Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. Cryptocurrency services are not provided by Choice Financial Group or Cross River Bank, and cryptocurrency is not insured by or subject to the protections of the FDIC. The Current Visa Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.
FDIC InsuranceFDIC insurance is available on customer funds through pass-through insurance at Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC, where we have a direct relationship for the placement of deposits and into which consumer funds are deposited. Pass-through insurance is only available if certain conditions have been met, and there may be a risk that pass-through deposit insurance is not available because conditions have not been satisfied. In such cases, funds may not be fully insured in the event the insured depository institution where the funds have been deposited were to fail.
Faster Direct DepositFaster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer's submission of deposits.
FeesSome fees may apply, including out of network ATM fees, late payment fees, and other fees. For more information please see and the Current Deposit Account Agreement.
Savings PodsBoost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate is variable and may change at any time. The disclosed Boost rate is effective as of August 1, 2023. Must have at least $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying payroll direct deposit of $200 or more is required to earn a Boost rate of 4.00%. No minimum balance required. Please refer to Current Boost Terms and Conditions.
Fee-free OverdraftActual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer toFee-free Overdraft Terms and Conditions. Individual Current Accounts only.
PointsEarning rates over 1x are only available on Individual Current accounts when you make purchases at our participating partner merchants. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. SeeCurrent Points Terms and Conditions.
CryptoCryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements.) Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.
FAQs
Human-less Banking
Walking into a bank in the future might be drastically different, mainly because the customer might be the only human inside the building. Through AI and robotics, the banks of the future will be able to operate without any human assistance.
What is the next big thing in banking? ›
Generative AI may be the most disruptive technology the banking industry has seen in 30 years and I believe it will radically change the way banking is delivered; however, I don't believe it will fundamentally change the basics of banking – collecting and safeguarding deposits and lending money.
What are the 4 pillars of banking of the future? ›
This framework is the digital-first platform, supported by four pillars – omni-channel banking, smart banking, modular banking, and open banking. Each of these four pillars is fundamental to success in the banking industry of the future.
What are the predictions for banking in 2024? ›
Prediction: A $100+ billion bank will acquire a smaller BaaS-focused bank in 2024 to accelerate its entry into the BaaS market, and then bolster that acquisition by adding a healthy dose of technology, compliance, and business development resources to the BaaS bank.
What does Gen Z want from banks? ›
Gen Z attitudes toward money and finances are sometimes aligned with and sometimes starkly different from those of older generations. Research suggests that Gen Z trusts traditional banks more to secure their data and needs digital services to be exceptional to retain their customers.
How long will banks be around? ›
Key Insights & Stats: Bank branch numbers in the US have fallen by 6.5% since 2012. Based on current trends the number of physical banks could fall to fewer than 16,000 by 2030, a number not seen since 1965. Current trends suggest that all bank branches could be closed by 2034.
Who are the big 4 in banking? ›
The “big four banks” in the United States are JPMorgan Chase, Bank of America, Wells Fargo, and Citibank. These banks are not only the largest in the United States, but also rank among the top banks worldwide by market capitalization, with JPMorgan Chase being the most valuable bank in the world.
Who are the big three in banking? ›
List of largest banks in the United States
| Rank | Bank name | Headquarters location |
|---|
| 1 | JPMorgan Chase | New York City |
| 2 | Bank of America | Charlotte, North Carolina |
| 3 | Citigroup | New York City |
| 4 | Wells Fargo | San Francisco, California |
82 more rowsMoving into 2024, banks are also facing emergent elevated rates and credit issues. Banks are dealing with higher interest rates, increasing deposit costs, and slower lending due to interest rate fears squeezing margins. Interest-rate volatility in the past few years is also increasing focus on asset-liability risks.
What are the 4 C's of banking? ›
Standards may differ from lender to lender, but there are four core components — the four C's — that lenders will evaluate in determining whether they will make a loan: capacity, capital, collateral and credit.
In 2024, it is projected that the Net Interest Income in the Banking market worldwide will reach a staggering amount of US$11.65tn. The market is predominantly dominated by Traditional Banks, which are expected to have a projected market volume of US$9.46tn in the same year.
How is banking changing? ›
The most prevalent trend in the financial services industry today is the shift to digital, specifically mobile and online banking (more on each of those in a bit). In today's era of unprecedented convenience and speed, consumers don't want to have to trek to a physical bank branch to handle their transactions.
What is the future of banking in 2030? ›
The banking sector is poised to grow at a rapid pace by digitising financial services dissemination, further formalising credit to micro, small and medium enterprises (MSMEs), adopting innovative digital operating models, adapting to the continuously evolving landscape, benefiting from the adoption of emerging ...
Are banks safe in 2024? ›
There are no bank failures in 2024. See detailed descriptions below.
Will savings interest rates go up in 2024? ›
Fed chairman Jerome Powell has suggested that rates will eventually decline sometime in 2024. According to the Summary of Economic Projections, the Fed may implement at least three 25-basis point interest rate cuts in 2024—bringing the federal funds rate closer to 4.60%.
What are the future challenges in the banking industry? ›
1.1 Technological Disruption and Cyber Threats: The rapid evolution of technology brings both opportunities and challenges to the banking sector. While technological advancements enable digital transformation and innovative services, they also expose institutions to increased cyber threats.
How can banks prepare for the future? ›
Banks need both technology and customer trust to offer the right products at the right time. The bank of the future needs to offer bespoke and personalised solutions that meet individual needs and priorities. Open banking, artificial intelligence (AI) and data analytics will be the enablers.
