Current Bank Promotions: $50 Bonus + 4.00% APY

Current Bank will give you $50 when you open a Premium Checking account and make a direct deposit of $200. Saving money? You can also earn 4.00% APY on your cash.

While it’s not the biggest bank bonus available, you might as well get the $50 bonus if you’re going to be opening an account anyway. Plus, earning a 4.00% interest rate on your money is one of the highest savings rates available.

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What is Current?

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 only digital banking without traditional physical bank branches.

They have two different checking products, a Basic Checking and Premium Checking account. The Premium Checking account is offering a $50 sign-up bonus for joining and completing one easy direct deposit requirement.

Current Promotions

As of today, there are two offers available. The first one gives a $50 bonus when you open a Current Checking account and make a direct deposit of $200 or more. The second deal lets you earn a 4.00% APY on your savings.

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

Get $50 when you open a Current Checking account as a new Premium member with promo code WELCOME50.

Once you complete registration, simply make a direct deposit of $200 or more and Current will send you a $50 bonus into your new checking account.

How To Get $50 Bonus:

  1. Open a new Premium Checking account using this link and enter promo code WELCOME50
  2. Make a Direct Deposit of $200 or more within 45 days of account opening
  3. Receive a $100 reward paid to your account within 10 business days after your qualifying deposit

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

Current Bank Promotions: $50 Checking Bonus
(Image from Current)

Offer #2: Current Savings 4.00% APY

Earn a 4.00% APY on your savings with a Current Savings account.

This promo was just announced and is available to all Current users, including those on the free Basic plan as well as Premium users (though Premium members get to earn 4.00% on a higher balance limit).

How To Earn 4.00% APY:

  1. Open a new Savings account using this link
  2. Earn 4.00% APY on balances up to $2,000 per Savings Pod (Premium members can have up to three Savings Pods for $6,000 total)

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)

The Bottom Line

Both Basic and Premium accounts come with no hidden fees, 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

Premium membership costs $4.99 per month and comes with the following perks:

  • 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
  • Gas station authorization holds immediately released
  • Overdrive overdraft protection

The increased number of Savings Pods (one vs three) is the best feature of being a Premium subscriber. You’d earn a high savings interest rate (currently 4.00% APY) on up to $6,000 instead of $2,000.

The 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. This more than recoups the monthly $4.99 fee for Premium.

There are opportunity costs on the additional balance held, but that’s not a big deal if you ask yourself where else would you put $4,000 in liquid cash.

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