Current: who holds your money
Current is not a bank. Current says customer money is held at Choice Financial Group and Cross River Bank, with insurance reaching customers as pass-through FDIC insurance at the partner bank, subject to the app's recordkeeping. We read this information in the app's own public disclosure on September 5, 2026, and this page quotes that disclosure below. You can check each partner bank's own page on this site.
Current is not a bank; customer money sits at 2 partner banks, Choice Financial Group (letter A) and Cross River Bank (letter C). Those grades compare each bank with banks of similar size on this site. FDIC insurance reaches eligible deposits through the partner bank, subject to Current’s records identifying each customer. The stated limit is $250,000 per depositor, per insured bank, for each account ownership category, as of September 5, 2026.
Partner banks
- Choice Financial GroupFDIC #9423 · program bank26.5%above the insured limitA80.0
- Cross River BankFDIC #58410 · program bank33.3%above the insured limitC47.2
The figure is the share of total bank deposits above the $250,000 federal insurance limit, reported quarterly to the FDIC. High shares are normal for banks holding large app program balances. They do not mean your balance is uninsured: pass-through insurance usually covers customers individually at the partner bank. Across US banks in 2022 to 2026, those above roughly 36% saw large quarterly total deposit declines more often than those below. Most banks above that level saw no such fall. This measures deposit movement and does not predict trouble for any bank.
Disclosure
Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and/or Cross River Bank, Member FDIC.
current.com · as of September 5, 2026