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.
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.
Final Thoughts
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.
This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
More Recommended Ebike/Scooters
Check out these other ebikes and scooters I've reviewed:
- Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
- Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
- Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
- Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
- Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
- KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
- Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
- Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
- Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
- Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Webull (20 free stock shares) – Webull's current promotion gives you 20 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
- Moomoo (15 free stocks) – Moomoo is a free investing app currently offering 2 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- SoFi Money ($325) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $300 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Upgrade ($300) – Upgrade is a free checking account that’s currently offering a $300 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $300 Referral Bonus – Step By Step Directions.
- Fairwinds Credit Union ($175) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- US Bank Business ($800) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- Fifth Third Bank ($200) – This offer is limited to customers in the following states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, West Virginia, and South Carolina. If you don’t live in one of those states, you won’t be able to open an account online but you can still open an account in-branch if you happen to be visiting a city that has a branch. This is a fairly easy bank bonus to earn, especially since there are plenty of data points showing what will trigger the direct deposit requirement. In addition, you can open the Fifth Third Momentum Checking bank account, which comes with no monthly fees or minimum balance requirements. Read my guide on this bonus here.
- GO2Bank ($50) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $50 referral bonus.
- Current ($50) – 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. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
- 5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
- US Bank Business. US Bank is currently offering new business customers a $800 signup bonus after opening a new account and meeting certain requirements.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
- Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
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.
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%
Just got the current app and was not given the option between basic and premium. Looks as if i have the basic account
Does this need to be done on a phone, or can you manage this all on a computer?
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 ?