$1 monthly service fee
4.00%
$0
- No minimum opening deposit
- No credit check required
- Dave card included
- Early direct deposit
- No overdraft fees
- $1 monthly membership fee
- 1% fee per transaction if you use Google Pay or Apple Pay
- Doesn't allow you to overdraw from your account
- Doesn't accept wire transfers
- Limited ways to deposit cash
- $2.50 out-of-network ATM fee
Dave may stand out if you're comfortable with mobile banking and searching for tools to help build your credit score. Its Dave Spending Account also might be worth exploring if you've struggled to open a bank account due to poor credit history.
- Access to over 37,000 surcharge-free ATMs through the MoneyPass ATM network
- Dave charges a $1 membership fee to access the Dave Spending Account and apps budgeting features
- Dave will deny your purchase if you overdraw from your account
- If you'd like to deposit cash, you'll have to visit a Green Dot location (can't deposit cash at ATMs)
- Dave Spending Account may only be opened as an individual bank account
- FDIC insured through Evolve Bank & Trust
Business Insider's personal finance team compared Dave to the best banks and found it to be a standard offering.
Dave may stand out if you're comfortable with mobile banking and searching for tools to help build your credit score. Its Dave Spending Account might be worth exploring if you've struggled to open a bank account due to poor credit history. The best checking accounts have features like early direct deposit and zero monthly fees — see how Dave compares.
Dave Spending Account Pros and Cons
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Dave Spending Account Overview
The Dave Spending Account might be a good choice if you're looking for an account that's easy to open — it doesn't require a credit check and has a $0 opening deposit. It also offers a 2-day early direct deposit and a high interest rate of 4.00% APY.
You'll want to be mindful of potential fees and limitations to the account. Most notably, there's a $1 monthly subscription fee to use the Dave app and limited ways to deposit cash.
Dave App Features
Dave comes with a variety of features, including tools for building credit and establishing financial habits.
Here's an overview of the app's features:
- Dave Cash Advance: You may request a cash advance of up to $500 with no interest and no credit check required. Dave will look at your bank account history to determine the amount you're eligible for. You'll likely get a higher amount on the cash advance if you receive a total deposit of $1,000 or more each month. If you make sure to pay back the cash advance on time, this can help you improve your credit score if you're hoping to raise it over time.
- Dave Side Hustle: The app has a feature that lets you find remote work opportunities. You may set up a profile through the app and search for fully remote or local side hustles available.
- Dave Goals: Set up and keep up track of personal finance savings goals through private goals or public goals. Public goals may be shared with anyone who has the Dave app, while private goals can't be shared.
- Dave Budgeting: Dave lets you organize your expenses to keep track of how much you spend in a category, much like budgeting apps do. It may also notify you of upcoming expenses and whether you might have a low account balance.
- Dave Rewards: You'll be able to earn cash back if you frequently use the Dave cash-back debit card. Offers from retailers will be listed on the app.
About Dave
Dave is a mobile fintech platform, not a bank. The Dave Spending Account is FDIC-insured through Evolve Bank & Trust. Up to $250,000 is safe in an individual bank account.
Customers have access to 37,000 surcharge-free ATMs through the MoneyPass ATM network.
Customer service is available through live chat in the app, which is available Monday through Saturday at 6:00 a.m. PT to 4:00 p.m. PT. You can also contact Dave customer support via phone on Monday through Friday at 5 a.m. PT through 9 p.m. PT and on Saturday and Sunday at 5 a.m. PT through 5 p.m. PT. If those hours don't work for you, you might prefer a financial institution with 24/7 customer support.
Dave's mobile banking app is rated 4.4 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
Is Dave Trustworthy?
The Better Business Bureau assesses businesses by looking at how they resolve customer issues. Dave has an A+ rating from the BBB. Its partner bank, Evolve Bank & Trust, has an A rating because of government action against the bank and a high volume of customer complaints.
In 2022, the Justice Department required Evolve Bank & Trust to pay $1.3 million in a settlement that said discriminatory lending took place between 2014 and 2019.
Dave has been involved in one recent public controversy. In 2024, the Federal Trade Commission said the fintech company deceived customers about how much money they could get from cash advances as well as undisclosed fees relating to cash advances. The Commission filed the complaint in the U.S. District Court for the Central District of California on November 5, 2024. We'll provide an update if on any further information.
