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Dave
4.3
★★★★★
Finder score
On Dave's secure site
Fee
Varies by product $1 per month
APY
4.00%
Minimum deposit to open
$0

Our verdict

Cash advances, budgeting, high APY and so much more.

Dave Banking is an all-in-one financial app that provides deposit accounts, budgeting, cash advances and much more. The Dave Spending Account offers early direct deposit, up to 4% APY, rewards and savings round-ups and Goals. And if you need extra cash, Dave features a side hustle board where you find quick work, and it offers cash advances to qualifying users with a $1 monthly membership. However, as an online banking option, you won't get access to physical branches, and Dave doesn't offer as many products and services as traditional brick-and-mortar institutions.

Best for: Those who prefer online banking with earning opportunities.

Pros

  • $0 monthly fee for basics
  • High 4% APY
  • Savings round-ups and budgeting features
  • Side hustle board and cash advance options

Cons

  • No physical branches
  • No joint accounts
  • Doesn't accept wire transfers
  • Paid membership required for some features

In this guide

  • Our verdict
  • Your reviews
  • Ask a question

Who is Dave best for?

Dave is ideal for someone who prefers online banking and wants an all-in-one financial app. The Dave app features everything you’d need from an online banking app, including the spending account, cash advances, side hustle job board and more. The checking and savings accounts don’t require any monthly fees or opening deposits. But if you want access to cash advances and budgeting external accounts, you’ll need to sign up for the $1 monthly membership.

If you want to bank with a traditional bank that can offer things like joint accounts, certificates of deposit and financing, you’ll have to look elsewhere. Also, Dave uses Plaid to connect to external accounts, so if your external account isn’t compatible, it may not be a good fit if you want to budget your current accounts.

What we like about Dave

Dave is a fintech with banking services provided by Evolve Bank & Trust, Member FDIC. It uses the MoneyPass ATM network, giving you free access to over 40,000 ATMs nationwide. It was founded in 2016 and was originally focused on its cash advance feature called ExtraCash. It now offers more products, including its checking and savings accounts.

Spending Account earns 4% APY and cashback

One of the best perks is the 4% APY you earn on your Dave Spending Account — with no requirements at all. The national average rate for interest checking is 0.08%(1), so Dave wipes the floor with that rate.

The Spending Account has no monthly or overdraft fees, no opening deposit minimums and offers early direct deposit. However, you must request to get your Dave debit card, as it won’t be sent out automatically upon opening.

Dave also offers a cashback program, which are limited-time offers by select merchants. You can also earn rewards through a program called “Free Months,” which lets you earn credits to cover the Dave membership fee at qualifying merchants.

Save faster with Goals account

Dave also has a saving product called Goals, which lets you set up individual savings goals with timelines to help you stay on track. You’ll earn 4% APY on each goal you create, which is much higher than the 0.46% national average for savings accounts. Opening a Goals account doesn’t require the paid membership plan and has no monthly fees or opening deposit requirements.

To start, you’ll create a Goal from your Dave app by inputting how much you want to save, what you’re saving for and the date you want it achieved. You’ll then be prompted to set up recurring transfers or deposits and use the savings roundup feature if you have the Dave Spending Account, which sends rounded-up amounts from purchases. And like most savings accounts, you can withdraw from a Goals account up to six times per month.

Cash advances up to $500

Cash advances are Dave’s original flagship product. You’ll need to join Dave’s $1 membership plan to get cash advances up to $500 instantly with ExtraCash. These cash advances don’t charge any interest or late fees, there’s no credit check, and tipping is optional. Repayment is due by your next payday or the nearest Friday from when you took the advance if your pay schedule can’t be determined.

There are three places you can send your advance: Dave Spending, an external debit card or an external bank account. The fastest delivery method is the Dave Spending account, where you can get the advance in seconds if you pay a little extra for express delivery. If you’re depositing the advance into an external bank account, it must be at least 60 days old.

To be eligible for ExtraCash, you need at least three recurring deposits, a total deposit of $1,000 or more monthly (for the highest amounts) and the paid $1 monthly membership.

Side hustle board to find quick cash

A unique feature we haven’t seen anywhere else: Dave has a Side Hustle board where you can find quick jobs for quick cash. It features anything from seasonal and temp positions, work-from-home opportunities and more. There’s also Survey, which is a service that pays you for completing questionnaires, up to $5 per survey.

