Current.com Bank Promotions: $50 Sign-Up Bonus + 4.00% APY

Get a $50 bonus when open a Current checking account using referral code GLWWNT964 and make a direct deposit of $200. Plus, earn up to a 4.00% APY on the cash balance in your account.

While it’s not the biggest bank bonus available, you might as well get the $50 welcome bonus if you’re going to be opening an account. The 4.00% APY is also one of the higher savings rates today.

For more current bank offers, see our bank bonuses page. The most popular offers are from Chase BankSoFi, U.S. Bank, and Axos Bank.

This post may contain affiliate links, meaning I get a commission at no cost to you if you decide to make a purchase through my links. Visit this page for more information. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

What is Current Bank?

Current is a fintech company that offers a mobile banking app for their customers. It acts like a regular bank, but it’s called a neobank. Neobanks are companies that offer digital banking exclusively without traditional physical bank branches.

Current.com banking offers a checking account with a $50 sign-up bonus for joining and completing one easy direct deposit requirement.

Current.com Promotions

Offer #1: Current Checking $50 Sign-Up Bonus

Get a $50 bonus when you open a Current checking account with referral code GLWWNT964 and make a direct deposit of $200 or more.

How To Get $50 Bonus:

  1. Open a Current.com checking account using this download link and enter referral code GLWWNT964 during the sign-up process (towards the very end of the application).
  2. Make a Direct Deposit of $200 or more within 45 days of account opening.
  3. Receive a $50 reward paid to your account within 10 business days after your qualifying deposit.

If you forgot to enter a referral code during registration, you can still add one by opening the Current app. Click on the “Account” icon at the bottom right-corner. Scroll to the bottom and tap “Add a Code“. Enter a Current code here and hit “Confirm“.

This offer is available to new users only. Existing Current customers do not qualify.

Current Referral Code GLWWNT964
(Image from Current.com)

Offer #2: Current Savings 4.00% APY

Earn a 4.00% APY on your savings by creating Savings Pods.

Savings Pods are sub-accounts under your checking account – think of them as an “account within an account.” You can create three Savings Pods and each pod can hold up to $2,000.

How To Earn 4.00% APY:

  1. Open a new Current banking account using this link.
  2. Enter the referral code GLWWNT964 (promo code WELCOME50 will also work) during sign-up for the $50 bonus welcome offer.
  3. Create a Savings Pod once your account is opened.
  4. Make a direct deposit of $200 – must be done once every 35 days.
  5. Earn 4.00% APY on balances up to $2,000 per Savings Pod (you can have up to three Savings Pods for $6,000 total).

There is no minimum balance required in order to earn the 4.00% interest rate. Current Bank states they intend to make this high interest rate permanent and not just a one-time promo.

Current Bank Promotions: 4.00% APY Savings
(Image from Current.com)

Offer #3: Current Build – Build Credit Safely

Build your credit safely with no minimum or monthly fees with Current Build.

Current just launched Credit Build so now you can do banking and credit building together. You can use your own money to build credit safely without building debt.

There are no credit checks or credit history required. Just use your card, even at the ATM, to build credit with every swipe, earn points, and more.

The Bottom Line

Current.com has made a pivot to become an “all-in-one” platform where you can bank and build credit together. A Current account has many features and benefits, including:

  • No minimum balance fees
  • No overdraft fees
  • No bank transfer fees
  • No in-network ATM withdrawal fees
  • No instant transfer fees (with Current ~tags) to other Current members
  • Exclusive Premium Card with Tap to Pay
  • Early access to direct deposit (up to 2 days earlier)
  • Budgets for each category of spending
  • 3 Savings Pods (previously only 1 Savings Pod) that earns 4.00% APY
  • Gas station authorization holds immediately released
  • “Overdrive” overdraft protection

The Savings Pods is arguably the best feature. You earn a high savings interest rate of 4.00% APY on up to $6,000. To receive this rate, you need to make a direct deposit of $200 every 35 days. For each period that you don’t have a qualified direct deposit, the rate drops down to 0.25%.

If you have more than $6,000 to save, then check out my list of the best high-yield savings accounts.

Previously, the maximum amount that can earn 4.00% APY was capped at $2,000, so now the amount earning this rate is 3x higher. This is significant, as the potential interest earned over a one-year period is $244.45 on a $6,000 balance compared to $81.48 on a $2,000 balance, for a difference of $162.97.

For more bank account promotions, check out our page on the best bank bonuses and promotions.

About John Pham

John Pham is a personal finance expert, serial entrepreneur, and founder of The Money Ninja. He has also been fortunate enough to have appeared in the New York Times, Boston Globe, and U.S. News & World Report. John has a B.S. in Entrepreneurship and a Masters in Business Administration, both from the University of New Hampshire.

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Daniel
Daniel
1 year ago

As of January 19th 2023 to get the 4% savings rate in the pods you have to have at least a $200 REAL direct deposit every 35 days. But other than that pretty easy $50 bonus. Just be sure to pair it with Swagbucks for an extra $50 from them. Be sure to enter John’s code in the Current Code spot during sign up or click the You link lower left corner of app and enter code there in the Add a Current Code line.

Mike
Mike
1 year ago

For the savings pods, is there ANY interest earned after the first $2k per pod? I didn’t see a reference to that anywhere, so I assume there’s not.

Krista
Krista
1 year ago

It’s a local credit union. They used to work with Plaid but recently stopped. Maybe it has to do with the lawsuit that’s going on right now?

Jessica
Jessica
1 year ago
Reply to  Krista

So is there a way to transfer money in and out of Current WITHOUT having to go through Plaid? I refuse to do business with Plaid. I’m finding FinTech companies are being paid big bucks to use Plaid exclusively since Plaid’s lawsuit, as that’s the only way Plaid is getting customers now.

Krista
Krista
1 year ago

Opened an account and haven’t been able to get any money into my savings pods. My bank doesn’t show up on the list to link through Plaid. There is seemingly no way to issue a transfer from my bank account to my Current account. I have to write checks to myself in increments of 1,000 max. To move funds in and out of Current, I am forced to open another bank account! Perhaps I will stack another bonus and use that account as the go between. This is a big issue that my money is going to be essentially locked in a savings account that is not accessible in an emergency situation.

Trisha
Trisha
2 years ago

Does it have to be specifically a payroll deposit or have you found others that work with Current?

Trisha
Trisha
2 years ago
Reply to  John Pham

Thanks! Hoping to hear that one of the other online banks will work to push into Current before I start the clock on this offer.

brubeck
brubeck
1 year ago
Reply to  John Pham

Tdameritrade doesn’t work