Current is an online banking software that does not charge a monthly fee. The startup is in financial technology and is an FDIC member. With the Current mobile banking customer services, money may get up to $250,000 in FDIC pass-through deposit protection.
It almost have 4 million users. Stuart Sopp, a former Morgan Stanley and Citi trading executive, founded Current Account Mobile Banking in 2015. The company received $402.4 million in venture capital, including $220 million in April 2021 Series D. Read more to know about Current mobile banking reviews.
Price And Fees
Starting a Current account is totally free, and there are no minimum balance or initial deposit requirements. Furthermore, many Current mobile banking reviews have observed that, unlike many conventional banks, there are no monthly maintenance costs.
A $2.50 out-of-network ATM fee is one of the few fees that Current does impose. You should keep in mind a $3 ATM charge and a 3% cost on credit card purchases while traveling abroad. In addition, it costs $3.50 to deposit cash to your account and $5 to replace your debit card.
Features Of Current Banking
Savings Pods
Many Current mobile banking reviews have noticed that the Current Savings Pod can help you save for travel or emergencies. Another option is to automatically round payments to the nearest dollar and transfer the remainder to your desired savings account. Savings Pods' best feature is its high bonus rate; with a $200 direct deposit, you may get 4.00% of your money. The incentive covers savings pods up to $2,000 and all pods up to $6,000.
Get Paid Early
Payrolls are sent by Early Current up to two days sooner than by standard banks. Current will release your cash ahead of schedule if you want to set up direct deposit with your employer, and they will process your salary. In case you face any issues, Current mobile banking customer services are available 24/7.
Teen Banking
When searching for debit cards for kids and teens, Current account mobile banking is among our best recommendations. You, the caregiver or parent, continue to have complete control over the account. You can set spending restrictions, prohibit certain retailers, and get alerts about the use of your child's credit card.
Budgeting Tools
Depending on the spending limitations you choose, Current account mobile banking provides a helpful budgeting tool that shows where your money is going and how much is still available for spending. Current is a useful tool for managing the money in your account, even if it doesn't rank among the top budgeting applications for keeping track of all of your bank, investment, and spending accounts.
Current Visa Rewards Debit Card
With the purpose of making the management of points easier for its users, Current's Visa Rewards Debit Card offers a unique point system. If you often make purchases with your debit card, you may get cash back at over 14,000 different stores and earn up to seven times the points.
Virtual Cards
Current account mobile banking offers a virtual debit card in addition to a physical one. Many Current mobile banking reviews find this card compatible with both Apple Pay and Google Pay. A virtual card is handy because it allows you to switch between physical and digital spending. You can always check your bank statement and freeze your online card.
Cash Deposits
Most online banks demand time-consuming and difficult third-party checking account transfers, but with Current, all this will not be a problem. The bank puts cash into your online account via relationships with over 60,000 retailers, including 7-Eleven and CVS.
The Current account mobile banking policy allows deposits of $500 per transaction, $1,000 daily, and $10,000 monthly. To deposit, tell the clerk your intentions. Then, select a barcode from the app, have the cashier scan it, and get a mail receipt.
Current Build
Current Build helps accountholders build credit while banking. You can open a Current account to get the Build Card. With this card, you can enhance your credit without overspending. You can boost your credit score by utilizing just your current account cash and autopay.
Current is great if your credit score is low since it doesn't need a credit check or application, but it does disclose your credit usage to the credit bureaus. No annual fees, credit limits, or interest rates apply to the card.
ATM Access
Current provides free ATM access to over 40,000 ATMs via the Allpoint network; this helps its user to access and deposit cash easily. Many Current mobile banking reviews conclude that the Current app makes locating fee-free ATMs in your area simple.
Overdrive
Qualifying members may overdraw their Current account mobile banking accounts by up to $200 using Current's fee-free overdraft option. For temporary financial requirements, this may be a better choice than using credit cards or personal loans. Members must be at least eighteen years old and have $500 or more in payroll or Social Security deposits made into their Current account in 30 days in order to be eligible for Overdrive.
The Overdrive limit starts at $25 and may go up to $200 at most, based on the member's past and present account behavior. This strategy is similar to that of applications like Earnin and Floatme, which provide customers with cash advances based on their history of direct deposits.
Final Verdict
Within the very competitive online banking market, Current is an intriguing newcomer. It should work well for many people as a checking option since it has little or no fees and an attractive Current account mobile banking app. But before creating a Current account, you should definitely consider whether you regularly need to deposit cash or prefer to contact your bank for customer service.
Moreover, with Current, transactions do not provide rewards, and activating offers before each transaction complicates the process. The maximum bonus Current clients may earn for all qualified savings subaccounts is $6,000, which is likewise low and results in adverse replies to Current mobile banking customer services.