Dave FAQs
Is Dave legit?
Yes, the Dave app is legit. The Dave Spending Account is a federally insured bank account, so you may safely keep up to $250,000 in the account.
How much does the Dave Spending account cost?
To use the mobile app's features, you'll need to pay a $1 monthly subscription fee.
How do I withdraw money from a Dave Spending Account?
You can make a withdrawal at an ATM or transfer money to a linked bank account. Five ATM withdrawals from your Dave Card are permitted per day, and five ACH transfers are permitted to linked bank accounts per month.
How do I get a $500 cash advance from Dave?
To qualify for a $500 cash advance at Dave, you'll have to show that you are managing your spending. Dave will look at the deposit and transaction history of your linked bank account or Dave Spending account to determine the amount of a cash advance.
How long does Dave take to let you borrow money?
Cash advances will be available in a few minutes through the Dave Spending account, although you might have to pay an expedite fee to get a cash advance that fast. If you'd prefer to send funds to an external bank account, it may take up to three business days.
How Dave Compares
Dave vs. Dora
Dora Financial is an online banking platform with a free Bank On certified checking account.
Both Dave and Dora have second chance bank accounts that are great choices if you've struggled to open a bank account in the past. Your decision between these two platforms could come down to your preference in features.
You may favor Dora's Dora Financial Everyday Checking Account if you'd like a mobile app in English and Spanish. You also might lean more toward Dora if you don't want to pay any monthly fees. Dave has a $1 monthly subscription fee for its app.
Dave might be your top choice if you'd like to get a cash advance without a credit check or interest. Through Dave ExtraCash, you may qualify for an advance of up to $500.
Dave vs. Chime
Chime is a fintech company with a checking and savings account. These accounts do not require not require a credit check. The company also offers a secured credit card, which helps you build credit without requiring a credit check to qualify.
Chime will be a better option than Dave if you'd like to get separate checking and savings accounts. You also may prefer Chime if you'd like to avoid paying a monthly bank maintenance fee.
Dave may be more appealing if you're searching for a high interest rate. The Dave Spending Account pays 4.00% APY, while the Chime Savings Account only offers 2.00% APY. However, you would also need to open the Chime® Checking Account before opening the Chime Savings Account.
Why You Should Trust Us: How We Reviewed the Dave Spending Account
At Business Insider, we use our bank account rating methodology to rate all of our banking products, including Dave. Bank accounts are rated on a scale of one to five stars.
We used our checking account methodology to determine the rating of the account. To start, we rate the checking account across several categories, using a scale from 0 to 5. For checking accounts, the categories are the account's minimum opening deposit, monthly service fees, overdraft protection options, ATM network/fees, customer support availability, mobile app ratings, bank security, and bank ethics. We also work any unusual perks or downsides an account has into the checking account's rating.
Once these categories are rated, we average all of their scores together to get the checking account's final score. We weigh some categories, like an account's monthly service fees and overdraft protection, heavier than others to highlight the most important aspects of a checking account.
To learn more about how we rate banking products and how we choose what products to rate, read our personal finance editorial standards.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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Chime® Disclosures:
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Early Pay: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
Round Up: Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, 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.
On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
Qualifying Direct Deposit: The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
Save When You Get Paid: Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.
Tax e-file services provided by April Tax Solutions Inc. ("april") or Column Tax, Inc. ("Column Tax"). These tax filing offers are not endorsed or offered by our partners, The Bancorp Bank, N.A. or Stride Bank, N.A.
Maximum refund guarantee is provided by april or Column Tax. If you use april's service to prepare and file your return and you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), you may use their service to amend that return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws. See here for details. If you use Column Tax's service, Column Tax will reimburse you for up to $250 if you are able to pay less federal or state income tax or receive a larger federal or state income tax return by using another tax return preparation provider. Eligibility requirements apply. See terms for details.
If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
There are no fees required to use this product. Chime does not require you to deposit your refund into your Chime Account to qualify for free tax filing. Certain costs may be incurred if you decide to obtain other optional financial products offered in relation to your tax filing. The Internal Revenue Service (IRS) may impose penalties or other charges depending on your personal tax situation. If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
Chime does not guarantee timing of refund. Six day refund estimate is based on 2023 tax year filing data. Refund timing estimates are dependent upon timing of complete tax return submission and when the IRS submits your refund.
