Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Here’s what you need to do to earn your $50 Current referral bonus.
- Open a Current account using a referral link (here’s my Current referral link).
- Receive a direct deposit of $200 or more within 45 days of opening your account.
- Your $50 bonus will post within 10 business days after completing a qualifying direct deposit.
Current is an easy bonus to earn, so it’s worth doing if you’re interested in snagging some signup bonuses. They also offer a 4% interest savings account, but unfortunately, it requires meeting some requirements to earn the 4% interest, which makes it not very useful anymore.
In this post, we’ll look at how Current works and walk you through the steps you need to follow to earn your $50 Current referral bonus.
What Is Current?
Current is a fintech banking app similar to apps like Chime and Varo. It offers two main products – a checking account and a savings account (they call their savings accounts, savings pods).
The Current checking account works like a regular checking account. It comes with no hidden fees and access to a network of free ATMs. The Current debit card also offers cash back at select restaurants and other retailers.
In addition to the checking account, Current also gives users access to a savings account that offers 4% interest on up to $2,000. In the past, the 4% interest savings accounts were useful, but Current added some direct deposit requirements to qualify for the 4% interest. Given where rates are now, the Current savings account isn’t particularly useful anymore.
So, the reason to open this account is for the signup bonus. Since Current has no fees or minimum balance requirements, it’s an easy enough account to open and earn a bonus.
Current Referral Bonus – Step-By-Step Directions
With that background out of the way, let’s look at the exact steps you can follow to earn your $50 Current referral bonus.
1. Open A Current Account Using A Referral Link. The first thing you’ll need to do is open a Current account using a referral link. Here’s my Current referral link if you are interested in earning your bonus and supporting this blog too. My referral code should automatically be filled in when you open the account, but if not, be sure to use my code: THOMASM118.
When you open your Current account, you’ll get the option of choosing between a basic or premium account. As I mentioned in the previous section, the premium plan is now free, so you should pick the premium plan when you open your account. It’s okay if you pick the basic plan however – you can still upgrade to the premium plan later.
When you sign up, it may say that the premium plan costs $5 per month, but when you actually open the account, it’ll say that it has no annual fees in your app.
2. Complete A Direct Deposit Of $200 Or More Within 45 Days. Once you open your account, you’ll need to complete a direct deposit of $200 or more within 45 days. The terms state the following:
A Payroll Direct Deposit must be made by an employer or payroll provider by ACH deposit. Transfers from Paypal, Zelle, Venmo, Square, GooglePay, Cash App, or similar peer to peer transfer services, one-time direct deposits (such as tax refunds), mobile check deposits, and cash loads do not qualify as a Payroll Direct Deposit.
The plain language of the terms suggests that you would need to complete a real direct deposit to trigger the bonus. If you can do a real direct deposit, that is your best option to earn the bonus.
That being said, many data points show you can meet this bonus by completing an ACH transfer from a regular bank account. Ally Bank does not work to trigger the bonus, but people have reported that Discover Bank or Schwab will trigger the bonus. You may need to try multiple ACH transfers to see which one works. If you have success with a particular ACH transfer, please let us know in the comments!
3. Your Bonus Will Post Within 10 Business Days. The terms state that your bonus will post within 10 business days, but most people see their bonus post in about a week. This is important because it’ll give you time to see if your direct deposit method worked. If you don’t see your bonus in about a week, try again with another bank. Remember, you only have 45 days to complete a qualifying direct deposit, so don’t waste too much time here.
Current 4% Interest Savings Account Strategy
Beyond the referral bonus, some people find Current useful because it comes with a 4% interest savings account. I’ve written in detail about the savings account in this post: Current Bank App – A 4% Interest Savings Account On Up To $2,000.
Current calls their savings accounts “savings pods.” It pays 4% interest on your first $2,000. Everything above $2,000 does not earn interest. In other words, if you had $2,001 in your savings pod, you’d earn 4% interest on $2,000 and no interest on the remaining $1.
If you open sign up for the premium plan (which is now free for everyone), you’ll be able to open up to 3 different savings pods and put $2,000 in each one. That’ll give you $6,000 earning 4% interest.
The savings pods are kept in an FDIC-insured bank account, so you’re not putting your money at risk by having it in Current. Even if you don’t care about the $50 referral bonus, you should still open a Current account solely for access to the savings accounts.
Unfortunately, the 4% interest savings account isn’t as useful as it once was because Current recently added some requirements to be eligible for the 4% interest. To be eligible for the 4% interest, you now have to complete a direct deposit of $200 or more every 35 days. That being said, it’s likely you don’t need to do a “real” direct deposit to meet the requirement and that some ACH transfers from different banks will trigger the requirement. If you want to go through the trouble of automating a $200 direct deposit into the account every 35 days, it can be worth doing, especially if it doesn’t take you much time. However, with current interest rates above 3% in most normal high-yield savings accounts, it’s probably not worth the hassle of using the Current savings accounts.
Refer Your Friends And Family For More Bonuses
Current users get access to a referral link they can use to refer their friends and family. You’ll earn $50 for each person you refer to Current that completes the above steps. You’ll find your referral in the top right corner of the app, where it says “Get $50.”
You’re limited to a maximum of $1,000 worth of referrals per calendar year, which means you should be able to refer 20 people in a year under the current referral terms. I’m not sure if Current counts the $50 signup bonus as part of that limit. If they do, then you’d really be limited to 19 referrals.
Either way, that’s a good deal. My advice is to send your friends and family your referral link. You can refer them to this post if they have questions on how to earn the bonus.
Current has been making a name for itself recently and seems to be making a strong push for new users. The referral bonus is good and worth getting if you can meet the terms.
To learn more about bank account bonuses, check out my post, The Ultimate Guide to Bank Account Bonuses. And to get more detail about Current and how the 4% interest savings accounts work, check out my post: Current Bank App – A 4% Interest Savings Account On Up To $2,000.
I have Current banks basic savings account and went I went to upgrade to the premium savings account it shows that there still is a $5 fee for it. Do you know if that only new customers get the $5 fee for premium wavied ?
Does this need to be done on a phone, or can you manage this all on a computer?
Just got the current app and was not given the option between basic and premium. Looks as if i have the basic account
Have you looked at Aspiration’s 5% savings acct? I’d like to see what you think of it. You have to spend $1000 monthly and pay $5 but can get 5% for up to $10k, which effectively is 4%
Anyone know if Current gives out a 1099INT form to report gained interest to report on tax return. I asked and doesn’t sound like they do. They mention a 1099-MISC and say it’s only given if you received $600 or more in bonuses, but nothing about a 1099INT form. I thought all banks had to give 1099INT forms for gained interest of $10 or more. Is this correct and are we supposed to add up our gained interest from the account statements to report on the tax return since they don’t provide a 1099INT form?
Ha, I literarily had the same question and chatted with online agent. Did not get farther than you. Does not sound like they give out a 1099INT. I might call them tomorrow to confirm.
It’s strange. I just added up all the interest from each month in year 2022 from the account statements in the app for each savings pod. If you email them, they can also give you a document with the total amount of interest for all the months combined in total for year 2022 from each savings pod.