Cash App

Cash App is Square's peer-to-peer payment platform that lets you instantly send and receive money from friends, family, or merchants through your phone number or cashtag. Beyond payments, Cash App has expanded to offer stock and crypto investing with fractional shares starting at just $1, a savings feature with 3.5% APY (higher than most savings accounts), and early direct deposit access for paychecks. For college students sharing rent with roommates or splitting restaurant bills, Cash App's simplicity and speed make it a default choice on most college campuses.

What makes Cash App particularly relevant for young adults is the low bar to entry and the bundle of financial services in one app. You don't need a bank account to start using it, so it works for students building credit or testing investing concepts before committing to brokerage fees. The 3.5% savings APY is genuinely competitive against traditional banks, though rates fluctuate and Cash App's investment and crypto features lack the depth of dedicated platforms. For casual peer-to-peer payments and dipping a toe into investing, Cash App's integration and speed are appealing, though serious traders will quickly outgrow it.