Would you like to know how many savings pods are current? Well, from what I’ve seen, the most that each savings pod can hold is $2,000. Customers can buy up to three savings pods, which cost a total of $6,000.
Your Savings Pods can earn you up to 4.00% Annual Percentage Yield (“APY”) on amounts of up to $2,000 per Pod. The annual percentage yield (APY) is how much money Current will pay you over a year.
You will make one of two rates—an increased rate or a base rate—based on how well you meet certain requirements.
Keep a qualified direct deposit of more than $200 per month to earn 4.00% APY. If not, your Savings Pods will earn the base rate of 0.25% APY.
But that’s not all. As you read on, I’ll tell you more about how many savings pods are currently in use.
ALSO READ – Can Savings Bonds Be Transferred From A Person To Another
Now, let’s get started.
What Is A Savings Pod
Savings Pods are a convenient way to save for a rainy day fund, a vacation, or even regular costs like groceries!
A Current Account has three Savings Pods, and our Teen Account includes a savings pod as well as a “Giving Pod” if they want to give to a charity of their choosing!
Setting these up is simple, and you’ll be up and running in a matter of minutes:
· Scroll to the bottom of the home screen to see Savings Pods.
· Tap Create Savings Pod and then follow the instructions to provide a title*, a goal amount, and an image/description.
· If you already have a pod, swipe to uncover the Create Savings Pod button.
· Done by tapping
After creating a deposit pod, you may fund it with your primary balance, a new funding source, or a cheque deposit by pressing Add $, or you can move the money in your Pod to other deposit pods or funding sources by tapping Move $.
You may enable round-ups for a pod so that your settled transactions are rounded to the closest dollar, and the difference is placed into the Pod after the transaction is completed.
What Are The Current Offerings
Current is a completely online banking service that offers many goods — a debit card and a bank account, as well as numerous budgeting tools — via an app that is accessible on the App Store and Google Play.
The major product of the organization, however, is its free bank account and savings pods.
When you apply, Current does not run a credit check and instead utilizes your social security number to authenticate your identification.
Those who join Current are granted an account as well as three virtual savings pods. Each savings pod earns a 4% annual percentage yield and may contain up to $2,000.
The annual percentage yield in this example refers to the amount of interest a consumer may receive over a year.
Daily interest payments are made and put straight into your account.
Account for Current Spending:
APY: $0
Fees: $0
The minimum initial deposit is $0
Purchases made at participating merchants earn 15x points.
Check-writing authority: None
Credit card: Yes
Pod of Current Savings
APY: 4.00%
Fees: $0
The minimum initial deposit is $0
$0.01 is the minimum balance required to receive APY.
ALSO READ – Can A Savings Account Receive A Wire Transfer
How Does Current Savings Pod Interest Work
To find Savings Pods, go to the Home screen and scroll all the way to the bottom of the screen. Click on the “Create a Savings Pod” button on the “Savings Pods” card.
You can start making 4.00% APY as soon as you add money to your Savings Pod and tap Earn 4.00%.
There is no set Annual Percentage Yield (APY) for Savings Pods. It can change at any time. The APY that was shown will be used starting May 1, 2023.
For amounts up to $2,000 in Savings Pods, you can earn either 0.25% APY or 4.00% APY. You must have at least $0.01 in Savings Pods to qualify.
The amount that is still there gets 0.00% APY. For 4.00% APY, you need to make a direct payment of more than $200. There is no minimum amount needed.
How to set up a Savings Pod:
You need to be a current member with a debit or build account for yourself. Then do these simple things:
– Start up the current app
– Find Savings Pods and tap on them.
– Click on “Add Funds.”
– Start making your money grow
Would you like to save even more? Set Round-Ups to “on” to save some extra change every time you buy something. You’ll get closer to your goal with each swipe.
What Are The Benefits Of A Current Savings Pod
1. High Return
You don’t like high-interest rates when you have to pay back a loan, but you love them when you get interest payments.
If the rate of interest on your savings is high, you will be more likely to keep your money in the bank.
When members turn on the Current Interest feature, they can earn an APY of 4.00% on up to $6,000 for Premium Account holders and $2,000 for Basic users.
In comparison to other traditional banks, online banks, and credit unions, that is an excellent rate of return.
You don’t have to invest your money in the stock market to get a good return. Savings Pods are also less stressed because they give risk-free returns because Current is an FDIC member.
Investing in crypto, which Current does for its customers, can give you a bigger return but also more danger.
2. It is real
Current is a real company that makes technology for finance. Through its partner bank, Choice Financial Group, the FDIC backs it up.
Currently, it could have better features for people who don’t want to bank on a PC website or app, but it does have some features that make it stand out from the rest.
The teen account stands out because it’s a great way for parents to keep an eye on their kids’ money while still giving them some freedom.
Overall, if you want to find an option for standard banking, we suggest that you check out Current Financial Services.
Your money can grow and earn up to 4.00% Annual Percentage Yield (“APY”) if you keep at least $0.01 in a Savings Pod.
The rate you earn changes based on certain requirements. For example, to get the full 4.00% APY, you must keep an eligible direct payment of more than $200 in your account. If not, you’ll get 0.25% APY.
The annual percentage yield (APY) is how much money Current will pay you over a year.
ALSO READ – Do I Need To Keep Fuel Receipts
Is There A Deposit Limit For Savings Pods
Each Pod has its cap on how much you can put and spend. Putting money into one Pod won’t change the cap of another.
For example, the most you can put in a single transaction is N50,000, and the most you can have in your account at one time is N300,000.
If you want to open a CD at most banks, you should put down at least $100 to $1,000.
It might be harder to get started and get rich with this higher bar.
Current gets rid of the minimum requirement problem so you can grow your money and get moving.
You can save even more with Current’s round-up tool, which adds one cent to every buy to make it one dollar.
Following this, Current will move the extra money to your Savings Pod so that the interest can grow every day.
You will see a small change in your wealth with your next buy, but every online purchase and trip to the food store will add up.
ALSO READ – Can You Claim Gas On Taxes
Final thought
Now that we have established How many savings pods are current, If members turn on this feature in the Current App, they can easily move money from their spending amount to their savings Pods and start making 4.00% APY on funds up to a total of $6,000 per year.
Members can keep any amount of money in their accounts, pay it directly, or spend it as they see fit. Plus, every day, they make interest on their money.
If people want to make extra money on their savings, Current is a good choice.
With the 4% APY, you can only save up to $6,000 ($2,000 per savings pod), but this interest rate is better than others on high-yield savings accounts, standard savings and checking accounts, and even money market accounts.