Cash App just launched a new benefits program that includes 3.5% APY on savings

In today’s falling interest rate environment, finding a competitive savings account rate is getting harder. The good news: Cash App recently announced the launch of Cash App Green, a flexible banking benefits program that provides customers with access to premium perks, including its highest available savings account rate of 3.5% APY.

But that’s not the only benefit. Green members also gain access to higher borrowing limits, free overdraft coverage up to $200, priority phone support, and more.

Learn more about Cash App Green and how it can help you get more out of your banking relationship.

With Cash App Green, you become eligible for the following benefits:

• Five customized weekly offers at customers’ favorite stores, delivered every Friday

• Access to Cash App’s highest savings interest rate (up to 3.5% APY)

• Access to higher borrowing limits with no credit check for qualifying customers (in states where allowed)

• Access to free overdraft coverage up to $200

• Free in-network ATM withdrawals

• Free paper money deposits

• Priority phone support

Read more: Everything you need to know about the Cash App savings account

According to Cash App, Green unlocks benefits that most financial institutions reserve for customers with steady paychecks, large balances, and high credit scores. But these barriers potentially exclude millions of Americans from enjoying premium banking benefits.

“Banking benefits shouldn’t be locked behind narrow definitions of how a customer is supposed to work or earn their income,” said Owen Jennings, executive officer and business lead at Block, in a statement. “With Cash App Green, we’re building a more flexible banking benefits program that’s shaped by our customers’ feedback and how they’re using the platform to manage their financial lives.”

Cash App customers can earn Green status in one of two ways: spending $500 or more per month on Cash App (via the Cash App Card or Cash App Pay), or depositing at least $300 in qualifying paychecks per month.

You don’t have to qualify for Green the same way each month, either. One month, you may qualify by meeting the spending requirement, and another, you may qualify by meeting the deposit requirement. Additionally, Cash App automatically tracks customers’ spending progress toward renewing Green status each month, which you can view in the Money tab.

According to Cash App, more than 8 million active customers are eligible for Green status.

Read more: Do you have to pay taxes on Cash App transactions?

One of the most appealing benefits of Cash App Green is the ability to earn up to 3.5% APY on your savings account balance. Following recent rate cuts, most banks have been lowering the rates offered on their deposit accounts. In fact, the national average savings account interest rate is just 0.4%.

However, Cash App isn’t the only provider of high-yield savings accounts. For example, Bread Savings — another fintech company — offers 4.2% APY. Meanwhile, SoFi offers an online bank account that earns up to a combined 4.8% APY (0.5% APY on checking and up to 4.3% on savings).

Several online banks offer high-yield savings accounts as well (many of which earn 4% APY or more), including LendingClub, Everbank, and BrioDirect.

Of course, the interest rate is just one factor to consider when deciding where to keep your money. Cash App Green comes with several benefits beyond a high savings rate. The key is to shop around and compare banks so you ensure you’re getting the most value out of your accounts.