💡 Quick Verdict
Cash App is our #2 pick for beginners who want a simple way to send money, plus basic banking and investing features. It's incredibly easy to use for peer-to-peer payments, and the Cash Card offers fun Boost discounts. The main downsides are limited customer support and lower savings interest than competitors.
✅ Pros
- Send/receive money instantly
- No fees for basic features
- Cash Card with Boost discounts
- Buy stocks and Bitcoin
- Early direct deposit (up to 2 days)
- FDIC insured via partner banks
❌ Cons
- Limited customer support
- Fees for instant transfers
- No joint accounts
- Lower savings APY
- Can't deposit coins
- Bitcoin fees can add up
What is Cash App?
Cash App is a mobile payment service developed by Block, Inc. (formerly Square). Originally launched in 2013 as Square Cash for peer-to-peer payments, it has evolved into a full financial platform offering banking, investing, and Bitcoin trading. Over 50 million people use Cash App monthly.
Learn more about app safety in our Safe Finance Guide.
Instant Payments
Send money to anyone
Cash Card
Free Visa debit card
Stock Trading
Buy fractional shares
Bitcoin
Buy, sell, send BTC
Who Should Use Cash App?
Cash App is ideal for:
- People who send money to friends often
- Beginners curious about stocks or Bitcoin
- Anyone wanting a simple debit card with perks
- Those who value a clean, simple interface
Cash App might NOT be for you if:
- People who need robust customer support
- Those wanting high-yield savings
- Users who prefer traditional banking features
- Anyone needing joint accounts
Not sure if Cash App is right for you? Take our quiz for a personalized recommendation.
Cash App vs Competitors
Cash App vs Chime
Chime: Chime offers better banking features like SpotMe overdraft and automatic savings, but Cash App wins for peer-to-peer payments and investing.
Cash App vs Venmo
Venmo is similar for payments but Cash App has better banking and investing features. Venmo is more social; Cash App is more private.
Cash App vs SoFi
SoFi: SoFi has more comprehensive investing tools and higher APY, but Cash App is simpler and better for casual users.
❓ Frequently Asked Questions
Is Cash App safe?
Yes, Cash App uses encryption and fraud detection. Funds are held at FDIC-insured partner banks, protecting deposits up to $250,000.
Does Cash App charge fees?
Basic features are free. Fees apply for instant transfers (1.5%), ATM withdrawals (outside network), and Bitcoin transactions.
Can I use Cash App without a bank account?
Yes, you can receive money and use the Cash Card without linking a bank. However, you'll need a bank or debit card to add money.
How do I get the Cash Card?
Order it free in the app. It's a customizable Visa debit card that arrives in 1-2 weeks.
Is Cash App good for investing?
It's good for beginners wanting to try stocks or Bitcoin with small amounts. For serious investing, consider Fidelity or Robinhood.
Ready to Try Cash App?
See if Cash App is the right fit for your financial journey