Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate as the Fed rate changes. CNBC Select will update as changes are made public.
Cash App earned its reputation as a top money transfer app, but it has added more traditional banking features, including a high-yield savings account (HYSA) and VISA-branded debit card, as well as giving users the ability to invest in stocks and buy and sell bitcoin.
CNBC Select looks at Cash App's banking features and sees how they stack up to the competition.
- Free debit card included, giving you easy access to your Cash App balance for everyday spending.
- Free ATM withdrawals when you receive at least $300 in monthly direct deposits, making it a solid option if you use Cash App as your primary account.
- Invest in individual stocks and buy and sell Bitcoin directly from the app, all in one place.
- Cash App Offers automatically discounts purchases from participating retailers, putting money back in your pocket without any extra effort.
- 3% processing fee applies when paying with a linked credit card, so debit or balance payments are the more cost-effective option.
- Instant cash-outs come with a fee of between 0.5% and 1.75%, so you’ll pay for the convenience of getting your money right away.
- Cash and savings balances are only FDIC-protected if you have a Cash App card or sponsor an active sponsored account, so it’s worth making sure you qualify before relying on it as your primary savings.
How Cash App Banking works
There are no fees to download Cash App or access its basic services. Users can open an account without a bank account or credit check and there are no minimum balance requirements after the $1 opening deposit (unless you want the 3.55% APY).
You can add money to your balance via direct deposit. Similar to a traditional checking account, you can use your account and routing numbers to pay bills online and withdraw money from ATMs with your Cash App Card.
Because Cash App is a financial services platform and not a bank, eligible balances are FDIC-insured through Cash App's partner banks for up to $250,000 per customer.
Cash App Banking APY
To open a Cash App savings account and earn their APY, you must be 18 or older and have a Cash App personal account and a Cash App Card. There are no monthly fees or balance requirements.
One of Cash App's biggest draws is that savers can earn up to 3.55% APY, a return on par with some of the best high-yield savings accounts. To unlock that higher APY, though, you'll have to set up a monthly direct deposit of at least $300.
Otherwise, the savings account earns a base 1.50% APY.
If you're already using Cash App for payment transfers or ATM access, the savings account is the icing on the cake. If you just want a high yield and aren't looking for other features, these are HYSAs with APYs above 4.00% and no monthly deposit requirements.
Newtek Bank Personal High Yield Savings
Annual Percentage Yield (APY)
4.35% APY
Minimum balance
$0.01 to earn interest
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle; transaction amount limits apply; withdrawals from your account can only be transferred to the original external funding source
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
Only a business checking account
Offer ATM card?
Yes, if have a Newtek checking account
Terms apply.
Bask Interest Savings Account
Annual Percentage Yield (APY)
4.20% APY1
Minimum balance
None
Monthly fee
None
Maximum transactions
Up to 6 withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
No
Offer ATM card?
No
Terms apply.
1Annual Percentage Yields (APY) and Interest Rates shown are offered on accounts accepted by Bask Bank and effective per the dates shown above, unless otherwise noted. Annual Percentage Yield is variable and subject to change at any time. No minimum balance requirement and no monthly service charge. Must fund within 15 business days of account opening.
Cash App Banking features
Cash App has expanded beyond just payment transfers to offer a suite of banking features.
Savings account
The standard Cash App Savings APY is 1.50% after you receive a card.
You can round up Cash App Card purchases to the nearest dollar and deposit the difference to your savings account. You can also set savings goals and assign an emoji to the objective you've selected.
Cash App users who sign up for direct deposit can get their paycheck up to two days early and have Cash App's ATM fees waived.
You can't withdraw cash directly from your Cash App savings account, but you can make unlimited instant transfers between your Cash App balance and savings with no fees or monthly caps.
Debit card
Although Cash App is a mobile payment app, it offers the Cash App Card, a prepaid Visa debit card issued by Sutton Bank. It connects directly to your Cash App balance and doesn't come with the monthly fees or minimum balance requirements often associated with traditional checking accounts.
Once you open an account with Cash App and receive your card in the mail, you can use it to pay online or in stores anywhere Visa is accepted.