Where it falls short

Dave falls short in the same way other neobanks do: It lacks physical branches. But if you’re switching to Dave because you’d rather not go to a branch, then this won’t be too big of a deal for you, and Dave does have a customer phone line.

As an online fintech, Dave lacks many of the typical products you’d find with a full-fledged bank. You can’t get personal loans, credit cards or CDs. Also, Dave doesn’t support joint accounts, and it doesn’t support incoming or outgoing wire transfers. And while it supports cash deposits at MoneyPass locations, you’ll pay $4.95.

Dave’s fees and access

Type of feeFee details
Monthly service
  • $0 for Spending Account
  • $0 for Goals account
  • $1 monthly membership fee for cash advances and external account budgeting
Opening deposit$0
ATMs
  • Domestic: $0 at MoneyPass ATMs
  • International: $3 plus 3% of transaction
Debit card fees
  • Cash withdrawals: $0 at MoneyPass ATMs, $3 out-of-network withdrawal fee and possible operator fees
  • Foreign transactions: $3 plus 3% of transaction amount
  • Card replacement: $0
Overdraft or nonsufficient funds$0
Wire transfersDoesn’t support wire transfers
Other fees
  • Paper statements: Digital only
  • Account closure: $0
  • Cash deposits: $4.95 fee at MoneyPass locations
  • Cash advance express delivery:
    • $3 to $15 into Dave Spending
    • $5 to $25 into external accounts
  • Tipping: Optional

Compare Dave to other account options

Narrow down bank accounts by APYs, monthly fees and benefits. For a closer comparison, you can select Compare on multiple accounts to see features side by side.

Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
SoFi Checking and Savings
Finder Score: 4.5 / 5: ★★★★★
Bonus
SoFi Checking and Savings
$0 per month
$0
4.60% on balances of $0+
0.50% on balances of $0+
1.20% on balances of $0+
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
Upgrade Rewards Checking Plus
Finder Score: 4.3 / 5: ★★★★★
Upgrade Rewards Checking Plus
$0 per month
$0
N/A
Earn up to 2% cashback rewards on everyday purchases. Pay $0 fees for overdraft, domestic wire transfer and monthly maintenance. Member FDIC.
Cash Card by Cash App
Finder Score: 4.4 / 5: ★★★★★
Cash Card by Cash App
$0 per month
$0
N/A
The Cash App Cash Card lets you pay for goods and services both online and in stores using your Cash App balance. Enjoy features like ATM access, direct deposit, instant discounts at select stores and a customizable card.
Axos Bank Rewards Checking
Finder Score: 4.2 / 5: ★★★★★
Bonus
Axos Bank Rewards Checking
$0 per month
$0
3.30% on balances of $0 to $50,000
Use promo code AXOS300 and apply by June 30th, 2024, to earn up to $300 bonus, $50 each month you meet requirements: Make direct deposits of $5,000+ each month for the first 7 months and maintain an average balance of $7,000.
Earn up to 3.3% APY after meeting rate requirements. Get ATM free reimbursements at all domestic ATMs. Pay $0 monthly or overdraft fees. FDIC insured.
Chime® Checking Account
Finder Score: 4.8 / 5: ★★★★★
Chime® Checking Account
$0 per month
$0
N/A
Save easily and access your paycheck up to 2 days early with direct deposit. Pay $0 monthly fees, and no minimum balance is required. Access 24/7 support and get daily balance and transaction alerts. FDIC insured.
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Customer experience

Dave is a relatively newer fintech but has a decent amount of user feedback. It has over 1,500 customer complaints filed with the Better Business Bureau (BBB) and holds a B rating.

The majority of the negative reviews and complaints have to do with the ExtraCash advance service. Some users state they ended up accidentally tipping the advance service, while others report that advances were incorrectly sent out. Other reviews mention difficulties reaching customer support, accounts being closed without notice, and getting double-charged payments for the cash advances.

On Reddit, Dave’s reception is very mixed. Many customers state they’ve used Dave primarily for the ExtraCash feature with no issues, and others corroborate the struggle of speaking with a live

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Bethany Finder

Writer, Banking and Loans

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