Cash App Savings

Cash App Savings is the savings feature inside Block's Cash App, with deposits held at program banks including Wells Fargo Bank, N.A. Cash App's page shows 1.5% interest once you confirm information for tax purposes, and up to 3.5% interest for every month you have Cash App Green status, which you get by spending $500 in qualifying purchases with the Cash App Card or Cash App Pay in a month or by depositing $300 in qualifying deposits in a month. Cash App uses the word interest, not APY, for both rates. You can start saving with as little as $1, and the page says there are no fees or minimum balance requirements. The two-tier structure is the whole story. The 3.5% rate depends on meeting the monthly spending or deposit threshold, not on your balance, so the account makes sense if you actually run regular card spending or qualifying deposits through Cash App. Without Green status the page offers 1.5% interest. Cash App describes its rates as up to and subject to change. There are more strings than a typical bank account. Cash App is not a bank. To earn the top rate, the page footnote says you need a Cash App Card, or to sponsor one or more sponsored accounts, and qualify for Cash App Green, or have a sponsored account with sponsor approval. Pass-through FDIC insurance of up to $250,000 per customer runs through program banks (Wells Fargo Bank, N.A., Sutton Bank and The Bancorp Bank, N.A.) and is stated as applying with a Cash App Card, if conditions are met. Cash App's page says you can transfer money from savings anytime. What you give up is separation: your emergency fund sits inside the same app as your payments, which some savers consider a feature and others a hazard for impulse spending. Get it if you already receive qualifying deposits of $300 a month in Cash App or spend $500 a month with the Cash App Card, since 3.5% interest with no minimum balance requirement comes with an app you use anyway. Skip it if you will not hit the monthly thresholds, since the page offers 1.5% interest without Green status, or if you want your savings at a bank rather than a financial platform.