Fintech firm Current notes that the dramatic rise of inflation to its highest rate in almost 4 decades without a corresponding increase in wages has “caused Americans to pay more for basic essentials.”
That’s why Current claims that it’s pleased to announce 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 from Current.”
As mentioned in the update:
“With Current Interest, members can now earn 60x the national average on the money in their Savings Pods, as part of our commitment to providing the most value back to our members.”
Current Interest is presently available to “all personal account members through Savings Pods, one of the most highly engaged features on the platform,” the Fintech company noted.
As explained in the announcement, members can “seamlessly move money from their spending balance to their Savings Pods and start earning 4.00% APY from Current on up to a total of $6,000 Savings Pods funds 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,” the company clarified.
The Fintech firm pointed out that the CPI “rose at its fastest pace since 1982, climbing 7% in the year through December 2021.” At a time when people need it most, they “are making it easier for members to grow their money, with few barriers to entry.”
The company added:
“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.”
As covered in November 2021, Current revealed that they’re pleased to confirm that Ravi Bhatia has joined the company as the Head of Credit.
Ravi comes to Current after almost 15 years of leading global financial teams in credit risk, oversight, analytics, strategy and partnerships “with an expertise in analytics-driven consumer and small business credit risk management.”
Recently, Ravi worked as the Head of Global Credit Risk Oversight at PayPal, where he was responsible for leading “the defining and evaluating of credit risk controls for a global lending start up business, and spent over nine years and held various roles at American Express, including Director of Small Business Underwriting/New Accounts.”