Current Checking Review 2024

Our review of Current's checking account looks at features, fees, interest rates, and pros and cons to give you a in-depth look at its offerings.
Editor's Rating
Editor's Rating
4.0
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Written by Shannon Lee
Financial Expert
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Managing Editor
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If you are very comfortable with mobile banking and don’t need a physical bank branch to feel like your money is safe, Current might be the right place for you.


It’s important to note that Current is not a bank but a financial technology company. However, its partner bank, Choice Financial Group, is an FDIC member. That means your money is protected up to $250,000 per account, per depositor. However, that’s for cash deposits only; the cryptocurrency options are not FDIC-insured.

Current Checking At-a-Glance

Which Banks Have the Best Checking Accounts?

We make it easy to compare rates, fees, accessibility, customer service, and more. Use the list below to find the best checking account for your needs.

Overall Impression

Current checking is great for those comfortable with banking online, as there are no branches, and customer service is mostly online. There are no minimum deposit or balance requirements and no monthly maintenance fees. You can easily access your money through over 40,000 free ATMs nationwide. In addition, you can open a “savings pod” to gain interest on your money or dive into investing with cryptocurrency.

Pros and Cons

As with all banking products, some will be just right for you, while others will fall short of the mark.

Understanding the advantages and disadvantages of Current checking can help you decide if this particular entity is the right one to help you protect and grow your money.

Pros

  • No overdraft fees
  • No minimum opening deposit
  • An enormous network of free ATMs across the nation
  • No maintenance fees
  • The opportunity to build credit
  • Cash deposits are possible at participating ATMs

Cons

  • Fee for cash deposit
  • There are no branches – all banking is done online

Compare to Others

When looking for the right banking institution for you, it pays to consider others that offer the same checking, savings, and other products you’re looking for.

Ally Bank

Ally Bank uses the Allpoint ATM network, providing over 40,000 fee-free ATMs for those who use their debit cards. The bank is phasing out its overdraft fee. Many fun tools are offered to help with savings, which seems to be where Ally Bank shines – the savings accounts are robust. Customer service is great, too.

Capital One 360

Capital One 360 is a well-known online bank with branches throughout the nation, known as Capital One Cafes. You can get a wide range of services here, including a simple and straightforward checking account. The app and website are exceptional, thanks to the long history of credit card products that has motivated the company to polish its online presence.

SoFi

SoFi is known for personal loans but now offers banking products, including checking and savings accounts. There are no maintenance fees, a high-interest option for savings accounts, and free overdraft coverage. As with Current, there are no branches; this is an online-only bank.

Chime

Chime is another contender that offers rates above the national average. The checking and savings accounts work together to help you manage your money. There are no fees, a debit card for easy banking, and no branches to visit, so this is perfect for those who prefer to bank online only. The debit card allows you to build credit.

Who Is Current Checking For?

Current is best for those with no problem with banking on their smartphone, as there are no branches and the customer service isn’t all that robust. It’s also great for those interested in trying out new things, such as cryptocurrency options, and the opportunity to connect the checking to a savings account to earn interest and build credit.

Rating the Features

Let’s dig into the nitty-gritty about what it’s like to work with Current as your financial institution. 

 Mobile Banking

You can deposit checks with a few clicks via the mobile app, which has excellent reviews for its ease of use. Once you get one deposit from a linked external source, you can make mobile deposits for free. Cash deposits aren’t free. However, you must pay $3.50 per deposit and take the money to a retail store that works with Current, such as CVS or Walmart, and get help from a cashier to push the transactions through. 

 Customer Service and Experience

The mobile app experience gets high ratings on Android and iOS stores. It allows account holders to do everything from their smartphones, including tracking spending, creating budgets, and dropping their spending into different categories for easier viewing. The round-up feature allows you to round up debit card purchases to the nearest dollar and sink that money into your connected savings account.

You can’t find a branch, but you can almost always find one of the 40,000 ATMs nationwide for free transactions. If you need to contact customer service, you can do so through the 24/7 chat feature and live customer service Monday through Friday, 9 a.m. to 8 p.m. Connecting via the website form, email, or Twitter is also possible.

 Fees and Costs

There are no fees to use Current, including no minimums or maintenance fees. There aren’t overdraft fees, either. However, you will be charged $3.50 per transaction if you deposit cash.

 Interest Rates (APY)

 Current offers competitive rates on their savings accounts, which are on a par with large banks that provide excellent savings options. However, the amount of money you can use to take advantage of those rates is limited. These accounts, known as Savings Pods, allow you to save up to $6,000 on which you can earn interest.

 Tools and Extras

Have you got a teen in the household? You can link a debit card for that teenager to your account for free. Remember that their debit card works like yours, so you must monitor their spending closely.

You can take money from your checking account and deposit it directly into a savings pod. Sign up to allow your debit card transactions to be rounded up to the nearest dollar. The extra change will go toward your savings, allowing you to save without any pain.

 Access

Because this is an entirely online bank, there are no physical checks. However, you can pay bills from your account through ACH or your debit card. You can also make withdrawals for free at more than 40,000 ATMs across the country. Just make sure they are part of the Allpoint ATM network.

 Safety and Security

Current is not a bank. Instead, it is a financial technology company. However, their partner bank offers FDIC insurance for the usual $250,000 per account per depositor. If Current becomes insolvent, the money in FDIC-insured accounts is safe. However, remember that money in investments, such as cryptocurrency, is not protected.

 Minimum Deposit or Balance Requirement

No minimum deposit is required to open the account, nor is there a minimum balance. You can overdraw your account by up to $200 if you have at least $500 in monthly direct deposits. However, if you don’t qualify for the service (known as Overdrive), you don’t have this protection, and any transaction that puts your account in the red will be denied.

Frequently Asked Questions

What is a neobank?

A neobank is a financial institution that isn’t a bank. The deposits are FDIC-insured, however, through a partner bank. Low monthly fees and substantial interest rates are the norm; the trade-off lies in having no bank branches or a live person to speak with when you need to.

Does Current really offer a signing bonus?

Currently, yes. The bonus is $50 and can be obtained by depositing $200 in the account within the first month. You must use the code WELCOME50 to get the bonus. Restrictions might apply, so double-check with the website or customer service to be sure this promotion is still in effect when you open your account (or find others that might apply).

How much cash can I deposit into my Current account?

Current has restrictions on the amount of cash you can deposit. You can put in up to $500 per transaction, up to $1,000 daily. You can deposit $10,000 each month. Any amount higher than that won’t be accepted by the bank. However, you can deposit unlimited checks via mobile deposit.

About Author
Shannon Lee
Shannon Lee, a versatile contributor to MoneyRates, is a freelance writer with a passion that spans over two decades. Her extensive writing portfolio encompasses a myriad of topics, ranging from personal finance and home improvement to education, relationships, and medical and health subjects. In addition to her prolific freelance career, Shannon is also a novelist. Shannon’s dedication to providing insightful and informative content makes her a valued voice in the world of personal finance.
Our reviews are unbiased and thorough, focusing on consumer needs. For details, see our Editorial Policy & Methodology.