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Cash App Banking Review 2023

Taylor Milam-Samuel   

Cash App Banking Review 2023

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

Bottom line: The Cash App Mobile Banking - Product Name Only has no fees and unique perks, and it's easy to get one thanks to no minimum deposit. However, it's not a traditional checking account, so it's probably not the right choice if you want access to a full-service bank.

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

  • No monthly fees or overdraft fees

  • Receive your paycheck up to two days early with direct deposit

  • In-app discount offers for purchases with certain retailers

  • Round up purchases to invest in stock or bitcoin

  • FDIC-insured account

  • $2.50 charge for out-of-network ATM transactions unless you direct deposit $300 or more each month

  • No joint accounts

  • $1 fee per transaction to deposit paper money at retail locations

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.

Chime Banking Review

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.

Capital One 360 Bank Review

Cash App Banking FAQs

What banking does Cash App use?

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.

How long does a Cash App card take to arrive?

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.

Do you need a bank account for a Cash App Cash Card?

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.

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