Money Analysed

Current Bank: The Future of Online Banking

Banking is an essential aspect of our everyday lives. However, with the current advancements in technology, the traditional brick-and-mortar banking experience is slowly fading away.

Online-only banking, such as Current Bank, is an innovative approach to meeting all your banking needs from the comfort of your home. This article will provide an in-depth look at Current Bank, its unique features, limitations, target audience, personal checking account basics, account fees, and limits.

Overview of Current Bank

Unique features of Current Bank

Current Bank is a revolutionary online-only banking platform that offers various unique features to make banking convenient and straightforward for its users. One of its primary features is the mobile app, which enables users to access all their banking needs through their smartphones.

Current Bank provides fast direct deposits, which allows users to receive their paycheck up to two days faster than traditional banks. It also provides instant credits, which enables users to access their funds before the actual deposit is cleared.

Another unique feature of Current Bank is its accounts designed specifically for parents and teens. Parents can set up custodial accounts for their children, enabling them to learn about money management at a young age.

In the same vein, teens can get their accounts to manage their finances independently. Saving for goals is also made more accessible with Current Bank’s savings pods feature.

Users can create custom goals and automatically transfer money from their accounts to their savings pods.

Limitations of Current Bank

One of the most significant limitations of Current Bank is the high balance required to avoid monthly maintenance fees. The platform charges a $4.99 monthly maintenance fee, which can be waived by maintaining a minimum balance of $1,500.

For users that cant meet up, it can be an added cost.

Target audience of Current Bank

Current Bank’s target audience includes individuals who prioritize paycheck access and financial education. Its fast direct deposit feature enables users to access their funds faster than traditional banks, making it ideal for those who need access to their paychecks as soon as possible.

The platform also offers financial education tips and resources, making it suitable for individuals looking to improve their financial literacy.

Current Personal Checking Account Basics

APY and Maximum Balance

The Current Personal Checking account boasts an APY of 0.25%, which is relatively competitive compared to other online-only banking platforms, but significantly lower than some other competitors with options up to 1.5%. The maximum balance users can maintain on their accounts is $10,000.

Account Fees and Limits

There is a $4.99 monthly maintenance fee on the Current Personal Checking account. Users also enjoy ATM access and unlimited transactions, making it easy to access their funds without limitations.

It is also worth noting that Current Bank is FDIC insured, which assures users that their funds are safe and secured.


In conclusion, Current Bank is a unique online-only banking platform that offers various features that can make banking easy and convenient for its users. Although it has its limitations, Current Bank is great for individuals who prioritize paycheck access, financial education, and user-friendly mobile application.

The platform’s emphasis on providing financial education resources can be an added advantage to those looking to improve their financial knowledge. As banking continues to evolve, Current Bank is undoubtedly worth considering as it offers innovative features that make it stand out from other online-only banking platforms.

What we Like about the Current Personal Checking Account

Current Bank offers a personal checking account with several unique and useful features that are worth highlighting.

Faster Direct Deposits

One of the features we particularly like about the Current personal checking account is the faster direct deposit option. With Current Bank, you can access your paycheck up to two days faster than you would with traditional banks, which can be incredibly beneficial for those who need to access their funds quickly.

No Account Fee

Another feature that we appreciate about the Current personal checking account is that there are no monthly maintenance fees. Many traditional banks charge account fees, which add to the cost of maintaining a checking account.

With Current Bank, users can save money on account fees.

Mobile Check Deposit

Current Bank allows mobile check deposits, which offers significant convenience for users. With this technology, users can take a photo of their check within the mobile app and deposit it directly into their account without the need to visit a physical bank.

Free ATM Withdrawals

Current Bank offers users with a Visa debit card the ability to make free ATM withdrawals. This can be a significant savings for users who withdrew cash regularly.

Gas Hold Refunds

Current Bank offers refunds of gas holds, which is a common feature that traditional banks don’t provide. Users have the option to move to the Current premium checking account, which refunds any gas holds imposed on their Visa card.

