Meanwhile, Current is in a distant second with 4.0 million US account holders this year, almost doubling its 2020 figure of 2.1 million. We expect it to be in the No. 2 position behind Chime for the remainder of the forecast period. Current has grown at a rapid pace since it started offering personal checking accounts in early 2019.
“Current offers free checking accounts with no overdraft fees, early processing of paycheck direct deposits, and point rewards on debit card purchases, among other benefits and services,” Bruce said. “It has attracted a young base of customers with an average age of 27, about half of whom have never had a bank account before.”
This year, Current will take Aspiration’s previous ranking, bumping it down to No. 3. Aspiration will have 3.0 million US account holders and is on track to more than double that figure by the end of 2025. Rounding out the top four players is Varo, with 2.7 million users this year. By 2025, it will grow its user base to 6.4 million, equaling that of Aspiration.