Current Launches High-Yield Interest Offering to Help Customers Save

U.S. FinTech platform Current announced Thursday (Jan. 13) that it has debuted a new high-yield offering called Current Interest.

According to the press release, Current Interest will allow anyone with a Current personal account to earn a 4% Annual Percentage Yield (APY) on their money, giving members an opportunity to grow their savings.

It comes at a time where inflation is rising to its biggest rate in almost 40 years without a corresponding increase in wages, the release notes. That has led to Americans paying more for basic essentials.

The release says Current’s members will have the ability to earn 60 times the national average on the money in their savings pod.

The Current Interest program is available to all personal account members through Savings Pods. Members will be able to move money from Savings Pods and begin earning money through that. The release says there’s no minimum balance, direct deposit or spending requirement.

“Everyone should have access to financial opportunities that help improve their lives,” said Josh Stephens, vice president of product at 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.”

PYMNTS’ Main Street Merchant Index, a collaboration with Melio, showed a good attitude among small- to medium-sized businesses (SMBs) in the U.S., though there were still concerns regarding inflation.

See also: Main Street SMB Optimism Fueled by Digital Tech Investments

The study found that the presence of new tech to modernize payments and back-office functions could help SMBs in the future.

That said, inflation has remained a constant challenge, with government readings showing the inflation at 7%, a multi-decade high. Additionally, 54% of companies said they see inflation as a big obstacle in the future.