Cash Back at Select Retailers

Another notable feature that Current Bank offers through its Visa debit card is cashback rewards. Users can earn cash back at participating retailers by activating these offers through the Current app.

Parent/Teen Banking

One of the most unique features of Current Bank’s personal checking account is the ability to set up parent-teen banking. This feature allows parents to create a sub-account that links to their account, giving them control over their teenager’s spending.

Parents can set up spending limits, track their teenagers’ purchases, and even set up an allowance for their children.

Savings Pods

Current Bank’s savings pods feature is another notable feature that we like. This feature allows users to set up custom savings goals and use the round-up feature to save money automatically.

Users can set up several savings pods and track their progress towards achieving their savings goals.

Easy Access to Customer Service

Current Bank provides users with 24/7 customer service, which is an essential feature for users who require quick solutions to their banking challenges. The platform offers several contact methods, such as chat and phone support.

What the Current Personal Checking Account Could Improve

While we appreciate several features of the Current personal checking account, one drawback of the account that could be improved is the low maximum APY balance. The maximum balance that can earn APY is $10,000, which is relatively low compared to other online-only banks.

Although this may not be a significant factor for users with relatively small balances, it’s worth considering for those with more significant amounts of money in their accounts who are looking for ways to increase their returns. Providing users with higher maximum APY balances could make Current Bank more appealing to those users who are looking for more significant savings on their account balances.


All in all, Current Bank’s personal checking account provides several valuable features, from faster direct deposits to easy customer service access. The platform’s unique features include the parent/teen banking options, savings pods, and gas hold refunds, offering users several options to customize and optimize their banking experience.

Although there is room for improvement for the maximum APY limit, the benefits of the platform make Current Bank an excellent choice for users who value online-only banking with personalized customer service. Current Personal Checking Account vs.

Traditional Checking Account

As digital banking gains more momentum, more individuals are considering the option of an online-only bank account. Below are some differences between Current Personal Checking Accounts and traditional checking accounts.

Direct Deposits and

Gas Hold Refunds

One significant difference between a traditional checking account and the Current personal checking account is the direct deposit speed and gas hold refunds. With Current Bank, direct deposits can be accessed up to two days faster than traditional checking accounts, enabling users to access their funds earlier.

Additionally, the Current premium checking account provides refunds of any gas holds placed on their Visa debit card, another feature that is not common with traditional checking accounts.

Special Features for Parents

Current Bank offers several special features for parents, such as spending limits, notifications, and allowance features for their teenage children. These features allow parents to control their children’s spending, add money to their accounts, and set up notifications for purchases made with their sub-accounts.

No Local Branches

Traditional checking accounts often come with access to local branches, which can be beneficial for those who require in-person banking services. However, Current Bank operates entirely online, meaning there are no local branches available for in-person banking.

While this may be inconvenient for some, it’s important to note that Current Bank offers 24/7 customer support through its mobile app and website.

Mobile App Requirement

One requirement for using a Current personal checking account is the need to download and use the mobile app that comes with it. All transactions, deposits, and banking services are managed through the app, which may not be preferred by some users who are not tech-savvy or who prefer traditional in-branch banking services.

Strict Limits

Online-only banking platforms, including the Current personal checking account, typically have more defined limits compared to traditional banks. Withdrawal and purchase limits are often stricter, and users may have to pay fees for exceeding these limits.

However, some of these limits, such as daily deposit and ATM withdrawal limits, can be helpful for monitoring and controlling spending.

How to Open a Current Personal Checking Account

Opening a Current personal checking account is relatively easy and can be completed entirely online. Below is a step-by-step guide to opening a Current personal checking account.

Download the Current App

The first step to getting started with a Current personal checking account is to download the Current app. The app is available for free on the App Store and Google Play Store and accessible from anywhere in the United States.

Choose the Account Type

After downloading the app, the user will be prompted to choose the type of account they want to open. At this point, users can select the personal checking account option.

Provide Basic Information

After selecting the personal checking account option, the user will be asked to provide some identifying information, such as their name, date of birth, email, and Social Security number. The information provided will be used to verify the user’s identity and create their account.

