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Written by Taylor Milam-Samuel and Sophia Acevedo, CEPF; edited by Sarah Silbert
2024-02-20T22:38:41Z
- Pros and Cons
- About Cash App
- FAQs
- Cash App Banking Review
- How Cash App Banking Compares
- Why You Should Trust Us
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Compare Cash App Banking products
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Cash App Mobile Banking
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Cash App Savings
Minimum Deposit
$0
Annual Percentage Yield (APY)
None
Minimum Deposit
$1
Annual Percentage Yield (APY)
up to 4.50%
On Cash App's website
On Cash App's website
Cash App Pros and Cons
| Pros | Cons |
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About Cash App
Cash App is best known for letting users transfer money to each other, but the company also offers the Cash Card through its banking platform. It's a debit card you can use anywhere Visa is accepted. Cash App also allows you to deposit cash at retail locations, direct deposit your paycheck, and withdraw money at ATMs. But there are some notable differences from your standard debit card — it's easier to set up, there are fewer fees.
Cash App has also now offers a savings account with a high interest rate; you can earn up to 4.50% APY if you meet certain requirements.
Cash App customer support is available by phone from 9 a.m. to 7 p.m. ET every day. You can also reach out to customer representatives through live chat on the app.
Cash App is rated 4.6 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
Cash App is a mobile payment app, not a bank. It is partnered with financial institutions, though. If you have a Cash App card, your Cash App account balance is FDIC-insured for up to $250,000 per depositor through Wells Fargo Bank.
Cash App Banking FAQs
Do you need a bank account for the Cash App?
No. A bank account isn't required for Cash App. You can set up direct deposits on Cash App or deposit cash by visiting a participating retailer.
What banking does Cash App use?
Cash App is a financial services platform, not a bank. Banking services and FDIC insurance provided by Cash App's bank partner(s). Cash and Savings balances in the app are FDIC-insured through Wells Fargo Bank, N.A., Member FDIC for up to $250,000 per person. Direct deposit services are provided by Cash App. Prepaid debit cards issued by Sutton Bank.*
How long does a Cash App card take to arrive?
The application for a Cash App card is quick, and once you apply, the physical card arrives in the mail within 7-10 days.
Cash App Banking Review*
Cash App Card Review
Cash App Mobile Banking
On Cash App's website
Insider’s Rating
4.25/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
Pros
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Get paid up to 2 days sooner with early direct deposit
- ATM fees are reimbursed every month that you receive $300 in direct deposits
- You can deposit cash
- Free customizable debit card
- Access discounts at stores in the app
Cons
- $2.50 ATM fee if you don’t receive $300 in monthly direct deposits
- $1 fee when you deposit cash at a participating retailer
Insider’s Take
The Cash App Banking Card has no fees or minimum balance requirements. You can also earn up to 4.50% on Cash App Savings if you meet certain requirements. Cash App is probably not the right choice if you want access to a full-service bank, though.
Product Details
- The Cash Card is a prepaid debit card issued by Sutton Bank; with a prepaid card, you load money onto it so you don’t need to link it to a bank account
- Deposit cash at a participating retailer, a check with the app, or link an external account to transfer funds
- If you have a Cash Card, your Cash App balance is FDIC-insured for up to $250,000 through partner banks (this does not apply to investments or bitcoin)
The Cash App Cash Card is a strong debit card with no minimum deposit or monthly fees, making it more accessible than some more traditional checking accounts. Creating an account takes a few seconds, and once you sign up for a card, you can get instant access via Google Pay or Apple Pay.
The Cash Card also offers in-app integrations like Round Ups and instant discounts. With a few clicks, you can enable Round Ups, which automatically rounds up your purchases to the nearest dollar. You can put the extra money in your Cash App savings account or purchase bitcoin.
Cardholders can also utilize offers for instant discounts at checkout. Cash App provides offers for various retailers, including coffee shops, retailers, and restaurants. Once you activate the offer within the app, you can use it when you pay.
