- How's it going today, guys?
Welcome back to the channel.
So in this video today we're going to be doing
a review of the financial app known as Current.
Real quick, guys.
I do have a few disclaimers to make,
I am not a financial advisor.
This is not any sort of financial advice,
and you should always do your own research
above and beyond this video before making
any decisions about your money.
Also, this video is sponsored by Current.
Also guys, keep an eye down below for any
spam and scam comments.
Unfortunately, I've been getting a lot of those lately.
So if you're ever interacting with me,
make sure you see that white check mark
that's going to ensure that you're actually communicating
with me and not someone impersonating me.
So first of all, what exactly is Current?
Well, Current is actually not a "bank",
which is a common misconception out there.
Current is a financial technology company.
The entire Current experience is completely online
with a simple app
and the reviews speak for themselves here.
A lot of people really love this app
with a 4.7 star rating from over 87,000 reviews.
They have a suite of impressive features such as
early paychecks, roundups, rewards points, et cetera,
we're going to cover all of that shortly,
but they also have some features that are reserved for
premium accounts at a cost of 4.99 per month.
But across either account you have,
there are no minimum balances
which is definitely a plus.
So let's cover now the difference between
the basic plan and the premium plan with Current.
Well, regardless of whether or not you have
the premium plan or not, you're going to get access to
40,000 fee free allpoint ATM's all across the U.S.
Now where things start to get different is with
the rewards points.
With the basic, you're only going to get 1x your points,
but with the premium you can get up to 15 times
the points depending on where you shop.
In terms of the physical card,
the basic card is going to be a white card
whereas the premium is going to be a black card.
In terms of Savings Pods or little buckets
where you can set money for savings goals,
you get one with the basic plan
whereas you get three with the premium plan.
With budgets, you get two of those with basic
and an unlimited number with premium.
And then with direct deposits,
if you have the premium plan
you can get your paycheck two days early
whereas with the basic plan
you're just going to get it on your actual payday.
You also have gas hold refunds with the premium plan
and up to 100 dollars of overdraft protection with
the premium plan.
So basically if those features there
are a combined value to you that exceeds $5 per month,
that may be something that interests you.
Another cool thing is that Current does offer
a teen account at a cost of $36 per year
and this is what this includes:
instant money transfers from parent to teen.
Spending notifications for parents.
Parents can set up automatic allowance conditioned to by
chore completion.
Ability to pause card from the app.
Budgeting and Savings Pods.
And parents can set up spending limits for their teen.
So basically, you know, when I was younger
and my parents would have me do chores,
I would rarely do them because I was kind of
not the best kid, but once in a while,
when I would do chores and help my parents out,
they might give me a couple dollars
or pay me with some quarters or something.
Now this would allow you as an adult here with your kid to
have a much more organized and streamlined approach to the
whole paying your kids for chores
or giving them Christmas money, birthday money, et cetera
but at the same time teaching them how to use
very important financial apps.
So it's a really good stepping stone for your kids
into the financial world.
Moving on let's talk about those rewards points from
Current.
It's a very simple rewards program
so it's not going to be anything too complicated
with a ton of hoops to jump through.
You simply navigate to the points tab
to see participating merchants near you
and then you simply swipe your card
and earn instant points
when you shop at these places,
then you redeem your points for cash or other prizes.
So if you're like me and you pretty much like all kinds of
different foods, in theory,
you could go to a new city,
open up your Current app and look for participating
restaurants and shops
and then if you want it to earn your points,
shop exclusively there to maximize what you can redeem.
There's over 14,000 partner merchants
and one point is earned per dollar spent.
However, if you do pay for that 4.99 per month
you can earn up to 15 times the rewards
at various merchants.
So once you've done some spending
and you have some points, you can then redeem
those points right within the app.
All you have to do if you want to earn
some points right now is click the
sponsored link down below to sign up.
And then when you simply just get started with the app,
you're going to instantly win 10 points.
From there you can redeem those points for different things.
For example, this here is a MrBeast collab hoodie with
Current for 5,000 points.
Here's $10 cash deposited to your account for 1000 points.
And here is one month of premium for 500 points.
So there's all kinds of different things
you can redeem your points for.
Now, if you're a fan of apps out there that let you send
and receive money to your friends, well,
you're going to like Current even more,
thanks to Current Pay.
This is a simple peer to peer system allowing for instant
transfers among friends.
Using your Current tag which is your ID or handle
similar to your Instagram handle,
you can easily for friends and family members.
The best part, payments are secure and free.
Another great feature of Current
which we talked about a little bit earlier is Savings Pods.
So a Savings Pod was created to help members
save money to achieve their individual goals.
