One of Cash App's biggest draws is that savers can earn up to 4.00% APY, a return on par with some of the best high-yield savings accounts. To unlock that higher APY, though, you'll have to set up ...

The Cash App Savings option is a no-fee high-yield savings account that earns 4.50% APY with qualifying direct deposits of $300 or more per month. Otherwise, your APY drops to a mere 1.50%.

Cash App will pass through a portion of the interest paid on your savings balance held in an account for the benefit of Cash App customers at Wells Fargo Bank, N.A., Member FDIC.