Current Interest allows you to grow your Savings Pods balance by 4.00% APY on up to $2,000 per pod. The APY is the amount of money paid by Current that you will earn over the course of 12 calendar months.
For the avoidance of doubt, Current Interest refers to the daily payments from Current. Current is not a bank and Current Interest is not an annual percentage yield or a savings account and is solely an obligation of Current. Current Interest is a promotion and can be discontinued, restricted, or modified at any time.
Current Interest will be reported on IRS Form 1099-MISC (or Form 1042-S, if applicable).
What's a Savings Pod?
Savings Pods are a way to save for whatever you want, whether that's a rainy day fund, a vacation, or even monthly expenses like groceries! Our Basic Account comes with one Savings Pod, and you can upgrade to our Premium Account for $4.99/month to create up to 3 of them.
You can click here to learn more about Savings Pods.
What is Current Interest?
Current Interest allows you to grow your Savings Pods balance by 4.00% APY on up to $2,000 of deposits per pod. The APY is the amount of money paid by Current that you will earn over the course of 12 calendar months. For the avoidance of doubt, Current Interest refers to the daily payments from Current. Current is not a bank and Current Interest is not an annual percentage yield or a savings account and is solely an obligation of Current. Current Interest is a promotion and can be discontinued, restricted, or modified at any time. Current Interest will be reported on IRS Form 1099-MISC (or Form 1042-S, if applicable).
How do I create a Savings Pod and start earning Interest?
Visit the Home screen, and scroll to the bottom of the screen to find Savings Pods. Tap on the Savings Pods card, and tap on the button that says Create a Savings Pod. Once you create a Savings Pod and add money, tap Earn 4.00% to start earning 4.00% APY.
Are Savings Pods investment products?
No. Neither Savings Pods nor Current Interest are investment products.
Is my money kept in Savings Pods safe?
Yes. All of your Current funds, including funds held in Savings Pods, are FDIC-insured up to a total of $250,000 through our partner bank Choice Financial Group.
Is there a minimum amount I need to save in a Savings Pod to earn Interest?
Any amount of $0.01 or more in a Savings Pod (up to $2,000 deposited per Savings Pod) will be earning 4.00% APY.
Do Savings Pods come with any money movement restrictions?
No. There are no restrictions to move money in and out of a Savings Pod. There are also no transfer restrictions or penalties associated with moving money in or out of a Savings Pod, either.
How is Current Interest calculated?
Interest is calculated daily on the funds you deposited in your Savings Pod (up to $2,000 per Savings Pod), and the incremental daily amount paid by Current adds up to 4.00% APY in a calendar year.
When is Interest paid out?
Daily. Current will credit you for APY earned, which can be viewed from the “Transaction History” on each Savings Pod.
Do I earn Interest on all of my Savings Pods?
Interest is paid by Current on any Savings Pod where at least $0.01 of principal is stored.
I have a Savings Pod with more than $0.01 in it, but the Savings Pod says “Not Earning Interest”
If you aren’t earning APY on a Savings Pod that has a balance of at least $0.01, tap on the button that says “Earn 4.00%” from your Savings Pod, and accept the Current Interest Terms of Service to start earning APY across all your Savings Pods.
Can I earn Interest on balances outside of Savings Pods?
No. Interest is only available in Savings Pods.
Is there a limit to how much Interest I can earn?
You can store any amount of money you want in Savings Pods, but the maximum amount you can earn Interest on is $2,000 in customer funds per Savings Pod. If you want to earn Interest on more than $2,000, create multiple Savings Pods and enable Interest. Basic members are limited to 1 Savings Pod, while Premium members can create up to 3 Savings Pods and earn APY on up to $6,000 at a 4.00% APY.
How long will it take for Interest to start accumulating?
Interest will start to accumulate immediately and will be paid by Current and deposited daily.
Does my Interest expire?
No, any APY you receive is yours to keep.
Can I disable Interest?
Interest can be disabled on a per-pod basis. Please contact us in the Current app or by clicking here for assistance.
Where can I find the Terms and Conditions?
You can find the Terms and Conditions for Current Interest here.
Anything else I should know?
The APY is variable and may change at any time. The disclosed APY is effective as of September 1, 2021. You must have $0.01 in a Savings Pod to earn APY.