Cashero savings account review
A high-yield savings account that supports multiple currencies.Cashero offers a competitive interest rate on your entire account balance, which can range from 2% to 5% APY. But what sets this savings account apart is the ability to send, receive and hold money in multiple currencies. But currently, the only way to withdraw your money is by transferring it to another bank account.
Minimum deposit to open
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The Cashero savings account is a handy app if your close network of family and friends around the world also use it. You can send and receive money in multiple currencies at a nominal fee while earning a strong interest rate between 2% to 5% APY.
But it won’t replace your current bank account because you can’t withdraw cash, pay bills or make purchases since payments are limited to other Cashero users only. And if you plan to transfer money to someone who doesn’t use Cashero, this isn’t the best account. If transferring money out in different currencies isn’t what you’re looking for, consider other high-yield savings accounts options.
How do I open a Cashero savings account?
While you can set up a Cashero account, the app with its full features doesn’t officially launch until September 2021. Open a Cashero savings account in seven steps:
- Go to the provider’s site and follow the steps to apply.
- Add your number and select Get Early Access.
- Download the app.
- Open the app and enter your phone number.
- Verify your phone number by inputting the code it texts you.
- Choose a security passcode.
- Register your account by entering your full name.
To open a Cashero savings account, you’ll need to meet these requirements:
- At least 18 years old
- A US citizen or permanent resident
During the signup and identity verification process, you’ll need to have the following details:
- First and last name
- Phone number
- Government-issued ID
- Camera-enabled device for Selfie verification
5 benefits of a Cashero savings account
Here’s how Cashero stands out from other accounts.
- No monthly fees. The Cashero app and account is free to download and use.
- No opening deposit. Open and fund your account whenever you’re ready without worrying about meeting a certain balance requirement.
- Supports multiple currencies. You can send and receive international currencies and hold your balance in USD, GBP or EUR, which can potentially protect your money from losing purchasing power if you opt to hold it in a more stable currency.
- Competitive interest rates. Earn a handsome interest rate of 2% to 5% APY on your entire account balance.
- Lower currency conversions fee. Cashero charges a 0.2% to 0.5% fee to exchange currency, which is significantly cheaper than the 1% to 3% that banks generally charge.
- Unlimited Cashero payments and transfers. While most savings accounts are capped at six monthly withdrawals, which include check and debit card transactions, your Cashero payments to other users and businesses are exempt from this monthly limit.
2 things to look out for
Consider the following limitations before opening a Cashero account:
- Transfers are only to other Cashero users. You can only send, request and receive payments to a registered Cashero user, which may limit your ability to pay bills and make purchases if your providers don’t accept Cashero transfers.
- Potential business payment fee. While personal accounts can make payments for free, Cashero charges businesses a 1% payment fee once they surpass a total transaction value of $50,000.
Compare Cashero with other savings accounts
Use the table to see how Cashero stacks up against competitors. Sort by interest rates and savings account features.
How do I deposit or withdraw my money?Cashero supports internal Cashero transfers. In other words, each user can fund their own account and send and receive money to another Cashero user across the globe.
You then get the option to withdraw funds from your Cashero account to an external bank account. In the future, Cashero hopes to add additional withdrawal options, including debit cards, mobile wallets and cash.
How to contact Cashero about my savings account?
The quickest way to get in touch with Cashero customer service is by chatting with a representative in the app 24/7 when the savings account launches in September 2021. Alternatively, you can submit a message through its Contact us page on the website.