Cash App Review [2025]: Easy Money Transfers and More

What is Cash App?

Cash App is a financial app created by Block, Inc. (previously known as Square, Inc.) in 2013.

Cash App isn't a bank, but it offers banking services.¹ <p>Cash App is a financial platform,&nbsp;not a bank. Banking services&nbsp;provided by Cash App’s bank&nbsp;partner(s).</p> You can deposit funds into a Cash App banking account, including direct deposits. Account funds are FDIC-insured through Cash App's partner banks.² <p>Balance is FDIC-insured through&nbsp;Wells Fargo Bank, N.A., Member&nbsp;FDIC for up to $250,000 per&nbsp;person.</p>

The mobile app is available for iOS and Android and is perhaps best known as a way to send peer-to-peer payments. Cash App gets high praise from users who give it a 4.8-star rating with more than 7.3 million reviews in Apple's App Store.

Cash App also offers tax filing and banking services such as a savings account, direct deposit, and debit card (Cash Card).³ <p>Prepaid debit cards issued by&nbsp;Sutton Bank.</p> Cash App had 55 million users in 2023, and it ranks first in the App Store finance category.

> Enter to win a $300 Cash App deposit

Cash App basics

Annual percentage yield (APY) Cash App Savings	4.00% (as of 04/04/2025) if you have a personal account and a Cash App card, and make at least $300 in direct deposits every month 1.50% (as of 04/04/25) without direct deposits
Minimum deposit requirement	None
Monthly maintenance fees	None
ATM access	Yes – $0 Cash App fee if you have $300 or more in direct deposits per month and the ATM is in-network ($2.50 fee otherwise, plus any applicable ATM service fee)
FDIC insured (Cash App account balance)	Up to $250,000

Who is Cash App best for?

People needing to pay a friend

Cash App is great for user-to-user transactions between friends and other merchants or people you trust. There's no need to remind your roommate to pay their share of the rent or utilities each month. Instead, you can just send them a Cash App payment request.

Another app that works similarly is Venmo (that's what I used this summer to reimburse my friend for shared travel expenses). Learn how Cash App and Venmo compare.

People with $300 in monthly direct deposits

If you have at least $300 of monthly income that you can send to Cash App via direct deposit, you'll be able to maximize your benefits with the platform.

You need those direct deposits in order to get fee-free ATM use and earn 4.00% (as of 04/04/2025) APY on your savings.⁴ <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p>

People seeking free tax filing services

Cash App Taxes is a respected service for free federal and state tax filing in the U.S. The program will do all of your calculations following strict security standards to provide your maximum refund, guaranteed. They are an authorized IRS e-file provider. That said, Cash App only offers one basic tier of tax service that isn't appropriate for all tax filers.

Using Cash App for business transactions

For businesses and retailers, the personal Cash App account may not be ideal for many transactions. It's free to use, but you can only send up to $1,000 in a 30-day period until you go through the steps of verifying your account.

Plus, tracking dozens of Cash App payments could be an accounting and logistical nightmare. Cash App has a Cash for Business version that you can upgrade to that charges a 2.75% transaction fee for each payment received.

Is Cash App safe?

According to the Cash App website, payment information is encrypted and sent through secure servers. It is also PCI Data Security Standard Level 1 compliant.

As with any financial app, you should take precautions. Cash App recommends password-protecting your phone and enabling the in-app security lock, which will require a PIN or touch ID for each transaction.

Be on the lookout for scammers, as you can't cancel or recoup payments sent to someone's Cash App. Always check their $CashTag and identifying details before you send money.

Practice wisdom with your personal information. The Better Business Bureau has warned that Cash App's customer support won't ask you for your sign-in code, payments, or other sensitive information via social media or on the phone. In addition, you should be wary of any business claiming they only accept Cash App payments.

Another option for security is to link the app to a credit card, since your card issuer may offer additional protection or reimbursement in case someone tries to get your money fraudulently.

What bank does Cash App use?

As we noted, Cash App itself is not a bank, despite offering banking services. Rather, Cash App partners with traditional banking institutions to support its financial services. Cash App prepaid debit cards, for example, are issued by Sutton Bank and deposits are FDIC-insured through Wells Fargo bank.

