Current Review

Company background

Current is a safeguarded e-money institution, founded in 2015, headquartered in the United States, operating under Current (Finco Services, Inc.). Current is the US neobank for households: teen accounts with controls sit alongside boosted savings pods and early payday for the parents. We rate it best for teens and families. It is a phone-first current account, bundling in-app savings and an overdraft into one app.

Fees and pricing

On day-to-day costs, Current charges no monthly account fee, and applies a 0% markup on foreign-currency spending.

• Monthly fee: no monthly account fee.
• FX markup: 0% on spending outside your currency.
• ATM withdrawals: 2.5% fee.
• Savings: up to 4% AER on in-app balances.
• Welcome offer: get paid up to two days early with direct deposit.

For everyday domestic use the running cost is effectively nil, so the figure that matters most is how often you spend or withdraw in another currency.

Regulation and safety

Current operates as a safeguarded e-money institution, regulated by FDIC (partner banks). Eligible deposits are protected up to 250,000 USD under FDIC up to 250,000 USD via Choice Financial Group and Cross River Bank. That guarantee is backed by a national compensation scheme, so your covered balance is returned even if the provider fails.

Platform experience

Current is available across iOS, Android and Web. The mobile apps score 4.7/5 on the App Store and 4.5/5 on Google Play. Payments run on a Visa physical and virtual card, and it works with Apple Pay and Google Pay.

Pros and cons

On the plus side, teen accounts with parental controls and chores, bonus savings pods paying boosted APY and early payday and fee-free overdraft. The main trade-offs are not a bank; FDIC cover runs through partner banks and boosted savings rate is capped to a balance limit. On balance it is a comfortable pick best for teens and families, provided its limitations line up with how you actually bank.