Ask any Cash App user or would-be Cash App user about Cash App servicesand they’ll likely tell you that Cash App is like a bank to them. One of the reasons why many Cash App users regard or simply put look at Cash App as a bank is its features. Ever since it was introduced, Square Inc. (the company behind Cash App), has been introducing a number of bank-like features for Cash App users to use. One such feature is the Cash App Cash Card which basically allows Cash App users to easily access and use money in their Cash App accounts.
Given the numerous bank-like features it has, many Cash App users are always curious about what else they can do with Cash App bank-wise. It is with this that many of them ask if there is a Cash App savings account and whether or it is possible to open one.
There is currently no Cash App savings account and as such, it is impossible to open one. However, Cash App does allow its users to use their own savings accounts. Here is what you need to know.
Does Cash App Have A Savings Account?
There is no denying that Cash App, given all the benefits it has, makes for an ideal place to actually save money. Given this particular fact, many are of the opinion that Cash App has a savings account. This however is not the case, Cash App doesn’t have a savings account that users can open and use to save money.
This doesn’t mean that you cannot save money in a Cash App account. To save money using Cash App, simply open an account and start depositing money. Try avoiding the temptation of using the money saved in your Cash App account.
Can I Use My Savings Account With Cash App
While on the subject of Cash App and savings accounts, it is worth pointing out whether or not Cash App users can use their bank’s savings account on Cash App given that it’s a very common question with Cash App users. The simple answer to this question is yes. Cash App users who want to can use their savings account on Cash App.
In order to use a savings account on Cash App, users must link their Cash App accounts with their bank account. This process is very simple. To link a bank account simply;
- Sign-In to Cash App
- Go to the “Accounts & Settings” section on the Square Dashboard
- Add details of the bank you want to link with a Cash App account.
- Click on Verify
Congratulations you’ve successfully linked a bank account to a Cash App account.
Worth Noting About Cash App & Savings
While it is possible for Cash App users to save money on their Cash App account, it is not advised. In fact, users should look at using Cash App as well as other peer-to-peer online money platforms with small amounts of money. There are a number of reasons why this is so, for starters if something were to happen to a Cash App user’s account, chances are they’ll be completely locked out.
As such, they’ll not be able to use or access their money until Cash App grants them access. Furthermore, if something were to happen to a Cash App account, getting in touch with their support, who are the only people who can help, is very difficult. Even worse, Cash App support is known to be very slow taking up to 48 hours to reply to customers’ complaints, queries, or requests.
While there is no Cash App savings account as of now, users can opt to save money on Cash App using their regular account. While it’s not a savings account, it should be able to serve the purpose which is saving money.