Update 8/30/23: They’ve increased the account closure fee from $2 to $10. Also added an Inactivity Fee $5.00 per month after 12 months of no financial transactions. (ht vaylie)
Update 12/20/22: They made a change now whereby you only get the 4% rate if you receive direct deposit of $200 or more every 35 days. Updated below.
Update 4/26/22: Looks like everybody has been upgraded Premium for free. Meaning you can get three buckets of $2,000 at 4% APY. Hat tip to reader Peek
Update 4/7/22: You can also upgrade to Premium and get three buckets of $2,000 at 4% APY. Premium used to cost $4.99, but according to this comment it’s in the process of changing over to being free.
Update 1/14/22: Now available to everybody
Update: This is in Beta at the moment and only available to some Current account holders. Premium members can also have up to three pods ($6,000 total).
Offer at a glance
Interest Rate: 4% APY
Minimum Balance: None
Maximum Balance: $2,000
Availability: Nationwide
Direct deposit required: No Yes, $200+ every 35 days
Additional requirements: None listed
Hard/soft pull: Soft pull
ChexSystems: Unknown
Credit card funding: Unknown
Monthly fees: None
Insured: FDIC
The Offer
Neobank Current offers a savings account called ‘Savings Pod’. This offers 4% APY on balances up to $2,000 with direct deposit.
Avoiding Fees
This account has no monthly fees to worry about.
Our Verdict
A lot of readers will already have a Current account from the $120 + $50 checking bonus. You basically need to ‘opt in’ to get this savings account. 4% APY with no requirements is obviously a great deal, only downside is the $2,000 maximum. Who knows how long this will last for, but definitely adding it to the best high yield savings accounts.
Hat tip to ShawntheShawn