Online-only banks and mobile-only banks like Current Bank became lifesavers for customers with low balances. Having a debit card with access to a large number of ATMs is handy. Big banks require people to maintain a minimum balance or reliably earn money to avoid monthly fees. It isn’t always easy. It may seem that folks who can afford keeping a higher balance are not going to benefit from banks like Current.
Current bank savings account
The first benefit that Current Bank offers is a high-yield saving account. Current Debit Card calls it a “Savings pod”. As of June 2022, it pays 4% APY on balances up to $2,000. And you can have up to 3 Savings Pods.
The average yield on savings accounts in the USA is 0.06%. Usually, high-yield savings accounts pay something around 0.5%. In this context, 4% is a decent APY and there are no additional requirements. Chime bank requires you to receive a direct deposit of $1,000 per month to get 5% APY.
The unique feature of the “Savings Pod” is that it pays interest daily. Most savings accounts on the market pay interest monthly. Seeing 20 cents being deposited to your savings account every day makes the process of savings more visible.
Teens Checking account
The second benefit is a Teens Checking account that you can open for your child. You can have up to 2 kids. This is a very nice addition to your Current Bank. Keep in mind, that banks like Capital One and Chase offer teen accounts as well.
Savings Pod and Teens Debit Card are the only original features of Current Bank. Yes, it offers 40,000 fee-free AllPoint ATMs. Using a Current Debit Card you can withdraw up to $500 per day. It doesn’t give access to MoneyPass ATMs like Chime bank.
Current Bank allows you to deposit cash at retail stores using “Vanilla.Reload” network. It charges you a $3.5 fee per deposit. Each deposit is limited to $500, and the total limit is $1,000 per day. The monthly limit is $10,000. You can find more details on how to load your Current Bank Debit Card. Chime and Capital One offer free deposits at selected stores like Walgreens (Chime) and CVS Pharmacy (Capital One).
Current Bank limits
| Limit | Amount |
|---|---|
| Deposit Limit | $500 per transaction |
| Daily deposit limit | $1,000 per day |
| Monthly deposit limit | $10,000 per month |
| Balance limit | $10,000 |
| Withdraw at ATM | $500 per day |
| Spending limit | $2,000 per day |
There is a $10,000 limit on the balance of your checking account. This may be an important limit for high earners.
The bottom line is Current Debit Card is a good option to earn 4% APY on your savings or to make a debit card for your kids.