About Company
Cash App, formerly Square Cash, in reference to Square Inc., Cash App's parent company, is designed to be the easy solution for managing your money. With Cash App, you can send and request money, transfer funds, and even invest in stocks, Bitcoin, and mutual funds through Cash App Investing LLC. Creating a Cash App account is a straightforward process that takes just a few minutes.
Key Features
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Send and Receive Money Instantly at No Cost. Cash App enables users to send and receive money seamlessly and instantly. You can transfer funds to friends, family, or anyone in your network without incurring any additional costs. The platform prioritizes quick and fee-free transactions for your convenience.
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Get Instant Discounts. Cash App offers the Cash Boost feature, providing users with the opportunity to enjoy instant discounts when making purchases using their Cash Card. This feature allows you to save money on everyday expenses and enhances the overall value of using Cash App for your financial transactions.
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File Your Taxes for Free. Cash App extends its services beyond basic financial transactions by offering users the ability to file their taxes for free. This feature simplifies the tax filing process, providing a convenient solution for users to manage their financial responsibilities directly within the app.
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Receive Your Paycheck Up to 2 Days Early. Cash App understands the importance of timely access to funds. With the option to set up direct deposits, users can receive their paychecks up to two days earlier than traditional banking systems. This feature ensures faster access to your funds, enhancing financial flexibility and convenience.
Pros and Cons
Pros
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FDIC-Insured Cash Card. With a Cash Card, your money is FDIC-insured through partner banks, providing financial security for up to $250,000 per person. This feature adds an extra layer of protection to your funds, giving users peace of mind.
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Investment Options. Cash App allows users to invest in stocks or Bitcoin, providing an accessible platform for those interested in growing their wealth through investment. The ability to engage in stock trading and cryptocurrency investment adds a valuable dimension to the app's services.
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No Monthly Fees or Overdraft Fees. Cash App stands out for its user-friendly fee structure, with no monthly fees or overdraft fees. This transparency benefits users by eliminating unexpected charges and creating a straightforward financial experience.
Cons
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Out-of-Network ATM Transaction Fee. One notable drawback is the $2.50 charge for out-of-network ATM transactions, unless you direct deposit $300 or more each month. While direct deposit can offset this fee, users may find it inconvenient if they need to use ATMs outside of the designated network.
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No Joint Accounts. Cash App does not currently support joint accounts. This limitation may be a drawback for users who prefer or require joint financial management, as it restricts the collaborative aspects of account ownership.
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Fee for Paper Money Deposits at Retail Locations. Users should be aware of the $1 fee per transaction to deposit paper money at retail locations. While this fee may not be substantial, it adds an additional cost for those who prefer to deposit cash in person rather than through other methods.
Reliability
Yes, Cash App can be considered reliable, especially in terms of the security and protection it offers for user funds. If you have the Cash Card and maintain money in your Cash App account, the funds are covered by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per customer. This FDIC coverage provides a crucial layer of financial security, ensuring that your money is protected in the event of unforeseen circumstances.
Products
Cash App offers a streamlined selection of financial products, primarily centered around simplicity and convenience. Users can benefit from the Cash Card, a debit card linked to their Cash App account, providing a straightforward means of accessing and spending their funds. Additionally, Cash App offers a savings account feature, allowing users to set aside and save money within the app. These core offerings align with Cash App's commitment to providing accessible and user-friendly financial solutions.
Cash App Cash Card
The Cash App Cash Card is a complimentary Visa debit card seamlessly linked to the user's Cash App balance, providing a convenient and versatile means of accessing their funds. This debit card can be utilized at ATMs for a withdrawal fee of $2 per transaction (unless users opt for direct deposit) or for making purchases both online and in physical stores.
The Cash Card's flexibility extends to its acceptance anywhere Visa is recognized, including ATMs. Additionally, users have the option to integrate the Cash Card into digital wallets on their smartphones or watches, enhancing its usability across various platforms.
Beyond its functionality, Cash App allows users to personalize their Cash Card, offering the ability to choose the card's color, add drawings, and include emojis directly within the app. This customization feature allows users to make their Cash Card uniquely theirs, reflecting their individual style and preferences. Whether kept simple or adorned with personal touches, the Cash Card provides a personalized and accessible financial tool for Cash App users.
Cash App Savings Account
Users can deposit money into their Cash App Savings from their linked payment source or Cash App balance without incurring any fees or being subject to minimum balance requirements. This fee-free and flexible approach allows users to manage their savings without unnecessary financial constraints.
For those with an activated Cash Card, an additional feature known as Round Ups for Savings is available. This feature enables users to automatically round up their Cash Card transactions, adding the spare change to their savings balance. This automated process contributes to a gradual increase in savings without requiring manual intervention.
It's important to note that the Cash App Savings feature does not earn any interest. Unlike traditional or high-yield savings accounts, the primary focus of Cash App's Savings is on providing users with a straightforward and fee-free method to set money aside, rather than generating interest income on the saved funds.
