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Dave Banking account review

Offers cash advances, no overdraft fees and automatic budgeting — but right now there’s a waitlist.

finder.com’s rating: 4.2 / 5.0

★★★★★

Dave Banking is a mobile-only deposit account aimed at helping young savers build their credit, prevent overdrafts and learn to budget. But prospective new account holders are waitlisted.

$1 per month

Fee

N/A

APY

Details

APYN/A
Fee$1 per month
To waive the feeShop at qualifying merchants based on your location
ATMsOver 32,000 MoneyPass ATMs nationwide
ATM transaction fee$0
Out-of-network ATM fee$0
Overdraft fee$0

How do I open a Dave Banking account?

Waitlist for a Dave Banking account using the following four steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the Dave banking website, download the official Dave app from the Apple Store or Google Play.
  3. Click Sign up for Dave.
  4. Follow the prompts to go through Dave‘s tutorial and set up notifications.
  5. Connect an existing bank account.
  6. Click the Banking tab at the bottom of the screen and click Join Waitlist.

Eligibility

  • At least 18 years old
  • Government-issued ID
  • US resident
  • Social Security number

Required information

  • Legal name
  • US address
  • Social Security or Tax Identification number
  • Date of birth
  • Government-issued ID number

What are the benefits of a checking account with Dave?

In addition to FDIC-insured deposits through Evolve Bank & Trust and its thousands of positive reviews in the Apple Store and Google Play, Dave has the following perks:

  • Interest-free cash advance. In a pinch for cash? Get an advance from your next paycheck up to $200.
  • No overdrafts. Dave uses AI technology to predict how much money you have left once bills are paid. If you’re going to overspend, Dave notifies you and offers an interest-free cash advance if needed.
  • No fees. No minimum balance requirements, overdraft fees or ATM fees — even at non-network ATMs.
  • Digital features. Freeze your debit card and send a paper check straight from your mobile app.
  • Credit-building features. Boost your credit with CreditPop, a Dave partner that helps you report rent payments to major credit bureaus.
  • Automatic budgeting. Dave creates an automatic budget based on past expenses.
  • Side-hustle helper. Dave helps you earn extra cash through its partnerships with SurveyJunkie, Doordash, Lyft, Rover, Airbnb and other companies.

Dave‘s ATM network and fees

Dave is part of the MoneyPass ATM network, which gives account holders access to over 32,000 ATMs nationwide. You can use non-network ATMs for free, but you may be subject to service-provider charges.

What should I look out for?

In addition to its waitlist, before you open an account with Dave, watch out for the following drawbacks:
  • New. Dave rolled out its checking account in June 2019, so the product is relatively young.
  • No joint accounts. Only one person can manage the checking account.
  • Membership fee. You’ll pay $1 a month for Dave, but you can earn a free monthly membership if you shop at qualifying merchants based on your location.
  • Limited product offerings. Not ideal for those who want a savings account or other services.

Compare with other digital banking services

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 1.00%
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending account
N/A
$0
60,000+ fee-free ATMs
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Current
Finder Rating: 3.8 / 5: ★★★★★
Current
N/A
$0
over 55,000 free in-network ATMs
$0
Current connects your money to friends, family, brands, and experiences that matter.
OnJuno
Finder Rating: 4.8 / 5: ★★★★★
OnJuno
Up to 1.20%
$0
more than 85,000 ATMs nationwide
$0
OnJuno embraces an open banking system for everyone, regardless of their age, location, or income.
Lili
Finder Rating: 4.7 / 5: ★★★★★
Lili
1.00%
$0
32,000 fee-free ATMs nationwide
$2.50
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account
N26
Finder Rating: 4.5 / 5: ★★★★★
N26
N/A
$0
Fee-free ATM withdrawals at Allpoint ATMs
$0
A digital bank account with no hidden fees, no minimum account balance and no maintenance charges.
SoFi Money
Finder Rating: 4.6 / 5: ★★★★★
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
Digit
Finder Rating: 3.4 / 5: ★★★★★
Digit
0.10%
$0
Varies based on connected bank accounts
Digit analyzes your spending and automatically saves an appropriate amount every day so you don't have to think about it.
GO2bank
Finder Rating: 3.7 / 5: ★★★★★
GO2bank
1.00%
Over 19,000 in-network ATMs nationwide within the Allpoint ATM network
$3
GO2bank stands out for cashback rewards and for not requiring a credit check.
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Compare up to 4 providers

How do I deposit or withdraw my money?

Deposits

  • Direct deposit
  • Mobile check deposit through the mobile app
  • Direct transfer from another bank

Withdrawals

  • ATM using your debit card
  • Cash back at a merchant
  • Transfer to another bank

What other checking options does Dave offer?

Dave only offers the Dave Banking account.

Bottom line

If you’re brand new to banking and looking for a no-fee challenger bank that helps you budget and manage funds, Dave is a solid option. But if you need a checking account now or are looking for one that offers more banking products, shop around for other accounts before you decide.

Frequently asked questions

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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