- Current is a banking app
that offers a ton of different services
that make your financial life easier.
Whether you're a young adult,
a parent or teen just starting out,
there are options for you with Current.
Teaching your teens about money management
is more interesting when it's hands-on,
but it's not practical to follow your teen
everywhere they go so you can monitor their spending, right?
Instead, you can use a banking app like Current.
It has plenty of parental controls
to limit and monitor your teen spending.
In this video,
we'll review what Current has to offer
to anyone looking for a mobile-only banking experience
with terrific features.
Hey, everyone.
This is Andy with The College Investor,
investing and personal finance for Millennials.
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And as you are watching,
know that all the resources mentioned
will be available in our video description below.
Thank you.
Okay. Who is Current?
Current is not actually a bank,
but instead is a financial technology company
that helps people make smart money choices.
It also provides various benefits through its account,
including faster access to paychecks,
spending insights, Savings Pods, and cash back rewards,
all without any overdraft fees
or minimum balance requirements.
Its CEO is Stuart Sopp.
Current was founded in June, 2015
and it's based in the greater New York area.
Current has raised $400 million in funding to date.
They have some notable investors and partners,
including the popular YouTuber, Mr. Beast.
So let's dive into what Current offers. Ready?
Number one, personal accounts.
Current offers a solid personal account.
And all of this I'm about to describe
is included for $0 monthly maintenance fees.
You get no minimum balance requirements.
You have overdraft of up to $200 without any overdraft fees.
Faster direct deposits up to two days earlier.
40,000 fee-free ATMs around the country.
Mobile check deposits. Savings Pods.
And you can earn up to 15 times points
for unlimited cash back at participating retailers.
The most compelling features are the faster direct deposits
and gas hold removals.
Faster direct deposits means
money deposited from your paycheck should be available
up to two days faster than the average direct deposit.
Also, the fee-free overdraft up to $200
when you have a qualifying direct deposit,
can definitely be helpful.
Unlike other banks, Current ignores the date
that employers intend for your paycheck funds
to be released.
Instead, it credits your account
moments after you receive it.
This is a common feature of prepaid debit cards.
The gas hold feature removes holds placed on your card
by gas stations,
which is a feature uniquely offered by Current.
Some gas stations may apply a hold
of up to $100 on your card for days.
These holds basically lock the amount being held
making it unavailable for spending.
Current will immediately remove the hold
so that you don't lose any available funds.
Number two, Teen Banking.
The teen plan is designed
with parental supervision and money management in mind.
It's a great way to teach your teen about using money.
Parental features include cashless convenience,
instant transfer to your teen's card,
notifications for all purchases that happen,
the ability to block specific merchants,
the ability to set spending limits
and set chores to complete.
Automate allowance payments,
and multiple family members can add funds
to the account.
The teen plan, however, doesn't include the Savings Pods.
You might be better off
finding a great starter checking account for kids.
Number three, Savings Pods.
Let's talk through that.
Current Savings Pods are like savings accounts
which can be used to section off funds
for specific savings goals.
You can label each pod,
and money can be deposited or moved into a pod
directly from your account, direct deposit,
or automatically added through roundups,
to the nearest dollar, from purchases made with your card.
Current currently offers 4% APY on up to $6,000.
All you have to do to enable the interest feature,
is to move money from your spending balance
to one of your Savings Pods.
It's a good deal.
Number four, rewards.
Current has a points rewards program for its members.
Now, account holders can earn
up to 15 times points on purchases they spend
at 14,000 plus retailers,
including popular names like Subway, Rite Aid,
True Value and Cold Stone Creamery,
which are redeemable for cash back in your Current account.
Points are credited instantly after purchase
and can be redeemed at 100 points per dollar
inside the Current app.
Current estimates that its members could earn up to $165
in cash back per year by just using their card
at participating gas stations alone.
It also says that new offers will be added regularly
and can be found in its app.
Number five, transaction limits.
Current accounts do have a few limits worth noting.
These include $500 daily maximum in ATM withdrawals,
$2,000 daily maximum in card purchases,
and a $5,000 maximum transaction amount
for peer-to-peer payments
through the Current Pay mobile app.
Current accounts are managed through its mobile app
and the mobile app is available for Android and iOS.
You can click the link in our description
to download the app.
On the Apple App Store,
Current is rated 4.7 out of five from over 86,000 ratings.
That's pretty good.
And on the Google Play Store, the app is rated 4.6
out of five from more than 93,000 voters.
Let's talk fees with Current.
There are no monthly maintenance fees
or minimum balance requirements with Current.
Out of network and third-party fees may apply as well.
For example, the fee for using
an out-of-network ATM is $2.50.
There's also a $3.50 per transaction for adding cash.
So how does Current compare to other competitors out there?
Well, Current's teen accounts
and their accompanying parental supervision
and money management tools, are really what's set it apart
from the myriad of online banking apps available today.
But even in the teen banking space,
there's some strong competition out there.
Depending on your situation,
another banking app might be a better fit.
Check out our video on Copper, which is a strong contender,
and our video on the best teen checking accounts out there.
On this channel, everybody.
That way you can decide what's best for your situation.
So how do you open an account?
As previously mentioned,
Current's accounts are mobile-only.
This means that you can only open an account
through one of its mobile apps.
Again, iOS and Android.
You can download those apps
by clicking on the link in our video description.
It'll take you directly to where you need to go.
In the end, is Current worth it?
Well, overall, Current is a compelling offering
if you're looking for a mobile solution
to your banking needs.
If faster direct deposits are a need that you have,
then Current could be worth it.
And if gas station holds noticeably affect you,
again, this may be worth considering.
Given that so many financial institutions offer methods
for parents to control their children's spending,
parental spending features may not offer so much
of a selling point.
But if your financial institution
doesn't have anything like that,
Current's Teen Plan could definitely be worth it.
It's important to point out, however,
that many banks, especially online banks,
are able to match many of Current's features
while also offering savings accounts and other products.
Check out our video
of the best checking accounts on this channel.
And be sure to compare Current's teen banking app options
with our favorite starter checking accounts for kids.
Again, another video on this channel.
We got a lot of videos on this channel. (chuckles)
Enough from our side, everyone, we wanna hear from you.
What do you think of this Current review?
Are you considering giving Current a try?
Please let us know in the comments below.
Thanks for hanging out today, everybody.
This is Andy with The College Investor.
We'll see you in the next video.
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