Other credit cards
Other Services Cash App Offers
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Money Transfers. Users can send and receive money effortlessly, as well as transfer funds from their Cash App account to a linked bank account. Sending and receiving money incur no fees, and standard transfers typically take one to three business days to complete. For instant transfers, there's an option available, albeit with fees ranging from 0.50% to 1.75% of the transfer amount, with a minimum fee of $0.25.
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Cash App Pay. Cash App can be used as a payment method to make purchases online or in person at Square Sellers and select merchants. This feature enhances convenience by providing users with a versatile payment solution for their transactions.
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Investing. Cash App Investing empowers users to buy stocks or ETFs using the funds available in their Cash App account, supplemented by a linked debit card if necessary. Selling stocks and ETFs on Cash App is also straightforward, with the proceeds added to the user's app balance. Notably, Cash App Investing operates on a commission-free basis, allowing users to invest without incurring additional charges.
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Bitcoin. Cash App facilitates the buying, selling, sending, and receiving of Bitcoin, catering to users interested in cryptocurrency transactions. While sending and receiving Bitcoin is free, the platform may charge fees for buying and selling. Additionally, users who have set up direct deposit can opt to allocate a percentage of their paycheck to Bitcoin, providing a convenient way to invest in cryptocurrency.
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Tax Filing. Cash App Taxes offers users the opportunity to file their state and federal taxes for free, with a maximum refund guarantee. This service simplifies the tax filing process, providing users with a hassle-free solution for managing their tax obligations.
Conditions and Requirements
Conditions
Cash Card
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Free. Obtaining the Cash Card is free of charge, allowing users to access the benefits of a prepaid debit card without incurring an initial cost.
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ATM Usage. Cardholders can use the Cash Card at ATMs for a fee of $2 per withdrawal unless they have set up direct cash deposits. This fee structure provides flexibility for users depending on their preferred cash withdrawal method.
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Online and In-Store Purchases. The Cash Card can be used for making purchases both online and in physical stores. This versatility enhances the convenience of the card for various transactions.
Savings
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No Fees or Minimum Balance Requirements. Users can deposit money into their Cash App Savings from their linked payment source or Cash App balance without incurring any fees or being subject to minimum balance requirements.
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Round Ups for Savings. For those with an activated Cash Card, an additional feature known as Round Ups for Savings is available. This feature enables users to automatically round up their Cash Card transactions, adding the spare change to their savings balance.
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No Interest Earned. It's important to note that the Cash App Savings feature does not earn any interest. Unlike traditional or high-yield savings accounts, the primary focus of Cash App's Savings is on providing users with a straightforward and fee-free method to set money aside, rather than generating interest income on the saved funds.
Requirements
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Age Requirement. Anyone aged 13 and above can create a Cash App account.
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Expanded Features for 13-17 Year Olds. Customers between the ages of 13 and 17 can access expanded Cash App features in the United States, provided they have a sponsored account. This sponsorship likely involves additional authorization or oversight from a legal guardian or parent.
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Residency Requirement. To use Cash App, you must be a resident of the United States. This restriction ensures that the services and features offered by Cash App align with the regulations and laws governing financial transactions in the U.S.
Network of ATMs
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ATM Withdrawals with Cash Card. You can utilize your Cash Card to make ATM withdrawals at any ATM by entering your Cash PIN. It's important to note that Cash App does not support withdrawing money from your 'Savings' balance at ATMs. When prompted, be sure to select the 'Checking' account option for successful transactions.
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No Exclusive ATM Network. While Cash App itself doesn't have a proprietary network of ATMs, you have the flexibility to use your Cash Card at any ATM that accepts Visa or Mastercard. This lack of exclusivity provides users with a wide range of ATMs to choose from, including those affiliated with major banks.
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Global Accessibility. Most ATMs around the world accept Visa and Mastercard, making it convenient for Cash App users to access their funds. Whether you're in your hometown or traveling abroad, you should be able to find an ATM that allows you to withdraw cash using your Cash App card or linked debit cards.
Apps like Cash App
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Accrue Savings. A financial app that focuses on helping users save and manage their money, though specific features may vary.
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Venmo is a popular peer-to-peer payments platform in the United States. Acquired by PayPal, Venmo allows users to send and receive money easily, split bills, and make seamless transactions. It also incorporates a social feed feature, allowing users to share their payment activities with friends.
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Zelle is the one of similar apps that facilitates fast and secure way of transferring money within the United States. It is often integrated into the online banking services of participating financial institutions. Zelle enables users to send money directly from their bank accounts to recipients with minimal delays.
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Chime is a neobank or online banking platform that offers a range of financial services without traditional banking fees. Chime provides features like early direct deposit, a no-fee checking account, and a savings account. It is known for its user-friendly mobile app and focus on providing a fee-free banking experience.
Editorial Opinion
Important
Methodology
At Finanso, we've carried out a comprehensive analysis of over 50 neo banks, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a neo bank. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Additional Resources
- Full Cash App Account Review
- Cash App Mobile App
- Cash App Reviews