Introducing Current Interest: making it easier to grow your money
The rise of inflation to its highest rate in nearly 40 years without a corresponding increase in wages has caused Americans to pay more for basic essentials. That is why we are excited to announce the launch of Current Interest—a high-yield offering that will allow anyone with a Current personal account to earn a 4.00% Annual Percentage Yield (APY) on their money from Current. With Current Interest, members can now earn 60x the national average on the money in their Savings Pods, as part of our commitment to providing the most value back to our members.
Current Interest is available to all personal account members through Savings Pods, one of the most highly engaged features on the platform. Starting today, members can seamlessly move money from their spending balance to their Savings Pods and start earning 4.00% APY from Current on up to a total of $6,000 Savings Pods funds annually simply by enabling the feature in the Current App. There is no minimum balance, direct deposit or spending requirement, and all members earn interest on the funds daily.
The CPI rose at its fastest pace since 1982, climbing 7% in the year through December 2021. At a time when people need it most, we are making it easier for members to grow their money, with few barriers to entry.
Over the past year, Current member balances in Savings Pods increased more than twofold, with the largest spikes following periods of cash infusions, including stimulus payments and tax refunds. The launch of Current Interest will now help our members grow those funds as part of Current’s mission to enable everyone to improve their financial lives.
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