Current Bank Review: A Great Checking Account for Teens

If you’re looking for a simple easy to use online bank, Current Bank may be for you. While it doesn’t come with a lot of bells and whistles it has all the core features you’ll need in a checking account and aims to make money management easier.

In this Current review, we’ll show you exactly what the Current app can and can’t do for you, and how it can make banking easier. 

Table of Contents
  1. What Is Current?
  2. Basic or Premium Checking Account 
    1. Basic Checking
    2. Premium Checking
    3. Teen Checking
  3. What Else Should I Know About Current?
  4. Current Alternatives
    1. OnJuno
    2. Axos Bank
  5. Current Pros and Cons
    1. Pros
    2. Cons
  6. Summary

What Is Current?

Although it operates similar to one, Current isn’t really a bank. Instead, it’s a fintech (finance technology) app that makes banking easier and more affordable.

For instance, when you open a Current Premium account and sign up for Direct Deposit of your paycheck, you can get your paycheck up to two days earlier than you can with a traditional bank’s Direct Deposit system.

This is just one of the features you might like about Current, which was founded in 2015 in New York. But let’s back up a bit and talk about the types of accounts Current has to offer.

When you open a Current account you’ll have two checking account types to choose from: Basic Checking and Premium Checking. 

Each checking account has its own set of features which we’ll talk about later. But Current’s Basic Checking account is free.

Another nice feature with this app is that if you open an adult checking account with Current, you can open teen checking accounts for your kids as well.

The teen checking accounts piggyback onto the adult account and offer great features such as spending notifications. That way you can know exactly what your teen is spending their money on.

Current holds pass-through FDIC insurance of up to $250,000 per account via their partnership with Choice Financial Group. 

The company also has three customer service options: phone, email, and chat. Next, let’s go over some details on Current’s checking account choices. 

Basic or Premium Checking Account 

When you open your Current account, you’ll be able to choose between Current’s Basic checking and its Premium checking account. Here’s a rundown on the features of each one. 

Basic Checking

Current’s Basic Checking account is a free account with no minimum balance requirement. Other Basic Checking account features include:

  • Free White Card (debit card)
  • Standard Direct Deposits
  • 1 Savings Pod
  • Budgeting tools
  • Instant notifications for purchases

A Savings Pod is a savings account with a twist. With Current’s Savings Pods, you can set and name savings goals, have money automatically transferred to your Savings Pods, and even round up purchases for additional Savings Pod accumulation. 

Oh, and there are no overdraft fees with Current checking accounts either. Next, let’s discuss Current’s Premium Checking account. 

Open a Basic Checking Account

Premium Checking

Current’s Premium Checking account has a zero minimum balance requirement and costs $4.99 per month. Other Premium Checking account features include:

  • Exclusive Black debit card
  • Early Direct Deposit access
  • 3 Savings Pods
  • Advanced budgeting tools
  • Instant notifications for purchases

You can deposit money to your Current checking account via Direct Deposit from your employer. Or you can transfer money by linking an external checking account to your Current account. 

Direct Deposit funds may be available up to two days early for Premium Checking customers. Basic Checking accounts do not offer this feature. 

Note that other options for depositing money include third party apps such as Venmo or cash deposits with partner merchants listed on the Current website. 

Open a Premium Checking Account

Teen Checking

Current also offers a Teen Checking account. This account must be established through a parent Basic or Premium Checking account. The teen account has the following features:

  • $0 minimum balance requirement
  • $36 annual fee
  • Parental notifications for purchases
  • Instant transfer of funds from the parent account
  • Parental control over spending limits

Current’s Teen Checking account also comes with a feature that allows parents to set up and pay for weekly chores that are completed. 

Using this feature can be a great way to teach your teen how to earn and spend money. 

Note that in order to open a Teen Checking account (or any other account) with Current, you will need to provide a valid ID. Current counts the following as valid IDs: 

  • A current, unexpired state driver’s license or ID card
  • A current, unexpired passport or passport card
  • A current, unexpired permanent resident card

If your teen doesn’t possess one of the above-mentioned ID forms, they cannot open a teen account with current. 

Open a Teen Checking Account

What Else Should I Know About Current?

Here are some other things you should know about banking with Current. 

