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Cash App review

Cash App review

Moneywise.com / Moneywise.com


Updated: May 23, 2024

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Cash App logo



Interest rates4


Customer service3

Mobile banking4


Account options4

Additional features3

Cash App is a versatile financial platform ideal for users seeking convenient, mobile-based banking solutions—but it’s not exactly a bank. With a product range spanning peer-to-peer payments, Bitcoin trading, and stock investments, Cash App is a unique entrant in the booming app-based transaction category. Its user-friendly interface makes it a top choice for those looking to manage their finances efficiently on the go.

What we think of Cash App

You’d be hard-pressed to find a more user-friendly and intuitive set of tools in a mobile finance-focused app – particularly for users needing a simple path to saving money for short- or long-term goals. It’s important to remember that the app is not a bank in the traditional sense. Cash App partners with third parties to handle banking services, allowing it to maintain focus on making the app easy for savers to save.

Cost-conscious users will appreciate Cash App’s lack of monthly fees and overdraft charges. Additional features include in-app discount offers with retailers and competitive interest rates on savings accounts. Cash App also makes it easy for users to “round up” their everyday purchases to increase their savings or even buy Bitcoin.

Cash App enables free instant money transfers between Cash App accounts, making sending and receiving funds simple without incurring extra fees. The transfers are quick and effortless, and the company’s current 4.50% APY will speed savers toward their goals versus many brick-and-mortar banks.

Pros and cons of Cash App



  • No monthly fees or overdraft fees

  • Savings APY of 4.50%

  • Round-ups can be directed toward savings or Bitcoin purchases

  • Users get discount offers for purchases with certain retailers, from the app



  • Customer service approach may not be for everyone

  • Avoiding out-of-network ATM fees requires $300 monthly direct deposit

  • App-only focus will leave in-person bankers behind

Cash App (Savings) features

Cash App’s savings program offers users a convenient and flexible way to grow their savings with a competitive 4.50% APY interest rate.

Feature Feature explanation
Accounts Balance accounts for everyday spending and saving. Bitcoin and stock purchases are also accessible
Access Mobile app
Branches No
ATM Reimbursement Cash App reimburses one out-of-network withdrawal per 31 day period, up to $7 in fees
Online deposits Straightforward process through the app
FDIC insured Users with a Cash App Card are FDIC-insured through Cash App’s partner bank for up to $250,000 per person
Customer service Cash App's customer service phone number is available from 9 AM to 7 PM Eastern, every day
Funds transfer Cash App offers seamless transfers between the user’s balance and savings account, providing instant access to funds. There are no limits on the number of transfers

Cash App fees

Cash App offers free standard transfers between Cash App accounts and free instant deposits from your linked bank account. 

But there are fees to watch for:

Type Fee
Money transfers None
Instant payments 0.5%-1.75%, with a minimum of 25 cents for deposits to a linked debit card
ATM $2.50 fee, plus any additional fees from the ATM operator
Credit card transfers 3% per transaction

How to open a Cash App account

Opening a Cash App account is straightforward and easy to complete in a few minutes.

Download the app: Go to the Apple App Store or Google Play Store and download the Cash App.

Create an account: Open the app on your mobile device. Enter your phone number or email address to get a verification code. Enter the code sent to your phone or email. Next, enter your debit card information to link your bank account. You can also create a unique “cashtag” – your username for sending and receiving money. Enter your zip code to complete the setup.

Add cash: Tap the bank icon on the lower left of the home screen to access the Banking tab. Select “Add Cash.” Enter the amount of money you want to add and confirm the transaction by tapping “Add.”

Verify your identity: For additional features like sending larger amounts of money, buying and selling Bitcoin, or investing, you’ll need to verify your identity. You’ll provide your full name, date of birth, and the last four digits of your Social Security number.

Open a Cash App account

Where Cash App falls short

Cash App is widely praised for its ease of use, versatile features, and, most notably, its convenient mobile interface. However, a common criticism is Cash App’s customer service, which many users find lacking and difficult to reach, especially during disputes or issues with transactions.

Cash App notably does not have monthly fees or overdraft fees. However, it does impose fees for certain services, such as a 3% fee for sending money via credit card and fees for instant deposits to debit cards.

About the app: Is it easy to use?

Cash App users appreciate the app’s straightforward layout. The intuitive interface allows quick access to various features such as banking, investing, and Bitcoin trading. But like many apps, occasional glitches and a lack of advanced options compared to traditional banking apps may limit you as your financial management needs grow.

About the company: What is Cash App?

Based in San Francisco, Cash App was founded by Block (formerly Square) in 2013. The company enjoys high ratings from users but came under scrutiny in early 2024 when financial regulators began probing whistleblower claims that it lacks effective ways to know the true identity of its customers—a gap that could enable money laundering and other illegal activities. A company statement disputed the allegations and said Cash App uses a robust system of due diligence and compliance functions.

Cash App vs. Venmo

Cash App and Venmo are popular mobile payment apps, but they cater to different needs. Cash App offers broader financial services, including investing in stocks and Bitcoin, as well as a high-yield savings account. 

Venmo, owned by PayPal, focuses more on social payments with a social feed where users can share payment activity. While both apps provide peer-to-peer payments, Venmo has a more community-oriented interface, whereas Cash App offers a more comprehensive banking style and investment options.

Cash App FAQs

  • Is Cash App safe?


    Cash App employs encryption and fraud detection technology to secure user data and transactions. The app also offers optional security features such as PIN entry and two-factor authentication. Additionally, balances in Cash App accounts linked to the Cash Card are insured by the FDIC through partner banks up to $250,000.

  • Is Cash App legit?


    Cash App is a legitimate mobile payment service with over 51 million users as of 2023. Robust security measures protect user data and transactions, including encryption and fraud detection technology. Despite some reports of customer service challenges and potential fraud risks, Cash App remains a widely trusted and utilized platform for mobile financial transactions.

Chris Clark Freelance Contributor

Chris Clark is freelance contributor with MoneyWise, based in Kansas City, Mo. He has written for numerous publications and spent 18 years as a reporter and editor with The Associated Press.


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