And there's many statistics out there that show that a
goal-based saving or investing approach
is one that most people are going to have success with.
Having a set goal that you're reaching towards is
going to help you be more motivated to
actually save that money.
So these pods can be used to save for an emergency fund,
vacation, car, et cetera, different things like that.
And then the funds can be transferred from your
checking account to your Savings Pod very simply.
Number one, via roundups
where you're simply rounding up your purchases
and automatically saving towards those goals.
Or for those who are a little bit better
at managing their money,
you can set up manual transfers
where you can put money into those pods,
maybe on payday, you put a little bit in towards your
emergency fund or vacation fund
or something like that.
Now, a very important question
you should always ask yourself about
any financial app out there is whether or not
your money is safe.
So let's ask the question here:
Is my money safe with Current?
The answer is Yes!
Members are FDIC insured up to $250,000.
So the banking services of Current are actually
provided by Choice Financial Group
and Metropolitan Commercial Bank.
Both of which are members of FDIC,
which is the Federal Deposit Insurance Corporation.
It's an independent agency created by Congress to maintain
stability and public confidence
in the nation's financial system.
So basically, yes,
your money is insured up to $250,000.
There's also location services for your debit card to
reduce fraud and many smart technology features
involving security and safety.
So now we're going to jump into a quick demo
of the Current app,
and if it's something you guys want to check out yourself,
please consider using that sponsored link down
in the description.
Okay guys, so it's been a couple of weeks
since my initial review there of Current
and my debit card just came in the mail last week.
So over the last few days,
I've been testing out the Current debit card,
and now we're going to jump right into the app
and I'm going to give you guys a full demo
of what this has available to you.
Okay guys, so here we are inside of the Current app
and as you can see, one of the things I like a lot
about this is this sort of dark mode
or dark view here by default.
For me, it's just a very attractive app and overall,
one of the better looking apps that I have looked at
on this channel in terms of in the finance space.
So design-wise, it is a very, very attractive app
and I also like the visual on the debit card
which sort of matches the whole look and feel of this app.
So right up top there
you can see where you have your account,
I have a premium account with them
with a Current balance of $68.6O.
Yesterday I transferred some money over to one
of my Savings Pods which was 50 bucks to
my rainy day savings.
So I'm going to show you what that looks like
but you are able to make Savings Pods
and basically set money aside for different things
that you are saving up for.
They also offer insights as to the money going in
and out of the account
as well as how much money you have spent.
And so that's really cool here
and it also can show you where you spent that money.
So in my case here,
I spent that money in the majority on food
as 70% of the category,
and I did spend a little bit of money on gas as well.
So I'm not sure if that falls under the food category
but that is where I had done my spending.
So if you're one of those people who tends to spend money
and then you have no idea where it goes,
a traditional bank statement is going to be very difficult
to interpret but this basically gives you insights
on your spending by default right in the app.
So it can be very handy for tracking your spending.
So the Savings Pods here guys, as you can see,
I've created one already, the rainy day savings,
it's a hundred dollars goal, I put $50 in there so far.
But you can make multiple pods
and save for many different things.
So that's really awesome because if you're using like a
traditional bank account
you would have to open like a whole new savings account
which is pretty complicated
and there's typically minimum balances and stuff.
This is just a separation within your account
or these individual buckets that allow you to
save money in an easy manner.
Now, one thing that's really cool about Current
and it separates it from other apps out there
is that you're able to actually earn rewards points
when you use your Current debit card.
So there's a really cool map right here on the app where
you're actually able to get a points multiplier as well.
So if you're somebody who really likes earning points
and maximizing those types of rewards,
this could be a interesting app for you.
So right here, they're looking at basically opportunities
right in my area to earn extra bonus points.
So for example, Sperry's,
that's a restaurant in my area.
I'd be able to earn four times the points by
shopping there or eating a meal there
and then using my Current debit card.
And then you're able to redeem those points over here for
many different prizes.
1000 points is going to get you 10 bucks,
2,500 is going to get you $25 cash.
So basically most people redeem it for a free hoodie
or you can literally just redeem that for cash back right
into your account.
And then one last thing to cover that's really cool.
If you're used to using different services for paying your
friends or receiving money from them,
right within the Current app,
if one of your other friends has a Current bank account,
you can send and receive money right between
the two of you very easily.
So for example, if you're at a restaurant
and you want to split the check,
if you guys both have the Current app
you can easily have one person pay
and have the other person
send that right through the app.
So, anyways, guys, that's going to wrap up this
review of Current, I hope you enjoyed it.
Like I said, if you want to learn more
or sign up for an account, that's going to be
the sponsored link down in the description.
Thanks so much for tuning in
and I hope to see you in the next video.