Young woman reading a Current Bank review on her mobile phone.

Current Bank Review [2024] Is It Safe? Pros and Cons

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The average American spends over 7 hours a day looking at a screen. And for lots of people, some of that time is dedicated to digital banking. 

Because these days, you can control your finances right from your phone.

Current is one of the many app-based banking services out there today. It combines high yields on savings with futuristic credit-building and saving tools. 

Intrigued? I know I was!  

In this Current bank review, I’ll tell you why the service is safe and why it’s worth using. 

A Current Bank review explaining how Current is the future of banking.
Current gives you high yields and the convenience of app-based banking.
Source: Apple App Store

What is Current?

Current is a banking services app that makes it easy to manage your finances on your phone.

You can use Current to:

  • Spend money with a debit card
  • Safely build credit
  • Receive your paycheck two days ahead of time with early direct deposit
  • Access funds for free through 40,000+ Allpoint ATMs
  • Track your spending with next-level budgeting tools
  • Build your savings with interest (up to 4.00% APY at the time of this writing) 
  • Invest in crypto

It’s tempting to think of Current as an “online bank,” but that’s not quite accurate. In reality, Current is a financial technology company (or “fintech” company, as the cool kids say). In other words, it partners with actual banks in order to provide banking services.

And by partnering with other banks, Current can provide accounts that are insured by the Federal Deposit Insurance Corporation (FDIC). 

So in the choice between traditional banks and modern platforms, Current can provide the best of both worlds:

  • The convenience and user-friendliness of an app-based platform
  • The security of an established bank

What are Current Savings Pods?

Current Savings Pods are mini savings accounts that can earn you some serious money in interest, especially if you set them up with direct deposits.

As a Current user, you’re allowed to have up to three Savings Pods. There’s no minimum balance in each pod, and you’ll earn interest as long as the pod contains at least $0.01.

But how much will you earn in interest? That depends on whether you meet the direct deposit requirement.

If a Savings Pod receives a monthly $200 direct deposit, the money will earn the maximum 4.00% APY (APY valid at the time of writing). That’s a pretty impressive yield!

But if a Savings Pod doesn’t receive the qualifying direct deposit, it will earn far below the maximum APY (only 0.25% at the time of writing). 

And there’s another rule to keep in mind: You can only earn interest on $2,000 in each Current Savings Pod. So once your balance in a pod reaches $2,000, it’s best to create another one. 

But remember, you can only have three Current Savings pods. This means you can only earn interest on a maximum of $6,000 total.

Is Current Bank Legit?

Current is a legitimate company based in New York City, and it has over 4 million members. So, don’t worry. These aren’t some shady scammers operating in a basement. 

In general, Current has a solid reputation. On Trustpilot, a popular online review site, users give Current a 4.2-star rating. And on the Apple App Store, the Current app gets a 4.7-star rating, with users praising the user-friendliness and convenience.

Now, give me a second to explain a technicality.

Current isn’t actually a bank – and it never claims to be.

Current is a financial technology (fintech) company that partners with banks to offer banking services. So when you open an account, Current itself isn’t storing and managing the money. Instead, it gives the money to its partner banks, which are Choice Bank and Cross River Bank.

And yes, Choice Bank and Cross River Bank are both totally legit!

Is Current Bank Safe? 

Using Current is completely safe because the deposits are managed by Choice Bank and Cross River Bank, which are FDIC-insured.

That means the federal government backs up the first $250,000 you deposit. And since you can only earn interest on balances up to $6,000 (in total), you probably won’t get anywhere near that $250,000 threshold, anyway.

Let’s say you put $6,000 into Current Savings Pods. That money doesn’t stay with Current. It goes to Choice Bank or Cross River Bank, which handles the banking side of the business. 

Now imagine that Choice Bank or Cross River Bank fails, and the funds you’ve deposited disappear. You still won’t lose your money because the federal government will pay you back.

And that’s why banking with Current is safe. 

