Current uses Sutton Bank and The Bancorp Bank to hold customer deposits
Current is a fintech company, not a bank itself. The actual bank accounts you open through Current are held at either Sutton Bank (based in Ohio) or The Bancorp Bank (based in Delaware), depending on which Current product you sign up for. Both are FDIC-insured banks, which means your deposits are protected up to $250,000 per account holder per bank.
When you create a Current account, you're not opening an account directly with Sutton or Bancorp. Instead, Current acts as the interface—you use the Current app to manage money, set up direct deposit, and make transfers. Behind the scenes, your money sits in an account at one of these two banks. This arrangement is common in fintech: the app company handles the user experience while a traditional bank holds the actual funds and processes transactions.
The specific bank depends on your Current product. Current's main checking account uses Sutton Bank. If you use Current's savings product or certain other offerings, The Bancorp Bank may be the underlying institution. Current's website and app will show you which bank holds your specific account.
Key Takeaways
- Current's checking accounts are held at Sutton Bank, an FDIC-insured bank in Ohio.
- Current's savings accounts may be held at The Bancorp Bank, also FDIC-insured, depending on the product you choose.
- Your deposits are protected up to $250,000 per account holder at each bank, the same as any traditional bank account.
- Current is the app and service layer; the bank is the institution that actually holds and secures your money.
- You can verify which bank holds your account by checking your account details in the Current app or contacting Current support.
How FDIC insurance works with Current accounts
FDIC insurance protects your money if the bank fails. Because Sutton Bank and The Bancorp Bank are both FDIC-insured, your Current deposits receive the same protection as money in a traditional bank account. The $250,000 limit applies per depositor, per bank, per account category. This means if you have $100,000 in a Current checking account at Sutton Bank, all of it is covered.
The FDIC insurance is automatic—you don't need to do anything to activate it. It covers deposits held in your name only, joint accounts, and certain retirement accounts, depending on the account type. If you hold multiple accounts at the same bank under the same ownership category, the insurance limit applies to the combined total, not to each account separately.
Current does not add an extra layer of insurance or protection beyond what the underlying bank provides. The protection comes directly from the FDIC because Sutton and Bancorp are member banks.
How money moves in and out of Current accounts
Direct deposit goes straight into your Current account at Sutton or Bancorp. Your employer sends the funds to the routing and account number Current provides, and the money arrives in your Current app. Processing time is typically one to two business days, though some employers' payroll systems deposit faster.
Transfers to other banks use the ACH network. When you move money from Current to another bank account you own, you provide the receiving bank's routing number and account number. ACH transfers usually take one to three business days. Current may allow faster transfers for a fee, depending on your account type and the receiving bank.
Transfers between Current users happen within the app and typically settle instantly or within minutes. Peer-to-peer transfers through Current's interface don't go through the ACH network—they're internal transfers between accounts at the same bank.
What happens if Sutton Bank or Bancorp fails
If Sutton Bank or The Bancorp Bank were to fail, the FDIC would step in to protect your deposits up to the $250,000 limit. The FDIC would either transfer your account to another bank or pay you directly. This process typically takes a few days. You would not lose access to your money beyond the insured amount.
Bank failures are rare in the United States. The FDIC has a long track record of protecting depositors when they do occur. Your Current account receives the same protection as any account at a traditional bank because it is held at a traditional bank.
Current itself is not a bank and does not hold deposits, so Current's financial health does not affect the safety of your money. Your funds are always at Sutton or Bancorp, not at Current.
Differences between Sutton Bank and The Bancorp Bank accounts
Both banks are FDIC-insured and both process transactions through standard banking networks. The main difference is which Current product uses which bank. Sutton Bank holds Current's primary checking accounts. The Bancorp Bank holds Current's savings accounts and certain other products. From a customer perspective, the difference is minimal—both offer the same deposit protection and both process transactions the same way.
Interest rates on savings products may differ slightly between the two banks, but Current sets the rates you see in the app, not the underlying bank. The bank's role is to hold the money and process transactions; Current handles the customer relationship and sets the terms you agree to.
You cannot choose which bank holds your account. The bank is determined by which Current product you open. If you want to know which bank holds your specific account, check your account details in the Current app or contact Current's support team.
How to verify your bank information
Open the Current app and go to your account settings or account details section. Look for routing number and account number information. The routing number will identify which bank holds your account—Sutton Bank's routing number is different from The Bancorp Bank's. You can also search the routing number online to confirm which bank it belongs to.
If you need to provide proof of your bank details to an employer or another party, Current can generate account statements that show your routing number, account number, and the name of the underlying bank. These documents are available in the app or through Current's support.
If you have questions about which bank holds your account or need to verify your banking details, contact Current's customer support through the app. They can confirm your bank and explain any details about your specific account.
Frequently Asked Questions
Is my money safe in a Current account?
Yes. Your money is held at an FDIC-insured bank (Sutton or Bancorp), so deposits up to $250,000 are protected by federal insurance. Current is not a bank, so your safety depends on the underlying bank, not on Current's stability. The FDIC insurance is the same protection you get at any traditional bank.
Can I move my money out of Current anytime?
Yes. You can transfer money from Current to another bank account you own using ACH transfer, which typically takes one to three business days. You can also withdraw cash at ATMs if Current offers ATM access with your account. There are no restrictions on moving your money out.
What if Current shuts down?
If Current closed as a company, your money would remain at Sutton Bank or Bancorp Bank. You would still have access to your account and your deposits would still be FDIC-insured. The underlying bank would continue to hold and protect your funds. Current's closure would not affect the safety of your money.
Do I need to do anything to get FDIC insurance on my Current account?
No. FDIC insurance is automatic for all deposits at Sutton Bank and The Bancorp Bank. You don't need to sign up, pay a fee, or take any action. As long as your account is at one of these FDIC-insured banks, your deposits are protected up to $250,000.
Can I have accounts at both Sutton Bank and Bancorp through Current?
Yes, if you open multiple Current products. For example, if you open a Current checking account (Sutton) and a Current savings account (Bancorp), you would have accounts at both banks. Each account would be separately insured up to $250,000, so your total FDIC coverage would be higher than if you held both at the same bank.