Our experts answer our readers’ banking questions and write unbiased product reviews (see how we rate banking products). In some cases, we receive fees from our partners. However, our opinions are our own. Terms and conditions apply to offers listed on this page.
Cash App Mobile Banking
Fee
No monthly service fee
Annual yield (APY)
none
Minimum deposit amount
$0
- No minimum deposit amount
- No monthly service fee
- No overdraft fees
- Get paid up to 2 days early with early direct deposit
- ATM fees are reimbursed monthly when you receive $300 in direct deposits.
- You can deposit cash
- Customizable prepaid debit card
- Access in-app store discounts
- Round up the coins you earn from shopping and invest in stocks and Bitcoin
- $2.50 ATM fee if you do not receive $300 in monthly direct deposits
- There is no overdraft protection.If a transaction overdraws your account, it will be rejected
- The fee for depositing cash at participating retailers is $1
Product details
- The Cash Card is a prepaid debit card issued by Sutton Bank.Prepaid cards allow you to load money on them, so you don’t need to link them to a bank account
- Deposit cash at participating retailers, deposit checks in the app, or link external accounts to transfer funds
- If you have a Cash Card, your Cash App balance is insured up to $250,000 by the FDIC through our partner banks (this does not apply to investments or Bitcoin).
Cash App Banking Review
Cash App is best known for allowing users to send money to each other, but the company also offers cash cards through its banking platform. It’s similar to a debit card because you can deposit cash at retail stores, have your paycheck deposited directly, and withdraw money at ATMs. However, there are some notable differences from standard debit cards. Easy to set up, low fees, and the ability to round up trades and invest in Bitcoin or stocks.
The Cash App Cash Card is a powerful account with no minimum deposits or monthly fees, making it more accessible than traditional checking accounts. Creating an account takes a few seconds. Once you apply, you’ll have instant access via Google Pay or Apple Pay. However, if you use an out-of-network ATM, he typically has to pay $2.50 per transaction. Additionally, depositing notes at retail stores requires paying $1 per transaction, which can add up.
Cash Card also offers in-app integrations such as roundups and instant discounts. With just a few clicks, you can enable rounding up to automatically round up your purchase amount to the nearest dollar. You can put your extra money into a Cash App savings account, pick stocks, or invest it in Bitcoin.
Cardholders can also take advantage of instant discount offers at checkout. Cash App provides offers to a variety of retailers, including coffee shops, retail stores, and restaurants. Once you enable an offer within the app, you will be able to use it when making a payment.
Pros and cons of Cash app
Compare Cash App Banking
Cash App Banking and Chime checking accounts
Like Cash App, Chime aims to remove barriers that prevent customers from opening accounts. There is no need to undergo a credit check or bank history check. Also, like cash cards, there are no fees or minimum account balance requirements.
The main difference between the two options is that Chime Checking is a bank account, while Cash App is a financial platform that offers a debit card. Both companies offer solid products with an emphasis on accessibility. The type of card you need will determine which one is better suited for you.
chime banking review
Cash App Banking and Capital One 360 ​​checking account
Capital One is an online bank with a variety of account options, including a 360 checking account. This account offers the typical features associated with top banks, including no fees, no minimum deposits, overdraft protection, and a user-friendly app. You’ll have to pay a $2 fee to use an out-of-network ATM, which is about the same as the Cash App fee. Capital One offers a discount program on the Capital One Shopping Browser. However, in-app cash card discounts provide a more seamless customer experience.
Setting up an account with Capital One is easy. Also, if you prefer in-person branch access, Capital One may be a better choice. Plus, once you have a Capital One account, it only takes a few seconds to apply for additional accounts.
Capital One 360 ​​Bank Review
Frequently asked questions about Cash App Banking
Cash App is not a bank. Since Cash App is a banking platform, it has partnered with Sutton Bank to offer the card. However, it is not a checking account. If you have questions or need assistance regarding your card, please contact Cash App instead of Sutton Bank.
Applying for a Cash App card is quick, and once you apply, you can usually access your card immediately through Apple Pay or Google Pay. Your physical card will arrive in the mail within 14 days.
The Cash App cash card doesn’t require a bank account. Even if you don’t have a bank account, you can deposit your paycheck, send money, pay for purchases, withdraw money from an ATM, and add banknotes to your bank card. However, some of these transactions may incur fees.
Why you should trust us: How we reviewed Cash App Banking
We reviewed ATM cards using Personal Finance Insider’s bank account rating methodology. Cash App is not a bank, but it does offer a debit card, which is typically a banking product.
To create an account rating, we considered customer service, mobile app, ethics, and fees. Each category is given a rating from 0 to 5, and the rating is based on how the bank card compares to similar accounts. Those numbers were then averaged to create a final score.
Check out and save with SoFi
Eligible customers through December 31, 2023 can earn up to a $250 bonus on eligible direct deposits.Earn up to 4.60% APY on your savings balance (including Vault) with direct deposit