Customers can now reach their savings goals faster with Cash App

January 12, 2024

Today, Cash App announced that customers can now earn up to 4.5% interest* on their savings with no minimum balance requirements or account fees. With Cash App Savings, customers can see their estimated monthly interest payouts at any time, save automatically when they spend with their Cash App Card or receive direct deposits, and track their progress towards their savings goals, all in one place. 

This new benefit arrives in time for the 2023 tax season, with a recent survey commissioned by Cash App finding that 60% of millennial and Gen Z respondents plan to save a portion of their tax refund this year. The national average interest rate for traditional savings accounts hovers around a half a percent, and a 2023 study found that 82% of Americans don’t use a high-yield savings account, indicating that many aren’t maximizing their money’s growth potential.

“Savings has been one of our fastest-growing products since it launched last year, and we know our customers want to make their savings go further with Cash App,” said Ben Shen, Head of Banking Product at Cash App. “Many Americans today find it difficult to save, whether for a major milestone or a short-term expense. We want to help customers reach their goals faster by enabling them to earn interest on their savings, along with offering tools which make saving as delightful and easy as possible.”

This feature is the latest to build upon Cash App’s comprehensive suite of money management tools which make it easy for customers to monitor and plan their finances. Recently, Cash App introduced “Automatic Paycheck Distributions”, which allows customers to automatically save or invest a percentage of each paycheck they receive. Customers can also track their income and distributions through a dedicated “Paychecks” home within Cash App. 

Starting today, customers who own a Cash App Card and are over 18 can unlock 1.5% interest on their savings, making it easier for them to reach savings goals of any size from taking vacations to building rainy day funds. Through the Cash App Card, customers’ Cash and Savings balances are FDIC-insured through our partner bank.**

Customers who direct deposit $300 or more per month with Cash App can increase their savings interest to 4.5%. In addition to the enhanced interest rate, these customers also enjoy other benefits including:

• Free Overdraft Coverage: Up to $50 on Cash App Card purchases. 
• Free ATM Withdrawals: Unlimited free withdrawals at in-network ATMs, and one free withdrawal per month at any ATM.
• Priority Phone Support: Request a call from customer support directly from within the app.

About Cash App

Cash App is the money app. It's the easy way to spend, send, and store money. Sending and receiving money is free and fast, and most payments can be deposited directly to a bank account in just a few seconds. With Cash App, customers can also buy and sell Bitcoin instantly, get a paycheck deposited right to the app, create a unique $cashtag to share with anyone to get paid, and use the Cash App Card to spend the money anywhere Visa is accepted. Download Cash App for free at cash.app/download.

Interest rate valid as of publishing date (01.12.14)