You can earn up to 4.00% Annual Percentage Yield (“APY”) on your Savings Pods on balances 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.
There are two rates, a boosted and a base rate, that you will earn based on certain qualifying criteria. To earn 4.00% APY, maintain a qualifying direct deposit of more than $200 per month. Otherwise, you’ll earn the base rate of 0.25% APY on your Savings Pods.
For the avoidance of doubt, Current Interest refers to the daily payments from Current. Current is not a bank and Current Interest is not a bank-provided annual percentage yield or savings account. It is paid solely by 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! A Current Account comes with three Savings Pods.
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 start earning?
Any amount of $0.01 or more in a Savings Pod (up to $2,000 deposited per Savings Pod) will be earning the APY that you currently qualify for (see above for more information).
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 are payments calculated?
The amount that you should be earning 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 the average APY that you qualify for over a calendar year.
When do I receive payouts?
Daily. Current will credit you for APY earned, which can be viewed from the “Transaction History” on each Savings Pod.
Do I earn on all of my Savings Pods?
You will receive payouts from Current on any Savings Pod where at least $0.01 of principal is stored.
Can I earn an APY on balances outside of Savings Pods?
No. You will only earn on balances in your Savings Pods.
What is the qualifying criteria for receiving a Boost?
To earn the boosted APY, maintain a qualifying direct deposit of more than $200 per month into your Current Account.
How do I know what rate I’m currently earning?
The APY that your Savings Pod is currently earning is displayed on the Savings Pod page. Any time the APY that you qualify for changes, you will receive a notification from Current.
I believe I should qualify for a different rate. How can I get help?
If it appears that you are receiving a different APY than you expect, please contact us in the Current app or by clicking here for assistance.
Is there a limit to how much 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 on more than $2,000, create multiple Savings Pods. With a Current Account, you can create up to 3 Savings Pods and earn APY on up to $6,000.
Do my payouts expire?
No, any APY you receive is yours to keep.
Can I stop receiving payments?
Current 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.