ideal for folks just stepping into their financial journey, who might be dissatisfied by complicated and often expensive fee structures at traditional banks.

4. You Can Earn Cash Back Rewards

Current makes banking attractive by throwing in some sweet rewards for your purchases. Think about it: Every time you use your Current debit or credit card, you’re not just making purchases — you’re earning some of that spending back as points. And you can turn those points into cash.

Here’s the deal: You get up to 15 points each time you swipe at more than 14,000 stores nationwide. Every 100 points is $1 in your Current account. Check out the Current app’s map to find all the terrific reward offers near you.

A few qualifications you need before you start racking up points:

  • You have to be at least 18.
  • Your Current account should be in your name.
  • And, of course, you need the Current mobile app.

The rewards program isn’t for teen account holders yet. And a heads-up: If you close your Current account, redeem your points first, or they’ll disappear.

The categories that earn rewards are pretty broad and include grocery shopping, dining out, and online shopping. The amount you earn can change depending on what you’re buying or the promotions running at the time, so you have plenty of chances to max out your rewards.

Rewards add a bit of fun to your everyday purchases and can help with your finances by offsetting your future spending or giving your savings a nice little boost. 

5. The Current Premium Account Removes Gas Holds

It’s annoying when you pay for gas, and the station puts a hold on your card. In fact, the whole “waiting for the transaction to clear” situation can be a real pain, especially when it locks up your funds. The Current Premium Account has an interesting solution for that.

Current gas holds removal explanation
The Current Premium Account provides convenience by removing gas holds immediately.

When you use your Current debit card at the pump, the premium account eliminates those holds immediately. No more waiting around; your money is ready to use immediately after you fill up.

That is a game changer if you always use your debit card for gas and must monitor your account balance closely. By removing gas holds, Current makes your debit card even more convenient and flexible for everyday use.

The Current Premium Account stands out with perks such as that, and it shows how Current puts its customers first, making daily transactions smoother and hassle-free.

6. You Can Get Faster Direct Deposits

Current knows how important it is to get your money ASAP, so it introduced faster direct deposits. You can get your paycheck or any other direct deposits into your account up to two days quicker than with traditional banks.

Setting up direct deposits with Current is a breeze. You can do it in the Current app or give your employer or benefits provider your account and routing numbers. Here’s how you do it in the app:

  1. Hit the “$” icon.
  2. Choose “Set Up Direct Deposit.”
  3. Tap “Continue” and follow the prompts.

Once you set it up, Current will take care of the rest and chat with your payer. It might take a cycle or two before you see those speedy deposits.

Need to set up direct deposits manually? No sweat. Your account and routing numbers are right there in your app. Enter “Choice Financial Group” if your payer asks for a bank name. And if something’s not suitable with your deposit, you can contact Current.

Quick access to your money isn’t just a convenience; It’s about keeping your budget in check and avoiding those annoying overdraft fees.

7. The Current Debit Card Protects Your Security

Navigating online banking can sometimes feel like you’re in the Wild West of the digital world. Current is serious about keeping your debit card safe by ensuring your hard-earned cash is secure from the bad guys.

Current cards come with fancy encryption and EMV chips to keep your personal and financial info under wraps, safe from anyone trying to snoop or skim your card details. These high-tech features mean you can transact and move your money around without worrying.

Its mobile app has fingerprint and face ID locks for both iOS and Android, so your banking details are for your eyes only. Have you lost your card? No problem. Just hit pause on your transactions to block unauthorized spending.

Current app screen
The Current app’s security features bring customers peace of mind.

The Current app keeps you in the loop with real-time alerts for all types of situations, such as when you use your debit card, when your paycheck lands, or even when it lifts a gas hold.

If you’re someone who sleeps better knowing your money is safe and sound, Current’s security features are similar to a cozy blanket of protection. 

We Give The Current Account Top Ratings

We give a big thumbs-up to the Current account for its innovative features and services. After checking it out, it’s clear why it’s a winner in our books. Current nails the user experience, financial perks, and customer service.

And users rave about its intuitive app, low-to-no fees, and those sweet extras, including cash back rewards and top-notch security.

As for the Premium Account — it’s as if Current read our minds with features such as lightning-fast direct deposits and ditching annoying gas holds. If you’re looking for a banking solution with its finger on the pulse of modern, digital banking, Current is your go-to.

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