Online account · FDIC insured through partner banks
Cash App
Your money is held at Wells Fargo. Based in Oakland, CA. It opens accounts online nationwide.
Rates
No Carrot Score: scores compare banks and credit unions, and Cash App holds your money at Wells Fargo. Its rates are below, with what each one takes.
- Savings—1.50%3.50% with extra requirementsSavings rates →
Cash App isn’t a bank. Deposits are FDIC-insured through Wells Fargo up to $250,000 per depositor, as Cash App states; that covers a bank failing, not Cash App.
About Cash App
Cash App Savings is a savings balance inside a Cash App account, kept separate from your Cash balance.
Block, Inc. provides the savings feature; Cash App says it is a financial services platform, not a bank.
Savings are held in pooled accounts at a partner bank; with a Cash App Card they're FDIC-eligible through Wells Fargo, Sutton Bank or The Bancorp Bank.
- Headquarters
- Oakland, CA
Eligibility
Who can open an account
From Cash App’s own terms and help pages. Check with Cash App before you apply.
- To open a Cash App account (needed for Savings): must be a U.S. resident.
- Minimum age: 18 and the age of majority in your state, for your own Cash App account.
- Teens 13 and older can use a Sponsored Account set up by a parent or guardian, and it can earn interest if the sponsor approves.
- Savings is a feature of a Cash App account, so you need one.
- To earn interest you need a Cash App Card (or to sponsor, or have, a Sponsored Account) and a personal account; Cash for Business accounts can't earn interest.
- To earn interest you must complete an electronic IRS Form W-9 with your taxpayer ID, generally your Social Security number.
- No subscription: Cash App Green, which gets the higher rate, is not a paid membership.