Cash Card users can get exclusive access to concert presales, special events and limited-edition collections. They can also select categories to earn cash back from, including purchases at restaurants, coffee shops and stores. Cardholders can only activate one offer at a time, however, and offers change regularly.
ATM access
The Cash App Card can be used to make withdrawals from ATMs and get cash back at checkout.
Customers who direct deposit at least $300 a month get free unlimited withdrawals from in-network ATMs, as well as one free out-of-network withdrawal every month. If you don't have qualifying direct deposits (or use an out-of-network ATM), there is a $2.50 fee — plus any charge from the ATM operator.
There are also limits on ATM withdrawals:
- $1,000 per day
- $1,000 per ATM transaction
- $1,000 per week
Fees
Cash App's banking features don't come with monthly fees. There are no overdraft fees and customers who direct deposit at least $300 can receive up to $50 in overdraft coverage protection.
Security features
Cash App utilizes standard security features like data encryption, security locks, identity verification and fraud detection. Users can also choose to enable Face ID.
Cash App sends notifications about suspicious activity (like a log-in in from a new device), as well as real-time transaction alerts.
Cash App Banking vs. Banking Through Chime
Like Cash App, Chime is a fintech company partnering with a traditional bank (Oklahoma-based Stride Bank) to offer savings and checking accounts2, debit cards and credit cards.
Like Cash App, Chime doesn't charge monthly fees or overdraft fees for checking and there is no minimum account balance requirement. Chime also offers a debit card with fee-free ATM access3,5 for customers who set up direct deposit.
Chime's savings account has a lower 3.75% APY4 with Chime Prime™.
Where Chime outshines Cash App is with its secured Chime Visa® Credit Card, which doesn't require a credit check and has no minimum security deposit requirement, no annual fee and no interest.
If you're focused on maximizing the return on your savings, Cash App is the stronger option. If you're building or repairing your credit6, Chime might be the better choice.
FAQs
Do I need a bank account to use Cash App Banking?
No, you don't need a bank account to use Cash App. You can set up direct deposits and use eligible banking features directly within the app.
Can I use an ATM to take out money from my Cash App Banking account?
Cash App customers who direct deposit at least $300 a month get free unlimited withdrawals from in-network ATMs and one free out-of-network withdrawal a month. If you don't have qualifying direct deposits or use an out-of-network ATM, there is a $2.50 fee plus any charge from the ATM operator for out-of-network withdrawals.
Is Cash App Banking safe?
Cash App uses standard encryption and fraud detection technology to protect users' data. Deposits are FDIC-insured through Wells Fargo for up to $250,000 per person.
Compare offers to find the right savings account
Bottom line
Cash App isn't a conventional approach to banking, but it can be helpful for those who've had trouble getting a bank account. There are no fees and the Cash App Card is a free debit card that can be used anywhere Visa is accepted. If you want to earn the 3.25% APY on Cash App Savings, though, you'll have to set up a monthly direct deposit of at least $300.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best money transfer apps.
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1Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The secured Chime Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A. 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.
2Chime Checking Account is required to be eligible for a Savings Account.
3Out-of-network ATM withdrawal and over the counter advance fees may apply except at FCTI® ATMs in a 7-Eleven® or Speedway, or any Allpoint® or Visa® Plus Alliance ATM participating in the Allpoint network.
4Out-of-network ATM withdrawal and over the counter advance fees may apply except at FCTI® ATMs in a 7-Eleven® or Speedway, or any Allpoint® or Visa® Plus Alliance ATM participating in the Allpoint network.3.75% APY: "The Annual Percentage Yields ("APYs") for the Chime Savings Account are variable and may change at any time. The disclosed APY rates are effective as of 01/29/2026. No minimum balance required. Must have $0.01 in savings to earn interest. The following APY rates apply based upon your status: 3.75% APY for Chime Prime, 3.00% APY for Chime Plus, and 0.75% APY for standard. See Chime Membership Tiers Terms and Conditions for more details.
5No interest/No credit Check: "Out-of-network ATM withdrawal and OTC advance fees may apply. View The Bancorp agreement or Stride agreement for details; see back of card for issuer.
6On-time payment history can 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.
