Current

Current is a fintech app, not a bank. Finco Services, Inc. operates the product and the deposits sit at Choice Financial Group and Cross River Bank, both Members FDIC. That structure is what lets Current charge no monthly fee, require no minimum opening deposit, and set no minimum balance, per its Deposit Account Agreement last updated June 22, 2026. The two features worth opening for are Savings Pods and fee-free overdraft. Savings Pods pay up to 4.00% APY, but only at the Boost rate, which requires at least one Eligible Payroll Deposit totaling a minimum of $200 over a 35 day period. Overdrive lets you overdraw without a fee, commonly cited at up to $200, on the same $200 direct deposit test over the preceding 35 days, and the balance must be repaid within 60 days. Current also releases eligible direct deposits up to two days early. Read the interest claim carefully. The Deposit Account Agreement states in the Truth in Savings disclosures that the spending account "is not an interest-bearing account" and that no interest will be paid on it. The 4.00% applies only to money you move into a Savings Pod, and only while the payroll test is satisfied. Current also says the overdraft limit may vary and is subject to change at any time, so it is not a guaranteed $200 line. The fee schedule has some sharp edges that the marketing does not lead with. Out of network ATM withdrawals cost $3.50 each, on top of the operator's surcharge, against a network of more than 40,000 fee-free Allpoint ATMs. Depositing cash at a partner retailer costs $3.50. Foreign transactions cost 3% of the amount with a $0.50 minimum, and foreign cash withdrawals add $3.00 on top. There is a $5.00 monthly inactivity fee after twelve consecutive months of inactivity and a $10.00 account closure fee, both unusual for an account marketed as free. There is no paper check writing, and Current does not accept cash or checks mailed in for deposit. This works for someone paid by direct deposit who wants a free spending account, early pay, and a soft landing on overdrafts. Skip it if you deposit cash regularly, need to write checks, travel abroad often, or expect your main balance to earn the advertised rate. And note that pass-through FDIC coverage protects you only if the partner bank's records are accurate, a risk that is no longer theoretical after the Synapse failure stranded fintech depositors.