Jake Miller
Current is an American financial services and software development company (FinTech) based in New York City. It was founded in 2015 by Stuart Sopp and Trevor Marshall. Current provides mobile banking services through its partner banks, Choice Financial Group and Cross River Bank, both of which are members of the Federal Deposit Insurance Corporation (FDIC). Current offers a range of features and financial products to help consumers make smart money decisions, including budgeting resources, early direct deposits, savings pods, and crypto trading.
| Characteristics | Values |
|---|---|
| Type of company | Fintech company |
| Partner | Choice Financial Group, Member FDIC |
| Services | Financial services |
| Product | Mobile app and debit card with built-in financial products |
| Features | Budgeting resources, earlier direct deposit, savings pods |
| Basic account fee | No monthly fee |
| Basic account card | Basic White Card Visa debit card with a secured chip |
| Paycheck Advance | For eligible customers only |
| Paycheck Advance amount | Displayed in the mobile app and may change from time to time |
| Paycheck Advance conditions | May vary and are subject to change at any time |
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What You'll Learn
Current is a fintech company
Current offers a range of features and services, including spending accounts, early access to paychecks, fee-free overdrafts, secured credit building, earned wage access, savings boosts of up to 4%, fee-free ATMs, cryptocurrency, and redeemable points for cashback. The company's mobile banking services have no annual fees, overdraft fees, or minimum balance requirements. Account-holders are issued Visa debit or credit cards and have access to an online banking system through its mobile app, which is available on both Android and iOS devices.
One of Current's key features is its Paycheck Advance service, which allows members to access up to $750 of their upcoming paycheck in advance without any mandatory fees, credit checks, or lines of credit. This service is designed to bridge financial gaps between paydays and can be accessed through the Current mobile app. Additionally, Current offers budgeting tools, teen banking, and early paycheck arrival. The company also provides a secured credit-building card in partnership with Cross River Bank, allowing members to build their credit histories through a single spending balance on Current's platform.
Current has experienced significant growth and milestones since its launch. By December 2022, the company had over four million accounts, with nearly three million accounts in April 2021 and one million accounts in June 2020. Current was also the first neobank to receive government stimulus payments for its customers under the CARES Act in April 2020, crediting accounts five days faster than most incumbent banks.
While Current provides banking services, it is important to note that it is not a bank itself. Instead, it is a financial technology company that partners with established banks to offer its services. This distinction is made clear by Current, emphasizing that Finco Advance LLC, its operating entity, is a financial technology company and not a bank.
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Current offers mobile banking services
Mobile banking services are becoming increasingly popular, with around 48% of bank customers preferring mobile apps for managing their bank accounts. Current is one of the mobile-first banking options that have emerged in recent years. Unlike traditional banks, these digital-only accounts are managed through highly regarded mobile apps.
The Current mobile banking app also includes security features to protect sensitive information. For example, the app may use Touch/Face ID (iOS) or fingerprint/face scan (Android) to secure account access and prevent unauthorized use. Additionally, Current may provide resources to help customers recognize and prevent fraud and identity theft.
Current's mobile banking services aim to provide convenience and ease of use. Customers can access their accounts and perform various banking tasks without visiting a physical branch. The app may also offer budgeting tools, such as spending notifications and trend reports, to help users manage their finances effectively.
Overall, Current's mobile banking services offer a secure and convenient way for customers to manage their finances, access account information, and perform banking tasks remotely through their mobile devices.
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Current has no physical branches
Online-only banks, also known as digital banks, have no physical branches. They are a good alternative to traditional banks for customers who want to avoid the higher fees and lower interest rates that often come with brick-and-mortar banks. Online banks can offer higher interest rates because they do not have to pay for the cost of maintaining physical branches.
Online banks provide customers with the convenience of digital access to their accounts, allowing them to initiate transactions online, through a mobile app, by phone, or by mail. They also offer features such as mobile check deposit, P2P mobile payments, and access to surcharge-free ATM networks. Many online banks also provide strong customer service and budgeting tools.
