Personal Finance Insider writes about products, strategies, and advice to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.
Advantages and disadvantages
Annual Percentage Yield (APY)
Minimum deposit amount
Annual Percentage Yield (APY)
Minimum deposit amount
- $1 monthly membership fee
- 1% fee per transaction if you use Google Pay or Apple Pay
- Does not allow you to overdraw your account
- Does not accept wire transfers
- Limited ways to deposit money
- $2.50 out-of-network ATM fee
- Access to over 37,000 ATMs at no additional cost through the MoneyPass ATM network
- Dave charges a $1 membership fee to access Dave’s expense account and app budgeting features
- Dave will decline your purchase if you go over your count
- If you want to deposit money, you will have to go to a green point (you cannot deposit money at ATMs)
- Dave’s expense account can only be opened as an individual bank account
- FDIC insured by Evolve Bank & Trust
The Dave Spending account might be ideal if you’re looking for an easy-to-open account – it doesn’t require a credit check and has a $0 opening deposit. It also offers 2-day advance direct deposit, a great perk if you need quick access to your paycheck.
You will want to be aware of potential fees and account limits. Most notably, there is a $1 subscription fee to use the Dave app and limited ways to deposit money.
Dave app features
Dave comes with a variety of features, including tools for building credit and establishing financial habits.
Here is an overview of the app’s features:
- Dave CashAdvance: You can apply for a cash advance of up to $250 interest-free and with no credit check required. Dave will review your bank account history to determine the amount you are entitled to. You will likely get a higher amount on the cash advance if you receive a total deposit of $1,000 or more each month.
- Dave LevelCredit: Dave has partnered with LevelCredit to provide a financial tool for credit building. The service is free as long as you have a Dave Spending account and make a recurring monthly direct deposit. You will open a Dave spending account and make at least two direct deposits of at least $1,000. After fulfilling this requirement, you will receive an email regarding LevelCredit. Once you’ve linked your account, you can use monthly rent or utility payments to improve your credit score. LevelCredit will report your consistency to the credit bureaus each month.
- Dave Sidehustle: The app has a feature that lets you find remote work opportunities. You can set up a profile through the app and search for fully remote or local side hustle available.
- Dave’s goals: You can set and track personal finance goals through private goals or public goals. Public goals can be shared with anyone who has the Dave app, while private goals cannot be shared.
- Dave Budgeting: Dave lets you organize your expenses to keep track of how much you’re spending in a category. It can also notify you of upcoming expenses and if your account balance is low.
- Dave Rewards: You will be able to earn money if you use the Dave debit card frequently. Retailer offers will be listed on the app.
How Dave Works
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 ATMs free of charge through the MoneyPass ATM network.
Customer service is available via live chat from 6:00 a.m. to 6:00 p.m. PT Monday through Saturday. You can also call customer service from 4:00 a.m. to 10:00 p.m. PT weekdays or 5:00 a.m. to 5:00 p.m. weekends.
Dave is rated 4.4 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
Dave’s reliability and BBB rating
The Better Business Bureau rates companies by looking at how well they solve customer problems.
Dave has a B-ranking because the BBB has received a high volume of complaints against the company.
A good BBB rating does not guarantee that your relationship with a company will be perfect. Talk to current customers or read customer reviews online to see if Dave is a good fit for you.
Dave has not been involved in any recent public controversy.
Dave versus Dora
Dora Financial is an online banking platform with a free Bank On certified current account. Check out how the two online-only platforms stack up below.
Both Dave and Dora have
these are great choices if you’ve had trouble opening a bank account in the past. Your decision between these two platforms might come down to your feature preferences.
You can favor Dora’s current account if you want a mobile application in English and Spanish. You might also lean more towards Dora if you don’t want to pay a monthly fee. Dave has a $1 monthly subscription for his app.
Dave might be your first choice if you’re looking for ways to boost your credit. You may be able to use monthly payments on rent and utilities to improve your credit score.
Dave vs. Mission Lane
Mission Lane is a fintech company with financial tools to help you improve your credit score. See how the two companies compare below.
Mission Lane might be worth exploring if you’ve been turned down for a loan in the past due to your credit history.
You will open a $300 loan and the funds will be deposited into a secure savings account. You will need to make 12 consecutive monthly installments of $25 to be able to withdraw the full $300. For each month you make a payment, your Credit Builder account will be reported to a credit bureau, so you can improve your credit score.
Dave might be your first choice if you’re not ready to apply for a loan. It has partnered with LevelCredit and you may be able to use monthly rent and utility payments to build your credit score.
You may also prefer Dave if you are looking for additional tools to help you save. The app has budgeting features to track expenses and also lets you set personal finance goals.
Frequently Asked Questions
Can I trust the Dave app?
The Dave Spending Account is a federally insured bank account, so you can safely keep up to $250,000 in the account.
Does Dave bill you monthly?
To use the features of the mobile app, you will need to pay a monthly subscription of $1.
How much will Dave let you borrow?
You can apply for a cash advance of up to $250. You will not be charged interest for the cash advance and no credit check is required. Dave will review the deposit and transaction history of your linked bank account or Dave Spending account to determine the amount of a cash advance.
Funds will be available within minutes via the Dave Spending account. If you prefer to send funds to an external bank account, it may take up to three business days.