Business Insider's personal finance compared Cash App to the best banks and found it's alternative banking options are solid, but not superior. You might like Cash App's Cash Card and savings account if you frequently use the mobile app, and want to use the app's robust investing features.
Cash App is a mobile payment app, not a bank. However, it has a prepaid debit card and high-yield savings account, and it partnered with banks to offer services.
Cash App Banking Overview
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. It 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. Cash App Savings lets you earn up to 3.50% 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 is a mobile payment app, not a bank. It is partnered with financial institutions, though. Your Cash App account balance and savings balance is eligible for FDIC pass-through insurance of up to $250,000 per depositor through the partner banks Wells Fargo Bank and Sutton Bank.
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 the app anytime you want from your phone, so it 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 it doesn't have any physical locations, you'll notice that the Cash App is generally less expensive if you're comparing Cash App fees to traditional banks' fees.
Cash App customer support is available by phone from 8 a.m. to 9:30 p.m. ET every day. You can also reach out to customer representatives through live chat on the app.
It is rated 4.6 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store. Keep in mind that some customers may only use the app for mobile payment services.
no monthly service fee
up to 3.50%
$1
Pros
Cons
The Cash App Banking Card has no fees or minimum balance requirements. You can also earn up to 3.50% 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 4.00% 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
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 the 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 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 if you receive direct deposits of $300 per month. Overdraft coverage allows you to overdraw your account by up to $200.
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 3.50% APY, as long as you also have a Cash App Card.
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 3.50% APY while still being able to use that money for purchases.
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. 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.
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.
Cash App Fees and Charges
Of course, what the 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.
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 one out-of-network ATM charge reimbursed per 31 days.
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 Pros and Cons
Cash App 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 3.50% APY on Cash App Savings
Cash App 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
Banking Options with Cash App
Cash App Cash Card
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 4.00% 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.
Is Cash App Trustworthy?
Cash App has a B+ rating from the Better Business Bureau due to government action taken against the company.
It's been involved in two recent public controversies.
In 2025, the Consumer Financial Protection Bureau said that Block Inc., the parent company of Cash App, violated the Consumer Financial Protection Act by inadequately resolving disputes of unauthorized transactions. Block Inc. was required to pay up to $120 million in refunds to customers in a settlement.
In the same year, the Department of Financial Protection and Innovation said it violated the Bank Secrecy Act and Ant-Money Laundering laws. Block Inc. was also required to pay over $79 million in another settlement.
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 4.00% 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 4.00% 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 3.60% (rate as of 04/08/25) 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
How does Cash App Banking compare to traditional banks?
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.
Can I use Cash App for direct deposit?
Yes, Cash App lets you receive direct deposits.
Are there any fees I should be aware of with Cash App Banking?
Cash App charges fees for instant transfers to your bank account and using ATMs outside of Cash App's ATM network.
What investment options does Cash App offer?
Cash App customers can buy, sell, and hold stocks through Cash App Investing, as well as perform transactions with Bitcoin.
Is Cash App safe?
Cash App is safe. It uses data encryption and fraud detection to protect your financial information. Your Cash App account balance and savings balance is eligible for FDIC pass-through insurance of up to $250,000 per depositor through the partner banks Wells Fargo Bank and Sutton Bank.
Chime® Disclosures:
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Early Pay: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
Round Up: Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
Qualifying Direct Deposit: The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
Save When You Get Paid: Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.
Tax e-file services provided by April Tax Solutions Inc. ("april") or Column Tax, Inc. ("Column Tax"). These tax filing offers are not endorsed or offered by our partners, The Bancorp Bank, N.A. or Stride Bank, N.A.
Maximum refund guarantee is provided by april or Column Tax. If you use april's service to prepare and file your return and you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), you may use their service to amend that return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws. See here for details. If you use Column Tax's service, Column Tax will reimburse you for up to $250 if you are able to pay less federal or state income tax or receive a larger federal or state income tax return by using another tax return preparation provider. Eligibility requirements apply. See terms for details.
If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
There are no fees required to use this product. Chime does not require you to deposit your refund into your Chime Account to qualify for free tax filing. Certain costs may be incurred if you decide to obtain other optional financial products offered in relation to your tax filing. The Internal Revenue Service (IRS) may impose penalties or other charges depending on your personal tax situation. If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
Chime does not guarantee timing of refund. Six day refund estimate is based on 2023 tax year filing data. Refund timing estimates are dependent upon timing of complete tax return submission and when the IRS submits your refund.
***The Annual Percentage Yield (APY) is accurate as of 04/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below. The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY. Axos ONE accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period: Option 1 1. Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total. 2. The average daily balance of your Axos ONE Checking account is at least $1,500. Option 2 1. Your Axos ONE Checking account has received qualifying deposits of at least $5,000 in total. 2. The average daily balance of your Axos ONE Checking account is at least $5,000. If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period: The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met. The Axos ONE Savings account will earn a promotional rate of up to 4.66% APY for the statement cycle in which the requirements are met. The Qualification Period is from the 1st of the month through the 25th of the month. The Qualification Period for new accounts will begin on the day the account is approved. Any qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder's Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds. Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.
