Current Review: Among the Best Neobanks of 2024
Written by
Kathy Evans
Edited by
Lindsey Kloosterman
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
GOBankingRates Score
Current
-
Credit Building
5.0
-
Savings Accounts
4.8
-
Investing Options
4.8
-
Banking Experience
4.8
Pros
- No annual or signup fees2
- No credit check required to apply
- Access to direct deposit funds up to two days faster
- Build credit by making everyday purchases
Cons
- Only mobile app access to accounts
- $500 maximum daily ATM withdrawal limit
- At least $200 in eligible payroll direct deposit required to earn the maximum bonus
Current Overview
Current is a mobile-app-only financial technology company. Choice Financial Group and Cross River Bank provide banking services to Current, backed by the Federal Deposit Insurance Corporation (FDIC). Headquartered in New York City, Current is dedicated to building better banking with advanced financial tools and technology. Its focus is on affordability, accessibility and innovation for its customers.
Members can spend, save and invest with Current’s credit-building app, Savings Pods and cryptocurrency investment options. More than 40,000 fee-free ATMs are available, and members pay no annual or minimum balance fees.
Current recently earned status as one GOBankingRates’ Best Neobanks of 2024 with its solid mobile app and useful banking and budgeting tools to help customers build their savings and credit.
Current Review
GOBankingRates scored the Current app high on its credit building, savings account, investing options and overall banking features. Here’s why this leading neobank earned these scores.
Current Credit Building
Current makes it easy for you to simply, safely and seamlessly build your credit while banking using the secured Build Credit Card. This card is a winner for those who have a poor or limited credit history or want to rebuild their credit. The Build Card is different from other secured credit cards — when you add money to your Current account, your spending balance is automatically updated.
Here’s how you can build credit with your Current Build Credit Card.
- Use direct deposit. When you set up eligible direct deposit of your paycheck with your employer, you can get paid up to two days faster.3
- Just swipe. Every time you use your Current Build Card, you have the opportunity to build your credit, even at ATM locations.
- Use your Reserved Funds. You can avoid overspending, because Current puts the money you spend in your Reserved Funds so you only have to track one balance.
- Build as you pay. Pay your balance manually or enroll in AutoPay. As you pay your balance, Current reports your payment activity to the credit bureaus, which helps build your credit.
Current Savings Account
You and your family can reach your savings goals faster with Current’s Savings Pods, which allow members to save money individually to reach their financial goals. Each member can set up a Savings Pod as a separate account to spend and save from using a dedicated routing and account number. You can create up to three pods, each earning up to bonus.4
Current has a nifty calculator to see how much you can save with Current compared to other selected banks and the national average APY. Just enter how much you want to save and move the slider to the number of years you want to save for. The results change as you increase or decrease the years.
Current Investing Options
You can elevate your finances using Current’s simple, fast and inexpensive crypto trading option. You can buy and sell crypto on the Current mobile app with no trading fees. You’ll have access to your coins without even changing apps. Dozens of coins are available for trading, including lesser-known ones, as well as popular ones like bitcoin, dogecoin and ethereum.
Here’s how to trade cryptocurrency on the Current app:
- Download the Current app and agree to the terms and conditions.
- Create and fund your crypto account.
- To buy, select “Buy” on the coin you choose and enter the amount.
- To sell, select the crypto you want to sell and enter the amount.
- The funds immediately appear in your Current account.
Current Overall Banking Experience
Current’s overall customer banking experience is mostly positive, and GOBankingRates also gave Current a high score.
The Current secured Build Credit Card has great reviews from customers using it to build their credit. Compared to traditional banks known for high overdraft fees and low to no interest on savings accounts, Current offers a much higher bonus rate at up to , while the national average is only 0.46% APY.
Comparable Banking Options
Mobile-only banking has its advantages and disadvantages. Here’s how Current compares to some of its next-gen competitors.
Current vs. Varo
Both banks offer higher APY on savings accounts than the national average. Current offers with qualifying direct deposits, while Varo’s APY starts at . You can earn APY on up to $5,000 with Varo, if you qualify with direct deposits totaling at least $1,000. You only need $200 in direct deposits to earn Current’s maximum APY.
Current vs. Axos
Axos is an online-only bank but offers more financial services than Current. Axos customers have access to personal and business savings and checking accounts, as well as mortgage loans and investing options. However, investing in cryptocurrency is easier with Current — Axos offers access to crypto ETFs rather than the coins themselves.
Final Take
Mobile-only banking is popular, and the Current app is designed to help you build your financial future. GOBankingRates has ranked Current as one of the Best Neobanks of 2024. Current may be a great choice for you and your family if you’re looking for a mobile banking app to build your credit, boost your savings and invest in cryptocurrency without paying any trading fees.
Current FAQ
Here are the answers to a few of the most commonly asked questions about Current.- What can I do if I miss a payment on my Build Credit Card?
- Missing or being late on a payment on your Build Card can hurt your credit score. Current recommends enabling AutoPay to automatically cover your balance with your Reserved Funds in case you forget to make a payment.
- How do I get early access to my direct deposit?
- When your employer processes your ACH payment through payroll, Current releases your paycheck as soon as it's received, eliminating the typical two-day hold.
- How do I deposit cash into my Current savings account?
- You can add cash to your Current account at select retailers, which are listed in the Current app. To find a participating retailer:
- 1. Tap "$."
- 2. Tap "Cash Deposit & ATMs."
- 3. At the store, notify the cashier that you want to make a cash deposit and have the Current app barcode ready.
- 4. Once the cashier scans the barcode, give them the cash, and you'll get a receipt for your cash deposit.
*Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 11, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine rankings for the Best Neobanks, GOBankingRates looked at the following factors: (1) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (2) minimum needed to earn APY; (3) savings APY; (4) products/services offered (credit cards and investment services); (5) the average mobile app rating between the Android and Apple app stores; and (6) number of extra benefits and perks unique to neobanks. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, and factors (3) and (6) were weighted 2 times.
1Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.
2Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.
3Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.
4Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.
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