Cash App features you might not know about

• Cash Card: You can use this Visa debit card anywhere Visa cards are accepted. Cash Cards are free and offer access to instant discounts, personalized designs, and Cash App Savings.
• Round Ups: You can use Round Ups to automatically round up your purchases to the nearest dollar. The extra money is then put into your Savings account or invested in stocks or bitcoin.
• Direct deposit: You can receive your paycheck up to two days early when you take advantage of direct deposit with Cash App.
• ATM access: You can withdraw money from any ATM. To avoid Cash App ATM fees, use in-network ATMs and have monthly direct deposits of at least $300.
• FDIC insurance: With a Cash Card, your Cash Balance receives up to $250,000 FDIC insurance.
• Gift cards: Send and receive gift cards from popular retailers through Cash App. You can use your Cash Balance to send gift cards. If you have a Cash Card, you can convert gift card balances of $10 or below to cash. There are no fees for sending and receiving gift cards with Cash App.
• Investing: Cash App allows you to buy stocks and bitcoin.

What the app could improve

• ATM fee: If you don't have direct deposits of at least $300 per month, you have to pay a Cash App fee of $2.50 per ATM withdrawal. That could be in addition to any service fee an ATM operator might charge you.
• Paper money deposit fees: While you can deposit paper money at a number of retailers, each transaction comes with a $1 fee.
• Cash App Savings requirements: While the savings account is nice to have, you must meet several criteria: have a Cash App Card to earn 1.50% (as of 04/04/25) APY on savings, plus $300 in monthly direct deposits to raise that to 4.00% (as of 04/04/2025) APY. It's a good rate, but your rate drops if you don't meet the criteria each month.

How does Cash App work?

Cash App has four main functionalities: sending money, receiving money, mobile banking, and investing.

1. Sending money

All you need is the recipient's email address, phone number, or $Cashtag to send cash. The $Cashtag is the name that each Cash App user sets up within their app profile.

Decide where the app will withdraw from: your Cash App balance, linked bank account, debit card, or credit card. Cash App accepts Visa, MasterCard, American Express, and Discover, but you'll pay a 3% transaction fee for credit card payments.

Be aware that while you can initiate a payment to someone even if they don't have CashApp yet, they'll have to create an account within 14 days to accept payment.

You can send up to $1,000 within a 30-day period, but that limit will increase if you verify your name, date of birth, and the last four digits of your Social Security number. I wouldn't need to do that, but if you do a lot of peer-to-peer transactions, this might be useful.

2. Receiving money

When you receive money, it goes into your Cash App account first, and then you can withdraw to a connected bank account or debit card.

A standard deposit shows up in your bank account within one to three business days, whereas an instant deposit to your debit card happens instantly but has a rush fee that ranges between 0.50% and 1.75%.

If you don't want to use bank account withdrawals, you can also request a no-fee Cash Card. The Cash Card is a Visa debit card that lets you use Cash App funds for purchases and offers discounts on products and services.

There's a $2.50 fee if you use the Cash Card at an ATM, plus the ATM servicer may charge a fee as well. ATM fees are waived if you stick to in-network ATMs and have a minimum of $300 a month in qualifying direct deposits.

3. Banking services

Besides receiving payments from friends, Cash App offers a variety of banking features to its users, including the Cash Card and direct deposit. (More details above)

4. Investing

Cash App Investing enables you to invest in fractional shares of stocks and ETFs for as little as $1 with no commission fees. This feature is available only to U.S. residents who are 18 years or older. To sign up, you need to provide Cash App with your full name, date of birth, Social Security number, address, and employment information.

If you're new to investing, be sure to learn the basics of how to invest money before diving in.

Cash App also supports cryptocurrency. However, the only cryptocurrency it supports is Bitcoin, which you can buy and sell within the app. You can also deposit Bitcoin or withdraw it to an external wallet.

FAQs

Alternatives to Cash App

Payment apps

If you want different options for sending money to other people, consider Venmo and Zelle. Neither of these apps can match the level of banking services¹ <p>Cash App is a financial platform,&nbsp;not a bank. Banking services&nbsp;provided by Cash App’s bank&nbsp;partner(s).</p> that Cash App provides, but they work well as payment apps.

Venmo is primarily a payment app but also offers debit and credit card options. The debit card can be used anywhere Mastercard is accepted, while the credit card uses the Visa card network.

Learn about the best credit cards for Venmo.

Zelle is a payment app that integrates with U.S. banks to send and receive money between bank accounts. If you use any major U.S. banks, you may have already seen an option to use Zelle in your banking app.

High-yield savings accounts

To earn the highest interest rate on your Cash App Savings balance, you need to be 18 or older, have a Cash App Card, and direct deposit at least $300 monthly into Cash App. You will be paid a lower interest rate if you don't meet these requirements.

Alternatively, you could consider these best savings accounts instead.

Bottom line

Splitting the check after a big group dinner is just one way that Cash App can simplify your financial life. But unlike other peer-to-peer payment tools, Cash App also offers banking and investment products.

The app does have some limitations and you do need to be careful to only send payments to those you trust, but it is certainly among the best money apps out there.