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Cash App Mobile Banking
no monthly service fee
Annual Percentage Yield (APY)
Minimum Deposit Amount
- 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
- Customizable prepaid debit card
- Access discounts at stores in the app
- Round up spare change from purchases to invest in stocks and bitcoin
- $2.50 ATM fee if you don’t receive $300 in monthly direct deposits
- No overdraft protection; if a transaction would overdraw your account, it will be denied
- $1 fee when you deposit cash at a participating retailer
- 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)
Cash App Banking Review
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 similar to a debit card since you can 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, and you can round up transactions to invest in bitcoin or stock.
The Cash App Cash Card is a strong account 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 apply, you can get instant access via Google Pay or Apple Pay. But if you use an ATM outside the network, you typically have to pay $2.50 per transaction. You also have to pay $1 per transaction to deposit paper money at retail locations, which can add up.
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, select a stock, or invest in 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 Pros and Cons
How Cash App Banking Compares
Cash App Banking vs. Chime Checking Account
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.
The main difference between the two options is that Chime Checking is a bank account, and Cash App is a financial platform that offers a debit card. Both companies provide solid products that prioritize accessibility. The type of card you want will determine which is a better fit.
Cash App Banking vs. Capital One 360 Checking Account
Capital One is an online bank with various account options, including the 360 Checking Account. The account 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.
It’s easy to set up an account with Capital One, and if you prefer access to in-person branches, it might be a better pick. Plus, once you have a Capital One account, applying for additional ones only takes a few seconds.
Cash App Banking FAQs
Cash App is not a bank. Since it’s a banking platform, Cash App partners with Sutton Bank to offer the card. However, it’s not a checking account. If you have questions or need assistance with the card, contact Cash App instead of Sutton Bank.
The application for a Cash App card is quick, and once you apply, you usually get instant access to the card through Apple Pay or Google Pay. The physical card arrives in the mail within 14 days.
You do not need a bank account for a Cash App Cash Card. You can deposit paychecks, send money, pay for purchases, withdraw at ATMs, and add paper money to your Cash Card without a bank account. Some of those transactions have fees, though.
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. Even though Cash App is not a bank, it offers a debit card, which is typically a banking product.
To create a rating for the account, 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.
SoFi Checking and Savings
Earn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. Earn up to 4.60% APY on savings balances (including Vaults) with direct deposit