Some examples of online-only banks include Monese, Monzo, and Moven. Monese is a UK-based digital bank that offers a current account with a contactless prepaid debit card. It is available to any UK and European resident and can be used in 20 countries. Monzo is another UK-based digital bank that offers features such as a real-time breakdown of spending habits and quick mobile money transfers. Moven is a US-based digital bank that offers a checking/current account with a prepaid debit card and budgeting tools.
While online-only banks offer many benefits, there are also some drawbacks. For example, depositing cash might not be as straightforward as with a traditional bank. Additionally, some customers may prefer the face-to-face customer service and special in-person features provided by brick-and-mortar banks. Ultimately, some customers may choose to have accounts at multiple institutions, both online and traditional, to cover all their banking needs.
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Current offers budgeting resources and savings pods
Current is a fintech company with banking services provided by Choice Financial Group and Cross River Bank. It offers budgeting resources and savings pods to its customers.
Current offers both Basic and Premium accounts. It has a unique budgeting option that lets you set up budget categories with their own spending limits. Once you set it up, Current tracks your spending in each category and alerts you when you get close to your limit. It also offers a cashback rewards program where you earn points redeemable for cash or other items.
Savings Pods are like accounts within your Current account that allow you to set a savings goal and put away money specifically for that goal. You can create up to three separate savings pods, each earning up to 4.00% bonus on up to $2,000 if you set up direct deposits of at least $200. This means you can earn up to a 4.00% bonus on a total balance of up to $6,000 if you save $2,000 in each pod. The 4.00% bonus on the pods is much higher than the average annual percentage yield (APY) on savings accounts, which currently sits at 0.38% according to the FDIC.
Current also offers a budgeting tool called Round-Ups. As you use your Current debit card, these purchases are rounded up to the nearest dollar, and the rounded-up change is then added to the Savings Pod of your choice. Current also offers teen accounts, which come with one Savings Pod and one Giving Pod for individuals interested in making charitable donations.
Other banks that offer budgeting resources include Ally Bank, Bank of America, and Capital One. Ally Bank offers a "buckets" feature that allows both spending categorization and savings goal tracking within one platform. Bank of America's mobile app breaks down your spending into interactive charts, highlighting spending trends and areas where you might be under or over budget. Capital One's Eno virtual assistant can identify recurring charges and subscription fees to help eliminate unnecessary expenses.
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Current partners with Choice Financial Group
Current is a fintech company that provides mobile banking services through its partner banks. Fintech, or financial technology, refers to companies that provide financial services through software or other technology. Current is one such company, offering its services through a mobile app.
Current has partnered with Choice Financial Group, a Member FDIC, to provide financial services. This partnership allows Current to offer its customers insured accounts, with deposits insured up to the standard maximum deposit insurance amount of $250,000. By partnering with established financial institutions like Choice Financial Group, Current can provide its customers with the security and peace of mind that their deposits are protected.
In addition to its partnership with Choice Financial Group, Current has also partnered with other financial institutions to offer a range of services. For example, Current launched a secured credit-building card in partnership with Cross River Bank, allowing members to build their credit histories through a single spending balance on Current's platform. Current also offers crypto trading without fees in partnership with Zero Hash, giving members access to buying and selling dozens of coins without paying trading fees.
Current's partnerships with established financial institutions like Choice Financial Group and Cross River Bank allow it to provide a range of financial services to its customers while maintaining the security and protection offered by traditional banking institutions. These partnerships also enable Current to offer innovative features, such as crypto trading and secured credit-building cards, that set it apart from other mobile banking options.
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Frequently asked questions
Current.
Current is a mobile app and debit card with built-in financial products and features to help consumers make smart money decisions.
Current provides 24/7 customer support through its mobile app.
Current offers a range of features, including budgeting resources, early direct deposit, savings pods, no annual fees, no overdraft fees, and no minimum balance requirements.