Fund Your Account

After verifying the user’s identity, the next step is to fund the account. Users can fund their accounts with a direct deposit or by transferring money from another bank account.

They can also reload the account directly from Green Dot locations or through third-party payment providers such as PayPal and Venmo.

Receive Your Visa Debit Card

After funding the account, users will receive their Visa debit card, which they can use to make purchases, withdraw cash from ATMs, and take advantage of the cashback rewards offered by Current Bank. A physical debit card is sent within five business days, while virtual debit card is available immediately in the app.


While there are several differences between Current personal checking accounts and traditional checking accounts, the benefits of using Current Bank’s personal checking account include faster direct deposits, gas hold refunds, and special features for parents. It’s now easier than ever to open an online-only bank account.

It can be done from anywhere with access to the internet, making it convenient for those who prefer mobile banking services. Overall, Current personal checking accounts offer modernized, user-friendly banking services that are worth considering.

Withdrawals from a Current Personal Checking Account

Withdrawing money from a Current personal checking account is an essential part of banking. Below are some methods users can use to withdraw money from their accounts.

ATM Withdrawals and Debit Card Purchases

One of the most common ways to withdraw money from a Current personal checking account is through ATM withdrawals and debit card purchases. The Visa debit card that comes with the account can be used to withdraw cash from any ATM in the United States.

Users can also use the debit card to make purchases at any merchant that accepts Visa cards. It’s important to note that Current Bank does not charge any ATM fees, but some ATM networks may charge fees for using their machines.

Transferring Funds

Another method to withdraw money from a Current personal checking account is by transferring funds to an external bank account. Users can initiate these transfers through the Current app or website.

Depending on the bank, it may take up to three business days for the transfer to complete.

International Access

Withdrawing money from Current personal checking accounts while abroad can be done through ATM withdrawals, although fees may apply. International purchases with the Visa debit card come in a foreign transaction fee of 3% with a $3 minimum per transaction.

Other Current Personal Checking Account Fees

In addition to the monthly maintenance fee, there are other fees that Current Bank may charge to its users. Below are some additional fees users may encounter when using their Current personal checking account.

Overdraft Fee

Current Bank may charge an overdraft fee of $35 per transaction for accounts that have opted-in for its overdraft coverage (meaning Current has the discretion to approve purchases that exceed the account balance). Users can avoid overdraft fees altogether by monitoring their account balances and opting out of overdraft coverage.

Stop Payment Fee

Users can request a stop payment on a check previously deposited into their Current personal checking account. However, doing so comes at a cost, with the platform charging users $25 per request.

Users must provide the specific check number, date, and amount to be stopped.

ACH Transfers

While ACH transfers are free for incoming transfers users initiated from sources outside Current Bank, as well as recurring transfers from other Current Bank accounts, each ACH fee outbound transfer request within Current Bank will be charged $1.50. Incoming/Outgoing Wires

Incoming wire transfers are free of charge for receiving funds into a Current personal checking account.

However, for outbound wire transfers, the cost varies depending on the destination. For domestic transfers in the United States, Current Bank charges a $5 fee, while international transfers come at a higher cost of $45.


Withdrawals from a Current personal checking account can be made easy through ATM withdrawals and debit card purchases. Users can also choose to transfer their funds to an external bank account.

While international transactions cost more, it’s one of the ubiquitous withdrawal options available. As with any account, it’s essential to keep track of fees and charges that come with a Current personal checking account.

Overdraft fees, stop payment fees, ACH transfer fees, wires fees, and monthly maintenance fees are all fees that could add up if not planned for properly. Overall, it’s essential to keep an eye on all fees and charges that are incurred to prevent incurring any unnecessary costs.

Current Banking Customer Service

Customer service is a crucial part of any banking experience. Below are some details about Current Bank’s customer service.

Contacting Current

Current Bank offers several contact methods to its users. Users can reach Current’s customer support team through their website, mobile app, email, phone, or in-app chat.

Its website also has

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