No Check Writing

Current does not issue checks nor do they allow check writing from your Current checking account at this time. You can only access funds via ATM withdrawals or debit card purchases.

Current Pay

Current Pay is Current’s P2P transfer system. It allows you to send or request money from other Current members. You can use it to split dinner bills, pay friends money you owe, receive money you’re owed, and more. 

Referral Bonus Program

Current also has a referral bonus program. If you refer a friend to open a Current account using the Invite & Earn Money section of your app, Current will reward you with a referral bonus after the account gets opened. 

The Current website doesn’t specify what the referral bonus amount is, however, you can visit the Invite & Earn Money section after you open your Current account in order to get more information on referral bonuses. 

Daily ATM and Debit Card Purchase Limits

Current does have daily limits for using your Current card. The daily ATM limit is $500 for all accounts.

The daily debit card purchase limit is $2,000 for all accounts. Parents can adjust these limits downward for the teen account. 

Rewards Program

Current recently implemented a rewards program for account owners. When you shop at participating retailers using your debit card, you can earn up to 15x rewards depending on the retailer. 

The rewards cash is deposited directly into your current account. 

Total Aggregate Balance Limits

Also, Current does have limits on how much money you can have in your Current accounts. There is a $10,000 combined limit on all of your Current accounts, whether checking, teen, or savings pod accounts.   

Get started with Current

Current Alternatives

Here’s the scoop on a couple of alternatives that compare to Current. 

OnJuno

OnJuno is a digital banking platform that pays interest on some checking account balances. The Basic checking with OnJuno is free and doesn’t offer interest. 

However, the Metal checking offers an attractive interest rate when you have monthly Direct Deposits of $500 or more. 

Note that the Metal checking account does cost $9.99 per month. Both accounts offer free in-network ATM usage. 

Learn more about OnJuno when you read our OnJuno review.  

Learn more aobut OnJuno

Axos Bank

Axos Bank is another online banking app. There’s no monthly service fee with Axos, but they do have a $50 opening account minimum. 

Axos offers checking and savings accounts. One great feature with Axos is that you can earn interest of up to 0.4166 percent if you meet one of three criteria (they are cumulative):

  • Receive Direct Deposits of at least $1,000 each month
  • Make 10 debit card purchases (minimum $3 each) per month
  • Make five more debit card purchases during the month 

If you meet all three criteria, you can earn 1.25% interest on your Axos balances. 

Check out this article on best bank alternatives for more information on Axos and other Current alternatives. 

Learn more aobut Axox

Current Pros and Cons

Here’s a rundown of some of Current’s most prominent pros and cons

Pros

  • Get your Direct Deposit up to two days early with Premium account
  • Teen account comes with great parent monitoring/control features
  • Instant notification for purchases
  • Current Pay P2P transfer feature
  • Cash back rewards at select retailers

Cons

  • Maximum allowed balances must total $10,000 or less
  • No joint accounts allowed
  • Mobile banking only
  • No interest paid

Trustpilot Rating: 4.5 out of 5

Get started with Current

Summary

The Current mobile banking app can be a great way for you to use mobile banking and get your Direct Deposit up to two days early. 

And if you’re searching for a teen account that gives your teen a chance to learn about money management yet still allows for parental controls on spending, Current could work for you as well. 

What do you think about Current and its mobile banking features? Have you ever banked using Current? Feel free to share your thoughts in the comments section. 

Current

7.5

Product Rating

7.5/10

Strengths

  • Get your Direct Deposit up to two days early with Premium account
  • Teen account comes with great parent monitoring/control features
  • Instant notification for purchases
  • Current Pay P2P transfer feature
  • Cash back rewards at select retailers

Weaknesses

  • Maximum allowed balances must total $10,000 or less
  • No joint accounts allowed
  • Mobile banking only
  • No interest paid

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About Laurie Blank

Laurie Blank is a blogger, freelance writer, and mother of four. She’s psyched about teaching others how to manage their money in a way that aligns with their values and has been quoted in Bankrate.

She's a licensed Realtor with Edina Realty in Minneapolis, Minnesota (also licensed in Wisconsin too) and has been freelance writing for over six years.

She shares powerful insights on her blog, Great Passive Income Ideas, that will show you how you can create passive income sources of your own.

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