APY | 4.00% |
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Fee | $0 per month |
Minimum deposit to open | $0 |
APY | 4.00% |
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Fee | $0 per month |
Minimum deposit to open | $0 |
Venmo is one of the most popular peer-to-peer (P2P) apps, boasting over 80 million users to date. Venmo is great for sending money to friends and family. It costs nothing to link your bank account to send cash, and there are no fees for receiving payments. Venmo also offers a teen account and a Venmo Debit Card with no monthly fees.
Despite its strengths, Venmo lacks some features found in other popular P2P apps like Cash App, Chime and PayPal.
APY | 4.00% |
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Fee | $0 per month |
Minimum deposit to open | $0 |
APY | 4.00% |
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Fee | $0 per month |
Minimum deposit to open | $0 |
Fee | $0 per month |
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Minimum deposit to open | $0 |
Fee | $0 per month |
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Minimum deposit to open | $0 |
8.6 Great
Fee | $0 per month |
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Minimum deposit to open | $0 |
Fee | $0 per month |
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Minimum deposit to open | $0 |
APY | Up to 3.50% |
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Fee | From $0 per month |
Minimum deposit to open | $0 |
APY | Up to 3.50% |
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Fee | From $0 per month |
Minimum deposit to open | $0 |
Fee | $0 per month |
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Fee | $0 per month |
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Fee | $0 per month |
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Fee | $0 per month |
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Venmo is a solid P2P money app if you regularly send small amounts to friends and family. The app is free, it’s free to send payments to users, and it offers the no-fee Venmo Debit Card and the Venmo Visa Credit Card with rewards. But you can only send cash to other Venmo users. And if you need to cash out your Venmo balance immediately, you’ll pay an instant transfer fee of 1.75%, costing a minimum of $0.25 and a maximum of $25.
Venmo accepts US bank accounts, debit cards, credit cards and some prepaid debit cards.
Yes, Venmo allows you to make payments with a linked credit card.
On the Apple App Store, Venmo has a 4.9-star rating from over four million ratings, and Cash App has a 4.8-star rating from over six million ratings as of June 2024. Venmo has 4.2 stars on Google Play out of over 700k ratings, while Cash App has a higher 4.6-star rating out of over three million ratings. In terms of reviews, they’re both highly rated money apps with millions of users, with Cash App raking in millions more downloads and ratings. Both also use Plaid to link to existing bank accounts.
Cash App is better for investing or savings, as Venmo doesn’t have an investing platform or savings account. However, Venmo offers a rewards credit card, and it has a social feed where you can view friends’ transactions.
Learn how to use Zelle with your Bank of America account, including how to enroll, sending limits, fees and more.
Zelle is a peer-to-peer payment app that lets you seamlessly send and receive money from people you know. Find out if Discover supports Zelle.
SoFi Plus is a new membership option for SoFi customers that’s free with qualifying direct deposits and earns extra rewards and higher APYs.
Chime is a fintech company and not a true bank, so it can’t integrate with Zelle. But you can connect your Chime account to the Zelle app.
Charlie, Chase and SoFi are some of the best free bank accounts for seniors and retirees, with competitive APYs and low deposit requirements.
Chime offers a competitive $100 referral bonus and a $100 direct deposit bonus when you meet certain requirements. See details here.
SoFi offers several bonus offers, including a direct deposit bonus, welcome offers and referral bonuses. See how to snag up to $300.
Many banks offer early direct deposit up to 2 days early, including SoFi, Chase, Chime, Discover, Huntington and many more. See the full list.
A financial app with cash advances, banking and budgeting tools.
Cardless cash provides a convenient way to use an ATM without their card. If you often go out without your wallet, or want to make it easier for family members to take out money, this is a feature that deserves a second look.