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Current Banking Review: Online Banking With Rewards

Current baking mobile app

Photo credit: Current

Current Banking App

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Rating: 4 out of 5

Current offers a quick and free sign-up, and you don’t need any amount of existing balance to get started. There’s an option for teen banking as well to get your kids started early. You can also pay your bills without any overdrafting fees. You unlock rewards, cashback, and earn points as you conduct transactions, which you can later use for purchasing bonus offers. Deposits are added instantly to your account, and transfers are swift and smooth.


Like all banking apps, to get access to all features, you need to sign up for a premium version. The maximum limit for overdrafting is $100 if you get a minimum of $500 direct deposits. This feature is also only available for premium members. It’s a completely online bank with no physical branches. There’s an additional fee for parents who want to create accounts for their kids. Furthermore, if you’re conducting transactions abroad, either online or through the card, you will also have to pay the international withdrawal fee.

Bottom Line

Current banking is a state-of-the-art online banking system that allows you and your kids to conduct swift transactions. It lets you earn cashback and pay your bills when you don’t have enough balance. But some features, including the overdraft, are exclusive to premium members. While there’s no fee for overdrafts and transfers, you have to pay a small amount in case you’re withdrawing from another country. Current bank has no physical branches, but you can carry it with you in your pocket.

We may earn compensation from the products and offers mentioned in this article. However, any expressed opinions are our own and aren’t influenced by compensation. To read our full disclosure, click here

What Is Current?

The above review of Current banking gives you a summary of its features. Let’s look at them in a bit more detail.

Current is an online-only banking app that offers features that don’t sit right with everybody, such as getting your paycheck two days earlier and allowing kids to have separate accounts. It’s a combination of traditional and innovative features meant for people who want to get the most out of their current bank account. There is no sign-up fee and you won’t be charged on a monthly basis for simply using Current. It’s simple and quick, which makes it fit for all ages. However, it does not have physical branches and most of its features are open for premium subscribers only.

A man holding his debit card and his mobile phone while banking
Current is an Online-Only Baking App (Image Source: Shutterstock)

If you want to teach your kids financial planning and help them adopt better financial habits, Current has got you covered. Teenage banking is a unique feature of Current. It offers control to parents and just enough freedom to children to learn how to manage and spend their money. Parents can restrict the amount their kids spend and where. Debit cards for children further provide an opportunity for them to learn and grow. You can also earn rewards as you shop from partner stores and get special discounts on your favorite items.

The Current banking app also has plenty of management tools to help you set your budget and meet financial goals. It keeps track of how much money you spend and provides you the data you need to keep your financial habits in check. Most of the users of banking apps believe that the apps help them stay aware of their financial situation better and improve spending habits. You can also make check deposits online and earn plenty of cashback through certain retailers.

The Pros and Cons of Using Banking Apps

More and more people are using mobile banking apps as the world shifts to tech advancement and automation. The hassle of traveling long distances and waiting in long lines to pay bills is easily avoidable now. But apps are not perfect either.

One of the major reasons why banking apps are so widely used is that they bring the bank to the customer’s pocket. People can check their balance from anywhere, add savings, calculate their budget and keep track of their spending habits with a few taps. But this also means that hackers can access money easily. Cyber theft is a potential risk associated with online banking. Luckily, many banking apps like Current prioritize security and take the necessary steps to secure their users’ accounts.

A woman happily using her mobile banking app.
With Banking Apps, The Bank Comes to Your Pocket (Image Source: Shutterstock)

With banking apps, the bank comes to your pocket. And if someone steals your device, they might come across sensitive information. You can avoid this by using apps that don’t hide numbers in their notifications and text messages.

Mobile banking apps are the most used method for managing finances. This is because it gives customers greater financial freedom. Transactions can be conducted in the comfort of your home, without formalities and delays. Mobile apps, such as Current, often offer cashback when you purchase from certain merchants. Cashbacks are super attractive to users and that’s one reason why they opt for banking apps. But scams are quite common in online banking. You might get messages and calls from fake numbers and employees asking for your pin code or offering invalid cashbacks. Some apps update their customers on a regular basis so that they never send such messages and customers have to be careful.

What to Look for In Money Saving Apps

Money saving apps make a lot of promises. However, it’s unrealistic to expect an app to fix your financial habits. You have to be the one to make smart choices, an app can only give you data to help you in decision-making. Since the right data is crucial to making better financial choices, you have to be careful before choosing what app you use. Here are some common features that the best money saving apps provide:

Apps Like Current Offer Rewards for Using the App (Image Source: Shutterstock)
  • Privacy

Banking information is extremely sensitive and must be given only to trusted apps. If you intend to connect your bank account to the saving app, you have to be extra careful about which app you use. Also, make sure to set a strong password that’s difficult to predict. Look for apps that have two-factor authentication and value security.

  • Rewards

Apps like Current offer rewards for using the app, which is a pretty fun feature. You can turn your points into gift cards and discounts depending on what app you’re using. Some even award points just for walking in certain shops. One popular method of earning points is by inviting friends and family to join the app. Cash backs are a type of reward in which the app returns the complete or a percentage of the money you spent. Almost all popular banking apps offer cash-backs. You just have to check which cashback deals are active, go to the shop, scan the code, or upload a copy of your receipt. 

  • A well-designed user interface

Pick an app that’s easy to use and navigate. You don’t want to waste time looking for the right buttons. Good money-saving apps are well-designed and have a user-friendly interface. If it doesn’t, that’s a big red flag.