Business Insider's personal finance team compared Dave to the best banks and found it to be a standard offering.
Dave may stand out if you're comfortable with mobile banking and searching for tools to help build your credit score. Its Dave Spending Account might be worth exploring if you've struggled to open a bank account due to poor credit history. The best checking accounts have features like early direct deposit and zero monthly fees — see how Dave compares.
Dave Spending Account Pros and Cons
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Dave Spending Account Overview
The Dave Spending Account might be a good choice if you're looking for an account that's easy to open — it doesn't require a credit check and has a $0 opening deposit. It also offers a 2-day early direct deposit and a high interest rate of 4.00% APY.
You'll want to be mindful of potential fees and limitations to the account. Most notably, there's a $1 monthly subscription fee to use the Dave app and limited ways to deposit cash.
Dave App Features
Dave comes with a variety of features, including tools for building credit and establishing financial habits.
Here's an overview of the app's features:
- Dave Cash Advance: You may request a cash advance of up to $500 with no interest and no credit check required. Dave will look at your bank account history to determine the amount you're eligible for. You'll likely get a higher amount on the cash advance if you receive a total deposit of $1,000 or more each month. If you make sure to pay back the cash advance on time, this can help you improve your credit score if you're hoping to raise it over time.
- Dave Side Hustle: The app has a feature that lets you find remote work opportunities. You may set up a profile through the app and search for fully remote or local side hustles available.
- Dave Goals: Set up and keep up track of personal finance savings goals through private goals or public goals. Public goals may be shared with anyone who has the Dave app, while private goals can't be shared.
- Dave Budgeting: Dave lets you organize your expenses to keep track of how much you spend in a category, much like budgeting apps do. It may also notify you of upcoming expenses and whether you might have a low account balance.
- Dave Rewards: You'll be able to earn cash back if you frequently use the Dave cash-back debit card. Offers from retailers will be listed on the app.
About Dave
Dave is a mobile fintech platform, not a bank. The Dave Spending Account is FDIC-insured through Evolve Bank & Trust. Up to $250,000 is safe in an individual bank account.
Customers have access to 37,000 surcharge-free ATMs through the MoneyPass ATM network.
Customer service is available through live chat in the app, which is available Monday through Saturday at 6:00 a.m. PT to 4:00 p.m. PT. You can also contact Dave customer support via phone on Monday through Friday at 5 a.m. PT through 9 p.m. PT and on Saturday and Sunday at 5 a.m. PT through 5 p.m. PT. If those hours don't work for you, you might prefer a financial institution with 24/7 customer support.
Dave's mobile banking app is rated 4.4 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
Is Dave Trustworthy?
The Better Business Bureau assesses businesses by looking at how they resolve customer issues. Dave has an A+ rating from the BBB. Its partner bank, Evolve Bank & Trust, has an A rating because of government action against the bank and a high volume of customer complaints.
In 2022, the Justice Department required Evolve Bank & Trust to pay $1.3 million in a settlement that said discriminatory lending took place between 2014 and 2019.
Dave has been involved in one recent public controversy. In 2024, the Federal Trade Commission said the fintech company deceived customers about how much money they could get from cash advances as well as undisclosed fees relating to cash advances. The Commission filed the complaint in the U.S. District Court for the Central District of California on November 5, 2024. We'll provide an update if on any further information.
Dave FAQs
Yes, the Dave app is legit. The Dave Spending Account is a federally insured bank account, so you may safely keep up to $250,000 in the account.
To use the mobile app's features, you'll need to pay a $1 monthly subscription fee.
You can make a withdrawal at an ATM or transfer money to a linked bank account. Five ATM withdrawals from your Dave Card are permitted per day, and five ACH transfers are permitted to linked bank accounts per month.
To qualify for a $500 cash advance at Dave, you'll have to show that you are managing your spending. Dave will look at the deposit and transaction history of your linked bank account or Dave Spending account to determine the amount of a cash advance.
Cash advances will be available in a few minutes through the Dave Spending account, although you might have to pay an expedite fee to get a cash advance that fast. If you'd prefer to send funds to an external bank account, it may take up to three business days.
How Dave Compares
Dave vs. Dora
Dora Financial is an online banking platform with a free Bank On certified checking account.
Both Dave and Dora have second chance bank accounts that are great choices if you've struggled to open a bank account in the past. Your decision between these two platforms could come down to your preference in features.
You may favor Dora's Dora Financial Everyday Checking Account if you'd like a mobile app in English and Spanish. You also might lean more toward Dora if you don't want to pay any monthly fees. Dave has a $1 monthly subscription fee for its app.
Dave might be your top choice if you'd like to get a cash advance without a credit check or interest. Through Dave ExtraCash, you may qualify for an advance of up to $500.
Dave vs. Chime
Chime is a fintech company with a checking and savings account. These accounts do not require not require a credit check. The company also offers a secured credit card, which helps you build credit without requiring a credit check to qualify.
Chime will be a better option than Dave if you'd like to get separate checking and savings accounts. You also may prefer Chime if you'd like to avoid paying a monthly bank maintenance fee.
Dave may be more appealing if you're searching for a high interest rate. The Dave Spending Account pays 4.00% APY, while the Chime Savings Account only offers 2.00% APY. However, you would also need to open the Chime® Checking Account before opening the Chime Savings Account.
Why You Should Trust Us: How We Reviewed the Dave Spending Account
At Business Insider, we use our bank account rating methodology to rate all of our banking products, including Dave. Bank accounts are rated on a scale of one to five stars.
We used our checking account methodology to determine the rating of the account. To start, we rate the checking account across several categories, using a scale from 0 to 5. For checking accounts, the categories are the account's minimum opening deposit, monthly service fees, overdraft protection options, ATM network/fees, customer support availability, mobile app ratings, bank security, and bank ethics. We also work any unusual perks or downsides an account has into the checking account's rating.
Once these categories are rated, we average all of their scores together to get the checking account's final score. We weigh some categories, like an account's monthly service fees and overdraft protection, heavier than others to highlight the most important aspects of a checking account.
To learn more about how we rate banking products and how we choose what products to rate, read our personal finance editorial standards.