Of course, there is an exception. Current users can invest in crypto through the platform, but those investments are not FDIC-insured. So if you buy crypto on Current and the crypto loses its value, you could end up losing your money. And that’s not Current’s fault. It’s just the inherent risk of investing!

A Current Bank review reveals the accounts are FDIC-insured and safe.
With the convenience of Current’s mobile banking app, you can keep one eye on your smartphone and one eye on your future. 
Source: Apple App Store

Pros and Cons of Current Banking

Current is a super intriguing platform, but it’s not perfect. In this Current Bank review, I’ll lay out the pros and cons. 

Pros:

  • High-interest rate on Savings Pods. These mini-accounts earn up to 4.00% APY (at the time of writing). That’s pretty good compared to the average interest rate for savings accounts in the U.S. 
  • No monthly fees. When you bank with Current, you don’t have to worry about them taking your money for “maintenance.”
  • A highly-rated mobile app. Current promises a futuristic banking experience, and thanks to their app, they definitely deliver. 

Cons:

  • Can only earn interest on $6,000 total. Each Current Savings Pod pays interest on just the first $2,000, and you can only have 3 of them. 
  • No physical branches. Current offers a purely digital experience, and you can only manage your account through the app.
  • $3.50 fee for every cash deposit. You can make in-person deposits at over 60,000 stores around the country – which is convenient, but you have to pay for it. And the maximum deposit is $500, so you can’t beat the system by putting in thousands of dollars at once.

Current Bank Reviews

Current gets lots of reviews on Trustpilot, and most of them are positive. That’s why it has an overall great rating.  

One Current user praised practically everything about the service, from the easy ATM access to the lack of “ridiculous fees.” 

A five-star Current Bank review from a happy user on Trustpilot.
In a positive Current bank review, a user says they “10/10 would recommend” the service. 
Source: Trustpilot

In a four-star Current bank review, someone mentioned how great it is to get their direct deposits two days early. Their only complaint? That the physical Current card gets worn out quickly. 

A positive Current Bank review from someone on Trustpilot who likes the early paycheck option.
A Current user says they love that direct deposits arrive two days early.
Source: Trustpilot

Of course, not everyone enjoys their experience with Current. I found a two-star Current bank review where someone complained about the customer support. 

It’s true that there’s no phone number for support, meaning you have to send them an email, fill out an online form, or chat with a representative through the app. That can be stressful when you’re desperate to resolve an issue quickly. 

A negative Current Bank review from a user who had issues with customer service.
In a Current bank review, someone complains that you can’t contact customer support by phone.
Source: Trustpilot

In a one-star Current bank review, someone called it “inexcusable” that they couldn’t access their account without using their smartphone. And yeah, this is definitely an issue with Current. Losing your phone can mean losing access to your bank account, too – at least until you’re able to download the app on a different device. 

A negative Current Bank review from someone who had trouble accessing their account when they lost their phone.
In a negative Current bank review, a user complains that they can’t access their money without their phone. 
Source: Trustpilot

Current Savings Pods Review 

Current Savings Pods offer a pretty amazing yield, but only if you meet certain criteria. That’s why it’s best to look carefully at your situation before signing up for Current and creating Savings Pods. 

First of all, let’s talk about the Savings Pod’s maximum APY. At the time of writing, it’s 4.00% – which is pretty amazing. That’s a yield you should be very happy with – if you can get it.

To earn the highest APY, you’ll need to receive $200 in a qualifying direct deposit. So ask yourself: Does your job offer direct deposits? Would you consider receiving your paychecks to your Current Savings Pod? If so, then you should be able to earn that higher APY. 

If not, you’ll earn the “standard APY,” which is only 0.25% (at the time of writing). Worth it? Probably not.

Also, don’t forget that you can only earn interest on up to $2,000 per Savings Pod, and you can only have three Savings Pods at a time. So if you want to earn interest on more than $6,000, you’re better off investing it elsewhere.