Cash App Savings
Cash App Savings
On Cash App's website
Insider’s Rating
4.25/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 4.50%
Minimum Opening Deposit
$1
Pros
- High APY if you meet certain requirements each month
- $1 minimum opening deposit
- No minimum balance requirements
- Set individual savings goals
- No monthly fees
Cons
- Need to meet certain requirements to earn the highest APY
Insider’s Take
The Cash App Banking Card has no fees or minimum balance requirements. You can also earn up to 4.50% on Cash App Savings if you meet certain requirements. Cash App is probably not the right choice if you want access to a full-service bank, though.
Product Details
- To earn interest on savings, you must be at least 18 years old, have a Cash App Card, and use a personal Cash App account
- Earn a base yield of 1.50% APY
- Earn 4.50% APY if you receive direct deposits of at least $300 per month into Cash App
- Interest compounded and paid monthly
- With a Cash App Card, the savings balance is FDIC-insured through Wells Fargo Bank
Cash App Savings may be a good option if you're eligible to earn the highest rate. To earn interest on savings, you must be at least 18 years old, have a Cash App personal account, and have a Cash App Card.
The savings account offers a base yield of 1.50% APY. You'll need to set up monthly direct deposits of $300 or more into Cash App to earn 4.50% APY.
Cash App Savings also helps you contribute money to savings goals. To create a savings goal, you'll set a goal amount and add an emoji that represents your goal.
How Cash App Banking Compares
Cash App Banking vs. Chime Banking
Like Cash App, Chime aims to remove barriers that prevent customers from opening accounts. You don't need to undergo a credit check or banking history review. You also won't pay fees or have minimum account balance requirements, which is similar to the Cash Card.
Cash App and Chime also both have savings accounts. You're choice between Cash App and Chime could hinge on which savings account is a better fit. Cash App Savings offers 1.50% APY once you have a Cash App Card. You can increase interest to 4.50% APY if you set up monthly direct deposits of $300 or more into Cash App. Meanwhile, Chime Savings pays 2.00% APY. There aren't monthly requirements to earn the savings rate.
Cash App Banking vs. Capital One 360 Banking
Capital One is an online bank with various account options, including the 360 Checking Account and 360 Performance Savings Account.
Capital One 360 Checking offers the typical features associated with top banks — no fees, no minimum deposit, overdraft protection, and a user-friendly app. You have to pay a $2 fee for using an out-of-network ATM, which is nearly the same as Cash App's fee. Capital One offers a discount program with the Capital One Shopping browser. However, the in-app Cash Card discounts provide a more seamless customer experience.
For savings accounts, the best option for you may ultimately depend on whether you qualify for the highest APY on Cash App Savings. Cash App Savings pays 4.50% APY if you receive monthly direct deposits of $300 or more per month into Cash App. (Otherwise, you'll earn a base yield of 1.50% APY.) Capital One 360 Performance Savings pays 4.35% (as of 12/6/23) APY, and you won't need to meet any requirements to earn interest.
Why You Should Trust Us: How We Reviewed Cash App Banking
We used Personal Finance Insider's bank account rating methodology to review the Cash Card and Cash App Savings.
To create a rating for the Cash Card, we looked at customer service, the mobile app, ethics, and fees. Each category received a rating between 0 and 5, and our ratings factor in how the Cash Card compares to similar accounts. We then averaged those numbers to create a final score.
For the savings account, we looked at customer service, the mobile app, ethics, the interest rate, and fees. We also used a 0 to 5 rating scale for each category and averaged the numbers to determine the final score.
Taylor Milam-Samuel
Freelance Writer
Taylor Milam is a California-based personal finance writer and educator who recently paid off $14,000 of student loans in less than a year. She's passionate about helping people take control of their finances and create a life they love. When she's not researching financial terms and conditions, she can be found reading on the beach or hiking with her dog.
Sophia Acevedo, CEPF
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She edits and writes bank reviews, banking guides, and banking and savings articles for the Personal Finance Insider team. She is also a Certified Educator in Personal Finance (CEPF).Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
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