Dave is a fintech app that features a spending account, debit card, access to early direct deposit, and more.
Everyone hates seeing their spending account heading towards $0 as the next payday approaches. Not only does this mean that discretionary expenses are out the window, but an ever-decreasing balance may also cause some financial anxiety.
Will a forgotten subscription suddenly lead to insufficient funds? Will you only have to put $5.00 worth of gas in my car to get to and from work another day? If you’re someone who could use a little more cash support, Dave might be for you.
- Get an average yield of 4% (APY)
- Most of the features revolve around the spending account
- Includes cash advance feature, cash back discount, and more
What is dev app?
Dave is a fintech app that features a spending account plus up to $500 in interest-free cash advances if you qualify. There are no hidden fees. All you have to do is pay a small monthly membership fee.
Plus, when you connect your third-party debit card to Dave’s app, it will automatically create a budget for you. A budget can help you predict whether you will run short of cash before your next payday.
⚠︎ This is a banking service provider, not a bank.
Dave is a fintech company, not a bank. Although they use partner banks to provide banking services, your FDIC insurance protection may be limited. Read this article From the Federal Deposit Insurance Corporation (FDIC) to understand the risks of using a non-bank company.
What do you offer?
Dave is a fintech app that offers banking services with no hidden fees. The core product is Dev Spending AccountIt is an interest-free demand deposit account that you can use to hold deposits, make payments and transfer between accounts.
the Dave’s ExtraCash™ account Allows members to build an emergency fund of up to $500 and, when needed, take their account negative up to $500 by taking out an ExtraCash™ advance, if you qualify.
Many don’t need to look far into the past to remember the day they couldn’t buy gas for their car to go to work. Maybe you have a credit card to rely on. But many low-income Americans don’t have access to credit, so a $500 cash advance could mean the difference between getting to work and losing their job.
Best features in dev
Dave’s ExtraCash™ Advanced is the best benefit if you qualify. However, the automatic budgeting feature comes in a close second.
Unfortunately, if you have irregular payment periods, Dave may not do a great job of forecasting your account balance. But people with predictable payment schedules can benefit from Dave’s budgeting feature. The prediction feature can help you know when you will run out of money. Ideally, this will give you a little extra time to earn some extra cash.
How much does dev cost?
Dave costs $1 per month, which qualifies you for a cash advance of up to $500 if you qualify. If you want your cash advance delivered within eight hours, you’ll have to pay an express fee based on your advance amount.
Where Dave doesn’t shine
The one area where Dave doesn’t shine is its pricing structure. The $1 per month fee may not be worth it if you never need the cash advance feature. However, by linking your debit card to Dave, you may be able to eliminate the $1 fee by shopping at preferred merchants.
If you’re a frequent user of an overdraft at your current bank, whose fees can be more than $30, Dave’s fee of $1 per month will help you avoid these fees. You can use the money you previously spent on overdraft fees to create an emergency fund.
Note that DEV is a modest alternative to an emergency fund or credit card. A credit card allows you to float expenses for up to 30 days, which may give you the opportunity to “borrow” money without paying any interest (provided you pay your card in full each month).
Dave alternatives
In the past few years, Dave has faced competitors in the digital banking and cash advance space. All of the different options offer a variety of banking and cash advance services – many for a monthly fee.
See how Dave compares to Empower and Earnin below:
Why should you trust us?
We’ve been following the growing space of cash advance apps since they first appeared about 5 years ago. Since then, we’ve reviewed and tested many of the cash advance apps on the market — as well as followed the news and controversies surrounding many of these products.
Besides cash advance apps, we also reviewed and compared several alternatives, including personal loans and tax advance loans.
Furthermore, our compliance team regularly reviews the companies in this comparison to ensure that all prices and terms are accurate.
Should you download Dave?
If you anticipate that you will need a cash advance, it makes sense to download Dave. It costs $1 a month, which is why I’m hesitant. Then again, if you frequently use overdraft fees of $30 or more to cover budget shortfalls, Dave makes perfect sense for you.
Dave is not the bank. Banking services provided by Coastal Community Bank, Member FDIC. The Dave Debit Card is issued under license from Mastercard®. ExtraCash amounts range from $25 to $500, and are typically approved within 5 minutes, with an overdraft fee of $5 or 5%, whichever is greater. Multiple overdrafts may be required. Not all members are eligible for ExtraCash and only a few are eligible for $500. ExtraCash is paid upon request. An ExtraCash Overdraft Deposit Account and a Dave Checking Account must be opened. Monthly membership fee of up to $5 for ExtraCash services, income opportunity services, and financial management services. Optional 1.5% fee for external debit card transfers. See dave.com.
