Current Fintec 4% APY On Up To $6000

enduser
  |     |   395 posts since 2015

Has anyone used this fintech? They offer 4% interest on up to $6000 split on up to 3 POD accounts their name for savings with each holding a maximum of $2000. Just like Netspend the funds are kept in program banks. They now offer the premium account for free thereby allowing the up to 3 $2000 accounts per users.

3 Savings Pods that can earn 4% APY each with Current Interest

My concerns:

1. Account is only accessible via a phone app, unlike Netspend where you can log in via a website.

2. What is their business model? How do they make money? I can't a clear picture from the limited information posted at their website.

https://current.com/



Answers
vaylie
  |     |   6 posts since 2022
I've opened an account and started testing the waters with a $90 deposit. Tried out customer service and they've been surprisingly responsive (replies within a day in chat and by e-mail on a Sunday but my issue was also not a complicated one). I'm getting the interest accrued daily in my savings pod. They've got some interesting local deals too, like 4x point rewards if you use your current card to get gas.

Possible concerns:
- Transferring money seems to take a really long time compared to real banks I've used. It took days just for the transfer to even show up in 'Pending' and then a few more days to actually show up in my account. So don't do anything time sensitive with them.
- Their app never logs you out! Make sure you secure your phone well.
- They have a maximum spending limit/day and ATM withdrawal limit, though since you're only putting in $6000 max, it's not too unreasonable. No info on any ACH transfer limits yet.
- I see a lot of issues on twitter directed at their support about direct deposits, so maybe be careful about using them for that.
brightstar
  |     |   6 posts since 2019
Do we need any debit card purchases as a qualifier for the 4%?
enduser
  |     |   395 posts since 2015
No but access to the savings account only works through a phone app. How to get the 4% without paying any fees. https://financialpanther.com/current-bank-app/
deplorable_1
  |     |   409 posts since 2020
I was considering this account for the 4% on $6,000 but with no web support and having to use a phone app to do banking it's kind of a red flag to me. Look what happened with that HM Bradley 3% account. They added more hoops later making it not worth the time or effort. I may still do it against my better judgement with the wife I would be getting 4% on $12,000 with no fee.
enduser
  |     |   395 posts since 2015
Think twice about this deplorable_1. They do not have a phone number to call. How ironic that it is a cell phone only app but there is no number to call. All communication is done strictly via email. So as your money disappears your heart drops as you wait for an email reply. Remember this exact same issue occurred last year with a few other cell phone only banking apps.
deplorable_1
  |     |   409 posts since 2020
Yes very ironic indeed. Thanks for the heads up enduser.
FirstNation
  |     |   57 posts since 2021
Are you kidding me?

You can get over 3% on a 5 year CD with a legitimate financial institution.

Like ones that are FDIC insured.

And, really exist as a corporate entity.

I can't believe some of this stuff that is going around.

For $240 in interest?

How old are you anyway?
brightstar
  |     |   6 posts since 2019
I have opened 3 savings pods. Is there any monthly charges for this account? I read somewhere there is a $4.99 monthly charge for this account. If it is so, appears that the interest rate offered may not be worth it. Any catch here? Appreciate responses.
enduser
  |     |   395 posts since 2015
Avoiding Fees Monthly Fees: There is no monthly $4.99 fee anymore. Everyone gets the premium accounts now for no charge.

"If you sign up for the premium plan (which used to cost a monthly fee, but is now free), you’ll be able to open up to three savings accounts, giving you the ability to put save $6,000 earning 4% interest."

"When you open your Current account, you’ll have the option to choose between the basic plan or the premium plan. As I mentioned, the premium plan is now free, so you should sign up for the premium plan to gain access to three savings accounts."

"If you’ve already opened a Current account, you can upgrade to the premium plan also. It might say that it costs $4.99 per month, but once you upgrade, you’ll see that it’s free."
https://financialpanther.com/current-bank-app/


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