Cash App turned its peer-to-peer payments app into a full banking experience — direct deposit up to 2 days early, 3.25% APY savings, and free overdraft coverage.
PickYourBank Rating
9.0
Overall
9.3
APY
9.6
Fees
9.0
App
9.1
Service
3.25%
Savings APY
$200
Overdraft coverage
$0
Monthly fees
$250K
FDIC pass-through
Cash App is owned by Block, Inc. (formerly Square) — one of the world's largest fintech companies and Jack Dorsey's flagship consumer brand.
Banking services (debit card, direct deposit, savings) are provided by partner banks Sutton Bank and Wells Fargo, with FDIC insurance pass-through.
Founded
2013
HQ
San Francisco, CA
Charter
Fintech + partner banks
Reach
Nationwide
FDIC insured
Up to $250K per depositor, per ownership category
Bank-grade security
256-bit encryption + multi-factor login
Top-rated mobile app
Deposit checks, transfer, freeze your card instantly
Competitive APY
Designed to keep up with the highest online rates
Here's what Cash App offers and who each product is best for.
Direct deposit + debit card in one app.
Get paid up to 2 days early · $0 overdraft fees
High-yield savings inside the app.
Earn up to 3.25% APY on Savings
Takes about 5 minutes — no hard credit pull for deposit accounts.
Standard ID verification, usually instant.
Link an existing bank or transfer any amount via ACH.
Interest compounds and posts every month — no minimums to keep.
Yes. Cash App is FDIC-insured (directly or through partner banks), with deposits insured up to $250,000 per depositor, per ownership category.
No monthly maintenance fees on the core account. Standard third-party fees may apply for things like out-of-network ATMs or wire transfers.
No. You can open the account with any amount and there's no minimum balance required to keep it open.
Link an external bank to ACH transfer in, set up direct deposit, mobile-deposit a check, or do a wire transfer.
Yes. You can close the account at any time with no penalty. Move your balance via ACH or wire to your new bank.
Cash App has quietly become a complete banking experience — direct deposit, debit card, 3.25% savings, and overdraft coverage, all inside the same app most of your friends already have.
Advertiser disclosure: PickYourBank.com may receive compensation when you open an account through our links. This never influences our ratings or recommendations.
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