Cash App, initially known for peer-to-peer money transfers, has broadened its services to include traditional banking features, offering a high-yield savings account (HYSA) and a VISA-branded debit card. Users can invest in stocks and trade Bitcoin within the app. The HYSA can earn up to 4.50% APY with a monthly direct deposit of $300 or more, otherwise, it earns a base 1.50% APY. Deposits are FDIC-insured through Wells Fargo Bank, and there's no requirement for a bank account or credit check to start using Cash App's features. While there are no monthly fees for basic services, instant cash-outs and credit card payments incur fees. The article also compares Cash App's offerings to those of Chime, another fintech solution, noting that while Chime has a lower APY, it doesn't have direct deposit requirements and offers a credit-builder credit card.
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