Current Savings Account Review

Variety of Accounts and Features

Current offers a relatively simple online banking experience. At the heart of the company’s services is its payment card. Customers use their cards to deposit money in their accounts, make purchases, and withdraw funds as cash. The company doesn’t offer online bill pay, which is a feature of most online bank accounts and may be an essential service to some customers. No paper checks are available through Current, either. You can use your Current account number to set up bill pay individually with your creditors, but that’s a time-consuming process that many users would prefer to skip.

The Current payment card offers benefits that meet the needs of modern consumers, including free overdraft protection up to $100 and award points you can redeem for cash when you make purchases through participating retailers.   

Fees, Perks, and Transparency

While Current may not offer as many services as competitive companies, it is a very low-cost option. The company doesn’t charge a monthly maintenance fee. Nor does it impose a minimum monthly balance requirement. There’s no minimum deposit requirement to open an account and ATM transactions are free at 40,000 ATMs. You will pay fees for incoming wire transfers and bounced checks, however.

Many customers will be interested in the perks associated with the Current payment card. The company has amassed a list of some 60,000 retailers. When you use your card to make purchases through these companies, you will earn award points. You can then redeem your points for cashback on purchases made through Current’s partners.

The Current website is well-designed and users can read about all fees associated with using a Current account before deciding whether Current is the best app for their needs.

Deposit Options and Account Integration

Current offers a very convenient slate of deposit options. You can make deposits through Current app. The company allows you to connect external bank accounts to your Current account and you can transfer money for free via between accounts. You can also pay other Current account holders through Current Pay.

Current also offers the option of making cash deposits at some 60,000 retail stores. In this respect, each store performs like a Current bank location. If you’re accustomed to visiting your bank’s neighborhood branches or accept cash as payment through your business—for example, if you earn tips, you may find this feature both convenient and essential.  

Compatibility with Other Apps

Current doesn’t compare very well to competitive apps when it comes to compatibility with other personal finance apps. If you have a retirement or other investment account or use a personal finance app like Stash or Mint, you won’t have access to it through your Current account. But these individual apps typically let you link as many bank accounts to them as you wish. By linking your Current account to your other apps one by one, you can view your Current account in a broader financial context.