Are looking for a digital banking option and curious about Current?
Well in this video, we’re going to be taking a closer look at Current, including some key
features
Hey everyone this is Kyle from Money@30 and on this channel we look at personal finance
from a Millennial perspective including app and tool overviews like this one — but before
we jump in, I want to mention that this is video actually sponsored by Current and you
can sign up for your account using the link in the description box or the pinned comment
below.
For being a YouTuber who reviews a lot of digital banking apps, I’ve managed to miss
a pretty big one up until now: Current.
You may have actually seen Current promoted on this platform elsewhere, including from
Mr. Beast which was one of the ways I first heard about the company.
But is Current legit and what do they have to offer?
Let’s take a look at some of the features that I think make them stand out.
The first thing to know about Current is that, while they are not a bank themselves, they
partner with Choice Financial Group
Like many popular digital banking apps, Current works with a licensed bank to provide their
customers with important features such as FDIC insurance, In this case, deposits are
held with Choice Bank, so all account funds are FDIC insured up to $250,000 per depositor.
Because of this, if you look at your account info and do a routing number search, the result
shows that the account is a Choice Financial Group routing number.
While this may all be a bit confusing, it is indeed legit and is a good thing overall.
Next, Current has two account level options, a basic and premium that comes with additional
perks
When you first join Current, you’ll have the choice to sign up for either the Premium
account or a Basic one.
With Premium, you’ll get several perks — many of which we’ll talk about in a moment.
You’ll also get this black debit card, which should arrive within a few business days of
you opening your account.
While the Basic Current account is free, it does have some limitations such as only being
able to create one savings pod.
As for Premium, it comes at a cost of $4.99 per month, but you cancel at anytime.
Keep in mind that many of the features we’ll be discussing throughout this video are exclusive
to the Premium account.
A popular perk of Current Premium is that, when you use direct deposit for your paycheck,
you can access your funds up to two days early
I’ve actually been using Current for a few months now — long before they came on as
a sponsor.
Upon joining, one of the first things my wife and I did was arrange to have her paychecks
from her part time job directly deposited to Current, giving me a chance to see how
his feature worked.
Luckily, the app makes it easy to set up direct deposit, even giving you access to a voided
check if needed.
Something to be aware of is that, while paychecks may arrive as early as two days before your
typical payday, this will depend on how your employer processes payroll.
In our case, Current usually alerts me that her funds have been deposited on Thursday
evening before her regular Friday paycheck, which is definitely nice.
One of the Premium features that I was curious to test when I first got the card is the instant
refunding of gas station holds
To see this perk in action, I made a point to head to a station I knew often put large
holds on accounts.
Sure enough, after swiping my card, Current alerted me that a hold of $151 had been placed
on my account.
But, after I finished pumping, I got another alert saying that $131.89 had been refunded
and my actual purchase price was reflected in my balance.
Obviously, this is hugely convenient for those who have been burned by such holds in the
past and helps ensure that won’t happen again.
Another benefit of Current is their points program that allows you to earn rewards at
a number of stores, restaurants, and gas stations.
When you tap the point icon in the Current app, you can view a map of nearby locations
where you can earn reward points by using your Current debit card.
For Basic users, eligible purchases will earn 1 point per dollar spent while Premium users
will see enhanced offers that could be as high as 15x points, with most coming in between
2 and 5x.
In my area, I’ve found offers for Qdoba, local restaurants, Little Caesars, and more.
Plus, there are also several gas stations that not only offer rewards but also display
the price per gallon Current’s map.
Another thing I really appreciate is that point redemptions start at just $1.
And, for what it’s worth, you can also use points to cover your Premium monthly fees.
If you’re looking to set aside money easily and painlessly, then Current’s Savings Pods
can help you do that
Whether you’re saving for a vacation, a down payment on a car, or the proverbial rainy
day, Current Savings Pod allows you to better manage those goals.
To create a Savings Pod, first put a description of what you’re saving for, select a preloaded
icon or custom image, and enter the amount you want to save up.
Once a Pod is set up, you can arrange for one-time or recurring transfers that will
help push you closer to your goal.
Plus, if you’re looking for an even more passive way to save, you can turn on the round
up feature, With this enable, Current will round your debit card purchases up to the
nearest dollar and deposit the difference in your Pod.
It’s just another easy way to enhance your savings.
Finally, I also want to mention that Current customers have access to thousands of fee-free
ATM access and the app offers mobile check deposit
Although digital banking is great, there are still some old school features that I’m
glad Current take care of.
For one, Current debit card can be used at more than 55,000 fee-free ATMs.
To locate these machines, just tap the dollar icon in the app, scroll down to “withdraw
or deposit” and tap to load the map.
On the other end of the equation, if you end up with a paper check, Current allows you
to deposit it in the app by taking photos of it.
Yes, this is a feature that’s absolutely nothing new, but it’s one that other apps
have killed off, so I’m glad that Current keeps it as an option.
Overall, I’ve really enjoyed using Current over the past few months - and that's not
only thanks to the actual features that it offers but also due to their super sleek and
easy to use app
Looking around Current, it’s easy to see why it’s proven so popular.
Even beyond the perks, the user interface of the app just makes it enjoyable to use.
This includes such small touches as the shift colors that on display in the You tab and
elsewhere.
Plus, there are features I didn’t even have a chance to cover such as the ability to block
brands from debit card purchase, manage spending limits, and more.
For all of these reasons, I think Current is a solid option for those looking to make
the jump from traditional to digital banking and wants to see what all the hype is about.
Hopefully that answers some of the questions you might have about Current but of course
to learn more and to open an account for yourself, be sure to check the link in the description
box or the pinned comment down below.
Also, If you liked the video, please hit the thumbs up button, leave a comment, and be
sure to subscribe because we have new videos every week.
So, thanks again for watching, thank you to Current for sponsoring this video, and ill
see you next time here on money@30