Stuck with low savings rates? There’s an app for that. We explore the top cash advance apps that also offer high-yield savings accounts. Find out which apps combine cash advances with high APY savings accounts so you can watch your money grow while you sleep.
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Your bank is stealing hundreds of dollars a year from you!
That might sound like an explosive claim, but it’s true. The national average yield for savings accounts is 0.57% APY as of May, 2024. If you want to put your savings to work, this isn’t a benchmark you should aim for.
The difference between the average savings average percentage yield (APY) and a savings account with high yield can be hundreds of dollars a year.
For every $1,000 you keep in a savings account that pays 5% APY, you’ll earn $50 in a year. Save $5,000 and you’ll earn $250. The more you save (up to a predefined limit), the more you earn. And thanks to the magic of compounding, you’ll earn even more over time on the interest you keep in your account!
Luckily, there are apps that offer high-yield savings accounts including many of the most popular cash advance apps so you can borrow AND save from the same app.
It’s never a bad time to save, but since not all savings accounts are created equal, read on to learn which apps can deliver the highest interest rates and help you grow your money.
What are high yield savings accounts?
High-yield savings accounts reward you with a higher interest rate than traditional savings accounts. The interest rate that these accounts offer is noted as Annual Percentage Yield (APY).
The higher your APY, the faster your money grows and the more you earn
Money in a high-yield savings account is insured by the Federal Deposit Insurance Corporation (FDIC), which means that deposits up to $250,000 are protected if the bank were to collapse.
The best high-yield savings accounts will come with low or no fees and no or low minimum balance requirements.
But that doesn’t mean your bank has your back.
If you think your bank is automatically paying you higher rates, you’re in for a nasty surprise. Most big traditional banks try to steer you towards their ‘Standard Savings Account’ where the rates can be much lower.
How much lower? A lot.
| BANK | APY | EARNINGS | MONTHLY FEE |
|---|---|---|---|
| Bank of America | 0.01% | $1 on a $1,000 deposit | $8 for balance below $500 |
| Chase | 0.01% | $1 on a $1,000 deposit | $5 for balance below $300 |
| Wells Fargo | 0.01% | $1 on a $1,000 deposit | $5 for balance below $300 |
| Citibank | 0.03% | $3 on a $1,000 deposit | $4.50 for balance below $500 |
These figures are not impressive.
With the monthly fees above you can actually LOSE money if your savings balance isn’t large enough.
If you’re looking to put your savings to work, a new breed of online banks operating without brick-and-mortar locations or physical staff allows for some unique perks, like waiving common fees or no minimum deposit requirements.
Top Cash advance apps with high yield savings accounts
Many popular cash advance apps can help you set up a high-yield savings account in minutes.
The best cash advance apps come with no monthly fees or minimum balance requirements so you’re not at risk of decreasing your savings month after month (we’re looking at youBank of America and friends!).
These apps all partner with FDIC insured banks to hold your account, so it’s just as safe as letting your savings grow with a traditional bank. Plus, since you have a banking app on your phone, it’s easy to keep your money in one place, access it and move it around when you need to.
| Overdraft Apps Tip: Each of these apps can also help you with cash advances for when you need extra cash (and don’t want to touch your hard earned savings). Most have no interest, no late fees and no credit check. |
#1 – Dave: Save effortlessly with 4% APY and no minimum deposits
Dave’s Goal Account is currently paying 4.00% APY which is miles ahead of the national average APY of 0.57% (at the time of writing).banking services and issues the Dave Debit Card, pursuant to a license from Mastercard®. You can withdraw money from your Goals account up to six times a month. Annual Percentage Yield (APY) is effective as of 08/01/2023. The rate is variable and may change at any time without prior notice, before or after the account is opened. No minimum deposit or minimum balance requirements. Fees could reduce earnings on the account.'>1
There are no minimum balance rules so you won’t be punished if your savings slips below a certain figure.
Once you’ve set up the account, you can set savings goals and Dave will help you track your progress towards them. Dave’s savings account allows you to set up individual ‘Goals’ which can help keep you motivated to stay on track and not splash cash along the way.
As a research-backed way to stay motivated, you can have Goals to ‘Save up for a new car’, ‘Go on a trip to Cancun’, or any other big ticket item.
Automatic roundups are also available to round up your Dave Spending purchases and put the change in your chosen savings Goal.
For example, if you spend $4.57 using your Dave Debit Mastercard, Dave will round that up to an even $5 and put the extra $0.43 into your Goals account.
On top of a handy APY, Dave stands out with cash advances of up to $500 in minutes (no joke, we’ve timed it)2
Need $500? >>> Check out Dave for yourself
#2 – Current: Direct deposits of $200 a month unlock 4% APY
Download the Current app and set up a Current Account to access three Savings Pods.
Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.
Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate is variable and may change at any time. The disclosed Boost rate is effective as of August 1, 2023. Must have at least $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying payroll direct deposit of $200 or more is required to earn a Boost rate of 4.00%. No minimum balance required. Please refer to Current Boost Terms and Conditions .'>3
These Pods can help you save money towards multiple goals whether you’re planning a trip, there’s a Taylor Swift concert on the horizon, or you just want a rainy day fund.
You can grow your savings and earn a bonus rate of up to 4.00% APY by keeping a balance of at least $0.01 and maintain qualifying direct deposits of $200 or more.
If you don’t have a qualifying direct deposit, you’ll still earn 0.25% on your eligible Savings Pods. With no minimum balance requirement it’s easy to get started, though you won’t earn interest on balances above $6,000.
Like the other cash advance apps on the list, you can turn on round-ups and have Current deposit small change into your Savings Pod when you spend money which makes it easy to build your savings account over time.
The Current app also comes with Overdrive which allows you to access up to $200 in fee-free overdrafts via debit card purchases.Cash App, or similar services), Current Pay transfers and checks. See terms and conditions.'>4
Access $200 in no-fee overdrafts >>> Check out Current
#3 – Albert: Earn annual cash bonuses on your savings
If you’re looking to earn more, Albert was previously advertising a waitlist for an upcoming savings account that pays 4.95% APY).5
As of May 2024, that waitlist seems to be gone.
Albert still offers a Savings account which comes with extra features like income and spending analysis to find extra dollars to put aside and annual cash bonuses on your savings balance.
There’s nothing on Albert’s website or in their detailed Terms and Conditions about any APY.
Instead, Albert says “eligible members earn cash bonuses on their savings balance every month”.
At the end of the month, Albert will look at your average monthly balance and end-of-month balance. You can earn bonuses if both your average daily balance for the month and end of month balance meet the following thresholds:
| ACCOUNT AVERAGE: DAILY & ENDING BALANCE | MONTHLY BONUS AMOUNT |
|---|---|
| $10 – $99.99 | $0.03 |
| $100 – $999.99 | $0.10 |
| $1,000+ | $0.25 |
As the table above shows, you’re barely rewarded at all (even for having a thousand dollars in your savings!).
Other cash advance apps on this list offer 4% to 5% APY which are a significantly better deal – especially when your savings balance increases.
You’ll need to subscribe to Albert Genius to participate, which will set you back $9.99/month which is on the more expensive side compared to other cash advance apps with high yield savings accounts.
On the plus side, your Genius subscription also includes access to:
- Instant overdrafts for up to $2506
- Cashback offers on gas, groceries and shopping
- Early access to your paycheck
- Real life “Albert Geniuses” who help answer your financial questions
Like Dave, Current and Varo, Albert can automatically set aside money to help grow your savings balance.
Albert’s algorithm will analyze your spending, income and bills and set aside small amounts of money that won’t stretch you to breaking point.
If you prefer to be more hands on, you can set your own savings schedule and savings pools for things like ‘Travel’ or ‘Down Payment’.
#4 – Varo: Enjoy a seriously high yield savings account with up to 5% APY
The Varo app offers a high-yield savings account that can earn a whopping 5.00% APY on up to $5,000 and 3.00% APY on any savings balance above that.7
To qualify, just set up direct deposits of at least $1,000 each month. As long as you maintain a positive balance in your online Bank and Savings account at the end of the month, you’ll qualify for the higher 5.00% APY the following month.
The Varo app also offers handy tools to help grow your savings while you live your life.
Features include:
- Automatic round ups: Every transaction from your bank account is rounded up to the nearest dollar and transferred to your savings account.
- Automatic savings: It can be tough building savings when you’re living paycheck to paycheck. Varo lets you choose how much to save each week and will take this amount in your savings account before you can spend it.
- Savings calculator: Forecast your savings over a five year period to see where you’ll be in the future if you maintain your good money habits.
With a high savings APY that is significantly higher than the national average, plus cash advances up to $250 to keep you going until payday, it’s easy to see why Varo has seven million users (and counting).
Compare apps to find the best high-yield savings account
There’s no guaranteeing what interest rates will do in the future but you can be sure that banks will continue to delay (or totally avoid) passing rate rises onto savers.
When your bank is potentially stealing hundreds of dollars a year from you, it’s important you know there are other, FDIC-insured options to keep your savings safe and your balance growing.
The apps on this list offer higher APY and come with a range of extra features whether you’re looking to borrow emergency funds or get better at making financial decisions.
Some cash advance apps can deliver an APY that’s over 10x the national average, so compare your options and make the choice that’s right for you.
PLEASE NOTE: All rates are accurate at the time of writing. You should always check to see what the current rates and fees are for the high-yield savings account you’re considering.
Remember to check the terms, conditions and disclaimers on your preferred app or website before opening an account and choose the app that best suits your savings goals.
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