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Current is an emerging bank and non-bank fintech company that offers FDIC insurance on customer deposits through partnerships with partner banks.Current accounts are managed primarily through its mobile app, and it offers a rewards debit card and a savings pod rate of up to 4.00%.

Key features of the Current account.

• No Monthly Fee and Minimum Balance Requirements. Current accounts don't have any monthly fees or minimum balance requirements, which makes them ideal for people who want to avoid traditional bank fees.
• Rewards Debit Card. Current accounts come with a rewards debit card that earns points at select retailers. The points can then be redeemed for cash or other rewards.
• High-interest savings pods. Current offers three savings pods for setting aside funds for specific goals. These pods offer up to 4.00% Annual Percentage Yield (APY), which is one of the most competitive rates in the market. However, each savings pod has a balance cap of $2,000, which means each customer can only earn the high rate for up to $6,000.
• Free Mobile Check Deposit. Mobile check deposits are free and funds are available as soon as the deposit is successfully received from the linked external account.
• Free Allpoint ATM Withdrawals. Current account holders can make free withdrawals at over 40,000 Allpoint network ATMs nationwide.
• Teen Debit Cards. Current offers the option to link a teen's debit card to the main account for free, which can help parents track their child's spending habits.

Disadvantages of a Current account.

• Limited customer support. Current's customer support options are limited and offered primarily through email and online chat.
• Non-checking account. Current accounts do not have a checking option, so users who need a checking account may want to consider another bank.
• Cash deposit charges. Depositing cash requires visiting a participating retail store, such as CVS or Walmart, and having a cashier help you with the transaction. There is a $3.50 processing fee per cash deposit.

Current Bank Review: High Rate Savings Pods, Reward Debit Cards and Free Spending Accounts

Overall, Current is a good option for those looking for a no monthly fee spending account, a rewards debit card, and a high-interest savings account. However, it's important to note that Current has limited customer support options and no checking account option.