The State of the Art in Banking in 2023: A Review

Current is not a traditional bank, but rather an organization that uses technology to assist with sound financial decision making. Also, there are no overdraft fees or minimum balance requirements, and the account comes with a number of perks like spending tracking and cash back rewards. CEO Stuart Sopp Current is a startup company based in the NYC metro area that launched in June 2015. To date, $400M in funding has been secured by Current.

Among their investors and business associates is the viral video star Mr. Beast

Choice Financial Group and Metropolitan Commercial Bank, Members FDIC, are the providers of the banking services that Current provides. Choice Financial Group and Metropolitan Commercial Bank are licensed by Visa U.S.A. to issue the Current Visa Debit Card. SA Inc., and are accepted worldwide at any location that accepts Visa debit cards.

In addition to removing gas station holds and making paychecks available two days sooner, current accounts are also great for teaching young people to budget their money.

These accounts can currently only be accessed from a mobile device. Because of this, not only can you not go to a physical location for account services, but you also can't manage your finances from your computer. Access to accounts is currently limited to Current's mobile app.

With Current, you can get a great personal account and pay nothing per month.

• Absolutely No REquirement for a Minimum Balance
  
• A no-cost overdraft grace period of up to $200 is provided.
  
• Better, two-days-earlier direct deposits are possible.
  
• Forty thousand cash machines that don't charge a fee
  
• Depositing a Check Via Your Mobile Device
  
• Tokens of Financial Prudence
  
• Get unlimited cash back for as few as 15 points spent at select stores.

Faster direct deposits and gas hold removals are the most appealing features. If you opt for a faster direct deposit, the funds from your paycheck will be made available to you up to two days sooner than with a standard direct deposit. Another perk of direct deposit is a fee-free overdraft of up to $200.

If your employer specifies a specific date for direct deposit of your paycheck, Current will not hold it until that date. Instead, your account is credited the second it is received. Prepaid debit cards typically have this feature.

Current is the only major card issuer to offer a feature that allows you to have any hold placed on your card by a gas station removed. A few gas stations may put a hold of up to $100 on your card for several days. When money is put on hold, it is effectively frozen and cannot be accessed. To ensure that you have immediate access to your funds, Current will lift the hold.

To get your paycheck early, the best bank accounts are those that:

Planned for parental involvement and teen financial responsibility. Incorporating this into your lessons with your teen about financial responsibility is a fantastic idea. Some characteristics of parents are:

• The Convenience of Doing Without Cash
• Directly loaded onto your teen's card
• Warnings on all purchases
• Option to restrict access to particular stores
• Capacity for budgeting
• Assigning tasks to be done
• Remittance of allowances can be automated.
• Family members can pool their resources

However, savings pods (discussed further below) aren't included in the Teen plan.

You should probably look for a great kids' checking account.

Also see: Top Teen Prepaid Credit Cards.

Current's savings pods function similarly to bank accounts, allowing you to set aside money for a specific purpose. Each "pod" can be assigned a unique name, and funds can be moved into it from your main account, your employer's payroll deductions, or even by having your credit card purchases automatically rounded up (to the nearest dollar) for you.

You can earn 4% APY on balances as high as ,000 right now with the current offering. To activate the interest function, simply transfer funds from your spending balance to a savings pod.

Rewards points can be earned by being a Current customer. You can now get cash back in your Current account for shopping at 14,000 different stores, including Subway, Rite Aid, True Value, and Cold Stone Creamery, where you can earn up to 15x points on purchases.

All purchases are rewarded with points that can be redeemed within the Current app at a rate of 100 points per dollar. According to the most recent estimates, its members can earn as much as $165 annually in cash back by using their card at participating gas stations. It also boasts that its app is the place to go to find the latest deals and that these deals are updated regularly.

There are restrictions on current accounts that should be taken into account. A few examples are as follows:

• There is a daily withdrawal limit of $500 for ATMs.
• Maximum daily charge of $2,000
• All Current Pay peer-to-peer transactions are limited to a maximum of $5,000.

Its app is used to handle checking accounts. Both Android and Apple iOS users can download the mobile app. To get the app, go to the Current website. Current has received a 4.5 star rating on the iOS App Store. Seven stars out of five, based on over 86,000 ratings The app currently has a 4.5 star rating on Google Play. Over 93,000 people gave it a 4.6/5 rating.

Neither a minimum balance nor a monthly service charge will be imposed.

There may be additional charges for going outside of the provider's network or utilizing a third party. To give just one illustration, the standard fee for using an ATM that is not part of your network is $2. 50 As an added bonus, a $3 To add cash, there is a 50 fee per transaction.

When compared to the plethora of other online banking apps available today, Current stands out due to its teen accounts and the parental monitoring and money management tools they provide. However, competition is fierce even among teen bankers.

You may find a different mobile banking solution more suitable for your needs. Review this quick comparison chart to see how Current stacks up:

Accounts with Current can only be accessed through a mobile device. Consequently, it's strictly an app-and-mobile-web thing if you want to sign up. The app is available for both Apple and Google mobile devices. A download link can also be sent to your phone via text message.  

Create an account right now >>

Yes Choice Financial Group, Current's issuing bank, provides FDIC insurance on deposits up to $250,000.

The Current app features round-the-clock access to live chat with a representative. Contact us at 1-888-851-1172 if you'd prefer a phone conversation. At last, if you have any questions or concerns, you can reach the Current team at support@current. com

Trustpilot gives Current a 2 out of 5 With over 2,200 reviews, the customer service received an average of 8. It has a 1 rating with the BBB despite the fact that it is not an accredited business at the moment. I give them a 9 out of 5 stars because they address customer concerns quickly.

If you're looking for a convenient mobile banking service, Current is a great option. Current may be beneficial if quicker direct deposits are an important requirement for you. You should give it some thought if the gas station's policies have an appreciable impact on your daily life.  

Considering that many banks already have tools for parents to limit their children's spending, parental spending features might not be all that appealing. But if your bank doesn't offer anything comparable, Current's Teen plan may be a good alternative.

Nonetheless, it's worth noting that many banks (especially online banks) can match many of Current's features while also offering savings accounts and other products. View our recommended online banking services.

In addition, we recommend contrasting the features of Current's teen banking app with those of our recommended kid-friendly checking accounts.

If you have any questions about Current, here are some of the most frequently asked ones:

Do any locations of Current exist

Not at all, but there are more than 40,000 Allpoint ATMs scattered across the United States where you can get cash without paying a fee.

Is it possible to fund your Current Account with cash?

However, a $3 each cash deposit is subject to a $50 fee

Can you go into an overdraft with Current?

You can if you turn on OverdriveTM in your account settings.

Do you get any kind of bonus or reward for using Current?

With the Current Visa Debit Card, all members can earn rewards at thousands of stores nationwide. Also, if you refer a friend and they open an account, you both get $1. So does your pal, who will each receive $1.

• Money Required From You: Fees and Other Costs
• Assistance to Customers
• Facilitation of Employment
• Hardware and Software
• Compatibility with Other Services and Features

In charge of editing: Clint Proctor Editor's Note: Claire Tak