Update 8/30/23: They’ve increased the account closure fee from $2 to $10. Also added an Inactivity Fee $5.00 per month after 12 months of no financial transactions. (ht vaylie)
Update 12/20/22: They made a change now whereby you only get the 4% rate if you receive direct deposit of $200 or more every 35 days. Updated below.
Update 4/26/22: Looks like everybody has been upgraded Premium for free. Meaning you can get three buckets of $2,000 at 4% APY. Hat tip to reader Peek
Update 4/7/22: You can also upgrade to Premium and get three buckets of $2,000 at 4% APY. Premium used to cost $4.99, but according to this comment it’s in the process of changing over to being free.
Update 1/14/22: Now available to everybody
Update: This is in Beta at the moment and only available to some Current account holders. Premium members can also have up to three pods ($6,000 total).
Offer at a glance
- Interest Rate: 4% APY
- Minimum Balance: None
- Maximum Balance: $2,000
- Availability: Nationwide
- Direct deposit required: No Yes, $200+ every 35 days
- Additional requirements: None listed
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Insured: FDIC
The Offer
- Neobank Current offers a savings account called ‘Savings Pod’. This offers 4% APY on balances up to $2,000 with direct deposit.
Avoiding Fees
This account has no monthly fees to worry about.
Our Verdict
A lot of readers will already have a Current account from the $120 + $50 checking bonus. You basically need to ‘opt in’ to get this savings account. 4% APY with no requirements is obviously a great deal, only downside is the $2,000 maximum. Who knows how long this will last for, but definitely adding it to the best high yield savings accounts.
Hat tip to ShawntheShawn
This is what the rep said when I asked to close…
“Please note, the account closure fee does not apply if you exit your funds before closing the account or have no remaining funds.”
This seems to be the rule of thumb when closing accounts anywhere. The system cannot charge a fee when there is no balance. Good to know have the reassurance of a rep confirmation though.
storm
Personally, I am just keeping my account open.
I asked to close it and after asking for a bunch of stuff like selfie right next to id and state id and saying my phone number was incorrect(I sent them a pic showing exactly the number on file to prove them wrong) then They “cancelled” my account, I tried logging in and it says deactivated, to activate this account send an email to support, sounds a lil fishy on their end to not close it.
Easily closed today via in-app support chat.
Current just added a dormant fee. Time to cancel if you kept it.
Got the email that says deactivated accounts were mailed in error – it’s funny they think anyone is coming back by “deactivating”
I never knew they had an account closure fee until I got this email. Both P1 and P2 already closed accounts couple months back with 0 balance and did not get charged any fee. So if anyone still has this account might be worth making the balance 0 and then requesting close so as to avoid the $2 fee.
We apologize for our previous email with the subject line “Updates to our Account Agreement”. Unfortunately this email was sent to the wrong group of customers, including yourself.
Your account at Current is currently deactivated and you are not impacted by the Account Agreement update that will be taking effect on 09/28/2023
We’re sorry for the mistake and hope it did not cause any undue concerns.
Why oh why would anyone go for this when prevailing rates are 5.3% and higher.
I think not everyone has this knowledge. The Doc readership is very unique. Many people just use a couple accounts by big banks, like Chase, BoA, and other big regional banks. Most do not even know (how to buy) treasury bills.
All my friends either have their money under the bed or @one of the big banks earning their very well deserved 0.01% apy, knowledge is key.
Current isn’t a big bank though. If they know about this fintech, you’d think they’d know they can get over 5% APY somewhere else.
This is an old post with the legacy title that has been updated with the latest T&Cs change, probably to be followed with a ‘shutting down’ update.
Clearly 4% is nothing special at all now, but when Current first did this, it was a decent deal compared to others, hence the post’s ‘our verdict’ from DoC saying “4% APY with no requirements is obviously a great deal” stacked on top of the account opening bonuses we already go.
We will probably be back to sub 1% fed rates soon enough.
Just closed account, was not charged fee and forfeited my $0.01 balance
Not so bad, it could have been worse. I’m still enjoying their referral program.
Cope.
Stop simping for referrals. It’s trash and we both know it.