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. Current charges no monthly fee, requires no minimum opening deposit, and sets no minimum balance, per its Deposit Account Agreement last updated June 22, 2026. The two main features are Savings Pods and fee-free overdraft. Current credits an optional Boost bonus on Savings Pods of up to 4.00% annually, with 0.25% as the base. The 4.00% requires at least one Eligible Payroll Deposit of $200 or more over a 35 day period and applies only to balances up to $2,000 per Savings Pod and $6,000 in total, and the rest of the balance earns 0.00%. Fee-Free Overdraft requires a minimum of $200 in Eligible Direct Deposits over the preceding 35 days, the limit is set by Current in its sole discretion, and the balance must be repaid within 60 days. Current also releases direct deposits up to two days early. Read the interest claim carefully. The Deposit Account Agreement states that the spending account "is not an interest-bearing account" and that no interest will be paid on it, and Current describes Savings Pods as not considered savings accounts and not interest bearing: the Boost is a bonus, not an APY. Current's page says the disclosed Boost rate is variable and dates it August 1, 2023. No dollar maximum for Fee-Free Overdraft is stated on the pages we read, 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 participating partner 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 worth knowing about for an account with no monthly fee. 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 spending account with no monthly fee, early pay, and fee-free overdraft. Skip it if you deposit cash regularly, need to write checks, travel abroad often, or expect your main balance to earn the advertised Boost. And note that pass-through FDIC coverage is subject to conditions and may leave funds not fully insured, so read Current's Deposit Account Agreement before you rely on it.