But if you’re working with less than $6,000, Current Savings Pods represent a great option for everyday savings. You can even take advantage of the “Round Ups” feature, which helps you save with every purchase. It’s sort of like putting your savings on autopilot, and it’s a great way to work towards your financial goals.

Current Bank Reviews Reddit

On Reddit, someone recently asked if Current is trustworthy. The person said they wanted to put their life savings into a bank account, and the 4.00% APY offered by Current seemed attractive.

A person on Reddit asks others for a Current Bank review.
A Reddit user asks whether Current is trustworthy. 
Source: Reddit

Redditors responded with some solid advice.

One person left a comprehensive Current bank review, reminding readers that you can only earn Current’s highest APY if you receive monthly direct deposits of $200+. They also noted that Current can be trusted since its accounts are insured by the FDIC.

A Current Bank review from a user who likes that their account is FDIC-insured.
In a Current Bank review, someone on Reddit says the service is trustworthy because its accounts are insured by the FDIC.
Source: Reddit

Another user advised against putting excessive amounts of money into a Current account, since it’s best not to have “all your eggs in one basket.” 

A Current Bank review on Reddit from a person who doesn’t recommend putting a lot of money into the banking app.
A Reddit user says not to put a million dollars into a Current account.
Source: Reddit

Someone else pointed out that even some local banks are now offering 4.00% APY on savings accounts. That doesn’t mean Current isn’t trustworthy. It just means there are other high-yield options out there. 

A Current Bank review from someone on Reddit who likes the high APY available.
Someone on Reddit points out that some local banks also offer 4.00% APY, just like Current.
Source: Reddit

Is Current Bank Worth It?

Current is absolutely worth it for certain types of users.

Here’s who should consider using Current:

  1. People who want help building credit
  2. People who plan to keep a maximum of $6,000 in their savings account
  3. Workers who can receive paychecks through direct deposit
  4. People who are comfortable with online app-based banking

Tick most of those boxes? Then Current could be a great option for convenient, modern banking.

But who shouldn’t use Current? 

For one thing, Current is an app-based platform. So it’s not for people who don’t like using their phones. 

It’s also not great for people who want to maintain a high balance. That’s because you can only earn interest on the first $6,000.

And if you can’t get paid through direct deposit, you won’t be able to earn the highest interest rates. So if direct deposits aren’t an option, I’d look for a different savings account that doesn’t have this requirement. 

Commonly Asked Questions About Current Bank

What are Alternatives to Current Bank?

Current is one of many app-based banking platforms. 

Other options include:

Is Current Bank a Scam?

Current definitely isn’t a scam. It’s run by a legitimate company based in New York, and it partners with Choice Bank and Cross River Bank to provide accounts that are FDIC-insured.

What is The Catch With Current Bank? 

There is no “catch” with Current. The closest thing to a “catch” would be the $3.50 fee for each cash deposit. But hey, almost every service charges for something! The good news is that Current doesn’t charge for withdrawals from 40,000+ Allpoint ATMs.

What Bank Does Current Use?

Current partners with Choice Bank and Cross River Bank to provide banking services. Both of those banks are insured by the FDIC, meaning the money you deposit with Current (up to $250,000) will be safe. 

Is Current Bank FDIC Insured? 

Current accounts are provided by Choice Bank and Cross River Bank, both of which are FDIC insured. Current itself isn’t FDIC insured because it’s a fintech company, not a bank. But that’s just a technicality. When you deposit money with Current, the first $250,000 will be FDIC insured.

Is Current a Good Bank?

Current is a great choice for people who are comfortable with app-based banking. You can only earn interest on $6,000, but you’ll get 4.00% APY (rate valid at the time of writing) if you also receive direct deposits of $200+ per month. That makes it a solid option for growing your savings. 

Is Current Bank Trustworthy?

Current is 100% trustworthy. Not only is the company itself legit, but it partners with Choice Bank and Cross River Bank to offer accounts, and both of those banks are FDIC insured. That means the federal government protects the first $250,000 held in a Current account.