Cash App just launched a new benefits program that includes 3.5% APY on savings

Core Insights - Cash App has launched Cash App Green, a flexible banking benefits program offering a competitive savings account rate of 3.5% APY, which is significantly higher than the national average of 0.4% [1][6]. Group 1: Cash App Green Overview - Cash App Green provides customers with premium banking benefits, including higher borrowing limits, free overdraft coverage up to $200, and priority phone support [1][7]. - The program aims to make banking benefits accessible to a broader audience, removing traditional barriers such as steady paychecks and high credit scores [3][4]. Group 2: Qualification Criteria - Customers can qualify for Cash App Green by either spending $500 or more per month on Cash App or depositing at least $300 in qualifying paychecks [4][5]. - Qualification methods can vary monthly, allowing flexibility for customers to meet either spending or deposit requirements [5]. Group 3: Competitive Landscape - While Cash App Green offers a competitive savings rate, other fintech companies like Bread Savings and SoFi provide even higher APYs of 4.2% and up to 4.8%, respectively [8]. - Several online banks also offer high-yield savings accounts with rates of 4% APY or more, indicating a competitive market for savings products [8]. Group 4: Additional Benefits - Beyond the high savings rate, Cash App Green includes features such as five customized weekly offers at favorite stores, free in-network ATM withdrawals, and free paper money deposits [7][9]. - Customers are encouraged to compare different banking options to maximize the value of their accounts [9].