Current Bank CD Alternatives Review (2026) — Where to Park Money Since Current Doesn't Offer CDs
Quick take: Current is a fintech checking platform — not a chartered bank. It does NOT offer CDs. Current's deposit products are held at partner banks (Choice Financial Group and Cross River Bank). If you want CD-style rate locks, you need to use a separate institution. This guide compares the best alternatives.
Current rates (Current, as of June 2026)
| Term | APY | Minimum |
|---|---|---|
| Current Savings Pods (variable, capped at $6K per pod) | ~4.00% APY | $0 |
| Alternative: Marcus Online Savings | ~3.85% APY variable | $0 |
| Alternative: Ally 11-Month No-Penalty CD | ~4.20% APY locked | $0 |
| Alternative: BMO Alto 1-year CD | ~4.75% APY locked | $0 |
| Alternative: Live Oak Bank 1-year CD | ~4.60% APY locked | $0 |
| Alternative: A-rated 5-year MYGA | ~5.65% APY locked (tax-deferred) | $25K+ typical |
Rates verified against Current's public rate sheet on the publication date and change frequently. Confirm current APYs directly with the bank before opening an account.
Why Current doesn't offer CDs
Current is a fintech founded in 2015 that built a mobile-first checking platform aimed at younger consumers. Like Chime, Current is not a chartered bank. Deposits are held at partner banks: Choice Financial Group (FDIC cert #14752) and Cross River Bank (FDIC cert #58410). Current markets and services the accounts; the partner banks hold the deposits.
Current's deposit product is called Savings Pods — you can create up to 3 pods, each earning ~4.00% APY on balances up to $2,000 (so $6,000 total at the higher rate). Balances above that threshold earn negligible interest. This structure is good for gamified savings goals; it is not a substitute for CDs or larger-balance savings.
Current does not offer CDs, IRAs, or any locked-rate products. For substantial savings, you need an external account.
Best alternatives for Current users
If you have under $6K and want full liquidity: Current Savings Pods at ~4.00% are actually competitive within their cap.
If you have over $6K and want full liquidity: Marcus or Ally Online Savings at ~3.85% beat Current's negligible rate on the excess.
If you can lock for 11 months with full no-penalty access: Ally 11-Month No-Penalty CD at 4.20% APY.
If you can lock for 1 year fully: BMO Alto 1-year CD at 4.75% APY or BrioDirect 1-year at 4.85%.
If you can lock for 5 years: A top-rated 5-year MYGA at 5.65% APY, especially for non-qualified money you don't need until age 59½ or later.
What we like about Current CDs
- Current Savings Pods are FDIC-insured via partner banks
- Easy to add an external HYSA or CD via ACH transfer from Current
- Marcus, Ally, BMO Alto, Live Oak, BrioDirect all accept ACH funding from Current accounts
- Multi-institution diversification is healthy
- Current's app remains useful for daily spending; you don't have to abandon it
What we don't
- Current offers no CDs — you must leave the Current app to lock in rate
- Savings Pods cap at $6K total at the promoted rate — excess earns near-zero
- Current is not a chartered bank — partner-bank structure adds layer between you and FDIC
- No retirement-specific products at Current (no IRA, no MYGA, no annuity)
- Younger-skewed product design makes Current less suited to retirement-stage cash management
How Current CDs compare vs peers
If this rate is on your shortlist, you should also be pricing:
| Competitor | Term | APY |
|---|---|---|
| Chime Savings | No cap structure | ~2.00% APY |
| Marcus Online Savings | Variable rate | ~3.85% APY |
| Ally 11-Month No-Penalty CD | 11-month with full flex | ~4.20% APY |
| BMO Alto 1-year CD | 1-year lock | ~4.75% APY |
| Top A-rated 5-year MYGA | 5-year lock, tax-deferred | ~5.65% APY |
Internal benchmarks: Best 5-Year CD Rates 2026 · Best 1-Year CD Rates 2026 · Online vs Brick-and-Mortar CDs.
When a MYGA beats this Current CD
For Current users with longer-term savings beyond the $6K Pod cap, a MYGA is a dramatic yield upgrade. Compare $50,000 over 5 years:
- Current Savings (above $6K cap): effectively ~0.50%: $50,000 grows to $51,265 (taxable annually)
- A-rated 5-yr MYGA at 5.65%: $50,000 grows to $65,850 (tax-deferred)
- Pre-tax delta: $14,585 in favor of the MYGA over 5 years
Current is built for daily spending and small savings goals, not for compounding retirement wealth. If you have meaningful long-term cash reserves, route them to a dedicated savings, CD, or MYGA — don't leave them in Current.
Current CD FAQ
Want to see if a MYGA beats this CD for your situation?
Free side-by-side: this CD vs. top MYGA rates for your state and amount.
CDs are safe and simple. MYGAs are insurance-company versions of CDs, often paying 50-150 bps more for the same lockup. The math depends on your tax bracket and state guaranty fund coverage.
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Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Bottom line
Current is a fintech for daily spending, not a wealth-compounding tool. The $6K cap on Savings Pods means meaningful savings effectively earn nothing at Current. For liquid cash above $6K, use Marcus or Ally Online Savings. For 1-year locked money, use BMO Alto or BrioDirect. For 5-year retirement money, use a top-rated MYGA — the spread is too large to ignore.
About Hans Goldstein: Independent retirement income specialist. CA Life License #4163961. NPN #20602398. Reviews 30+ carriers and tracks bank CD rates weekly. Phone: 213-414-2808. Email: hans@goldsteinco.net.
Disclosure
This review reflects publicly available bank rate sheets and approximate APYs as of the date stated above. CD rates change frequently — sometimes weekly — and the rates above may be stale by the time you read this. Always confirm current rates and terms against the bank's current rate sheet and disclosure documents before opening an account. FDIC insurance covers $250,000 per depositor, per insured bank, per ownership category; deposits above that amount at a single bank are not insured. This article is general information for educational purposes; it is not personalized financial advice, a solicitation, or an offer of any specific product. Hans Goldstein is an independent licensed insurance producer (NPN 20602398) and is not a bank, deposit broker, or registered investment adviser. CDs are bank deposit products and are not sold by insurance producers; references to CDs are for comparison context only. MYGAs (multi-year guaranteed annuities) are insurance contracts, subject to surrender charges and state guaranty fund coverage rather than FDIC. Early withdrawal of a CD before the maturity date typically results in a penalty that may exceed interest earned. Always read the actual deposit account agreement and consult a licensed advisor before making material financial decisions.