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 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 also has 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.
no monthly service fee
up to 4.50%
$1
- High APY if you meet certain requirements each month
- $1 minimum opening deposit
- No minimum balance requirements
- Set individual savings goals
- No monthly fees
- Need to meet certain requirements to earn the highest APY
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.
- 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
What is Cash App Banking?
Cash App is a financial app with several features, including instant money transfers, a debit card and high-yield savings account, and investing tools. The primary banking services Cash App offers are its Cash App Card, a debit card that pulls money from your Cash App balance, and Cash App Savings, a savings account separate from your Cash App balance.
Cash App Savings lets you earn up to 4.50% APY if you meet certain requirements, and it lets you transfer money into your Cash App balance whenever you want for your Cash App Card to use.
Cash App Details
Direct Deposit and Instant Transfers
Cash App offers early direct deposit, so you'll be able to get your paycheck up to two days early. Having regular direct deposits of at least $300 per month will provide perks for both accounts, as well.
For your Cash App balance, you'll become eligible for free overdraft protection, allowing you to overdraw your account by up to $50. The best banks for overdrafts have similar overdraft protection but higher limits. You'll also get ATM fees reimbursed. For Cash App Savings, having a direct deposit of $300 each month will let you earn up to 4.50% APY, as long as you also have a Cash App Card.
Of course, what Cash App is most well-known for is its instant transfers. With Cash App, you can send money to other app users without fees. You can also transfer money to your bank account for free using ACH payments, but that takes a few days. Instantly transferring money from your Cash App balance to your bank account costs from 0.5% to 1.75% of the money you're transferring, with a minimum of $0.25.
No Monthly Fees on Basic Services
Cash App doesn't charge monthly fees to keep your card active or your account open. It also doesn't charge overdraft fees or require a minimum balance for either account, although Cash App Savings comes with a small $1 minimum opening deposit.
Ability to Buy, Sell, and Hold Stocks and Bitcoin
Cash App also doubles as an investment app. You can buy, sell, and hold stocks through its app, although it should be noted that playing the stock market is not covered by FDIC insurance, like the Cash App Card and Cash App Savings account are.
You can also purchase and send Bitcoin using Cash App. It will also let you automatically convert your part of your paycheck into Bitcoin.
Cash App Pros and Cons
Pros
- No monthly fees or overdraft fees
- In-app discount offers for purchases with certain retailers
- Round up Cash App Card purchases to your savings or purchase bitcoin
- Earn up to 4.50% APY on Cash App Savings
Cons
- $2.50 charge for out-of-network ATM transactions unless you direct deposit $300 or more each month
- $1 fee per transaction to deposit paper money at retail locations
Benefits of Cash App Banking
Ease of Sending and Receiving Money
You can make some instant money transfers with Cash App, for free. Transfers from one Cash App balance to another Cash App balance won't come with any additional fees, and the app makes these transfers easy to do, no matter where you are.
Cash App also lets you move money from your Cash App Savings to your Cash App balance instantly, as many times as you want. That means you can get Cash App Savings' up to 4.50% APY while still being able to use that money for purchases.
Integrated Investment Platform
Cash App Investing offers more options than you would generally find on mobile banking apps. You can invest small amounts in stocks with Cash App through a brokerage account, along with ETFs. This brokerage account holds the stocks and ETFs you buy, and the money you get from selling these stocks and ETFs goes directly into your cash app balance, which you can spend with your Cash App Card.
You can also use Cash App to make Bitcoin transactions, and you can choose to have parts of your direct deposit be automatically converted to Bitcoin.
Customizable Debit Card
The Cash App Card is a prepaid debit card that comes with many customizable benefits. The card is visually customizable; you can design your own Cash App Card, picking its color and material and drawing your own designs on it.
One of the biggest benefits of Cash App's customizable debit card are in the discounts you can earn, called "offers." At any time, you can go into the Discover tab of Cash App and choose a new discount, called an "offer," to apply to your card. When you use your card at the offer's listed location, you'll get the discount automatically. If this sound interesting to you, you might also be interested in getting a cash-back debit card.
Cash App Potential Drawbacks
Limitations on Customer Service Channels
Cash App doesn't offer 24/7 customer service the way that many banks do, and it doesn't have as many ways to contact customer support as banks either. While Cash App has a chat service on the app and has a phone line you can call, it doesn't have a customer support email you can reach out to. And you won't be able to go in-person to talk to someone, either, since Cash App is an app and not a brick-and-mortar bank.
Fees for Instant Transfers and Certain ATM Withdrawals
Cash App charges fees for out-of-network ATM withdrawals if you don't have a $300 direct deposit set up for your account. It also has a percentage-based charge for instant transfers from your Cash App balance to your bank. Finally, Cash App charges you a flat fee for cash deposits with participating retailers. If you know you're going to use ATMs frequently, there are banks that avoid ATM fees you might be more interested in.
How Cash App Stands Out
Cash App lets you easily use the funds in your Cash App balance and Cash App Savings to invest in stocks and bitcoin. You can use Cash App's Round Up feature to round up any Cash App Card purchases to the nearest dollar, investing the extra money into your choice of stock, ETF, or Bitcoin.
You can also participate in both digital banking and Bitcoin transactions on Cash App. It lets you convert a portion of any direct deposit into Bitcoin automatically, if you're hoping to build up your Bitcoin supply.
Cash App Fees and Charges
While most of Cash App's banking services are free, there are some things that Cash App charges fees for. It charges $2.50 for out-of-network ATM use, in addition to the fees the ATM itself might charge. If you direct deposit $300 into your Cash App, you can get those fees waived.
In addition, Cash App charges a percentage of the money you're transferring for instant balance transfers to your bank account. And it charges you $1 every time you go to an affiliated store to deposit cash into your account.
Cash App User Experience and Accessibility
Since Cash App is an app, it has many of the same strengths and drawbacks that the best online banks have. On the plus side, you can access Cash App anytime you want from your phone, so Cash App is equally accessible from your home as when you're travelling. Unfortunately, this also means that Cash App has no in-person branches, so if you like banking in-person, you're out of luck.
Since Cash App doesn't have any physical locations, you'll notice that Cash App is generally less expensive if you're comparing Cash App fees to traditional banks' fees.
Is Cash App Banking Right for You?
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 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 if you have a Cash App Card. 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.
Cash App Banking Alternatives
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. There aren't monthly requirements to earn the savings rate for Chime. However, it cannot be opened without the Chime Checking account.
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 3.70% (rate as of 02/06/25) 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, security, miscellaneous features, 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 calculate the weighted average
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 get the weighted average to determine the final score.
We rated these products on a scale of one to five stars, with a one-star rating being the lowest possible and a five-star rating being the highest possible.
Cash App Banking FAQs
Cash App is a financial app, so it doesn't offer as many services as traditional banks, nor does it have physical branches. However, it also offers fewer fees and more investment services than you'll usually find at brick-and-mortar banks.
Yes, Cash App lets you receive direct deposits.
Cash App charges fees for instant transfers to your bank account and using ATMs outside of Cash App's ATM network.
Cash app customers can buy, sell, and hold stocks through Cash App Investing, as well as perform transactions with Bitcoin.
Your Cash App account balance is FDIC-insured through Wells Fargo for up to $250,000 per depositor. Cash App also uses data encryption and fraud detection to protect your financial information.
