Members can earn over 60x the APY national average on their savings
Current, a leading U.S. financial technology platform serving Americans working to create a better future for themselves, announced 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. With Current Interest, members will have easy access to an opportunity to grow their savings during a time of record inflation rates in the United States.
With inflation rising to its highest rate in nearly 40 years without a corresponding increase in wages, Americans are paying more for basic essentials. At 4.00% APY, Current personal account members can now earn 60x the national average on the money in their Savings Pods, as part of Current’s commitment to providing the most value back to its members.
“Everyone should have access to financial opportunities that help improve their lives,” said Josh Stephens, VP of Product, Current. “But with rising inflation rates and the national average on APYs hovering near zero, it’s difficult for many Americans to access an easy way to meaningfully grow their money. With Current Interest, we have reimagined what savings can be, which allows us to give more money back to our members at a time when alternatives have high barriers to entry.”
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Current Interest is available to all personal account members on Current through Savings Pods, one of the most highly engaged features on the platform. Members can seamlessly move money from their spending balance to their Savings Pods and start earning 4.00% APY on funds up to a total of $6,000 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.
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.