Fintech Current Offers High-Yield Savings with 4.00% APY
Current is rolling out a new product designed to attract more users to banking service. The company announced today it’s launching a new high-yield offering called “Interest” that allows any Current account holder to earn a 4.00% Annual Percentage Yield (APY).
The Interest offering will be made available to all Current users, including those on Current’s free Basic plan as well as Premium users who pay $4.99 per month to access upgraded features, Tech Crunch reports.
There are limitations as expected. Current’s new offering pays out on funds up to a total of $6,000 annually, the company says. But it notes there is no minimum balance required and no direct deposit or spending requirement. Members will be able to earn interest on their funds on a daily basis, not monthly.
But there’s another catch on Current’s product and the 4% APY. The $6,000 total has to be spread across its Savings Pods. So the APY is earned on up to $2,000 per pod. The Basic Account comes with one Savings Pod, and you can upgrade to the Premium Account for $4.99/month to create up to 3 of them.
If you are planning to open a new Current account, then Swagbucks is offering a $120 bonus for new users. You need to have a Swagbucks account to get this bonus and if you need to sign up, there is a $13 bonus for new customers. Here’s how it works:
- Install the Current app
- Open the app and create a Premium personal checking account
- Connect a payroll direct deposit of $200 or more