Dave Goals Savings Account 2024 Review

Dave is a personal finance app that offers banking services and short-term loans. The Dave Goals Savings Account is designed to help you save while you spend, with no minimum deposit requirements or hidden fees. 

Dave offers banking services through Evolve Bank & Trust, a member FDIC institution. The Goals Savings account is exactly what it sounds like--a goal-focused place to park your savings. You can set one or more goals through the Dave app and fund them automatically while earning a great rate. 

You might consider saving with Dave if you:

• Already use Dave to manage your money
• Have specific goals that you want to save for
• Prefer to skip the steep fees that other banks charge
• Want to grow your savings on autopilot

There's no minimum balance requirement for this account but there is a limit on deposits. The maximum amount you can deposit to your Goals account is $20,000.

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Compared to Other Online Savings Accounts

EverBank Performance Savings Account

The EverBank Performance Savings account is a high-yield savings account that offers an outstanding APY. There's no minimum deposit required to open an account and there are no monthly maintenance fees either. You'll have full access to your savings via online and mobile banking and you can also move money using wire transfers. 

Read our full editorial review of the EverBank Performance Savings account

PenFed Credit Union Premium Online Savings Account

PenFed Credit Union's Premium Online Savings account offers a competitive rate, though it's not as high as what you could get with Dave. There are no monthly fees and unlike other credit unions, everyone is eligible to apply for an account. You'll need just $5 to join the credit union and open a savings account. 

Read our full editorial review of the PenFed Credit Union Premium Online Savings account

Jenius Bank Savings Account

Jenius Bank's online savings account has no minimums and no fees. It also boasts one of the best savings account rates among online banks. Deposits are FDIC-insured and with online and mobile banking access, you can move money when you want without having to visit a branch. 

Read our full editorial review of the Jenius Bank Savings account

Affirm Savings Account

You might know Affirm best as a buy now, pay later platform but you can also use the app to save and spend. The Affirm Money Account has no minimums and no fees, plus it offers an APY that's on par with other high-yield savings options. While Affirm is not a bank, deposits are FDIC-insured through its financing partners. 

Read our full editorial review of the Affirm Savings account

Interest Rates

Savings accounts aren't created equally when it comes to interest rates. The Dave Goals Savings account outpaces traditional savings accounts offered by banks and credit unions. 

Is it the highest savings account rate? No, other online savings accounts feature a better APY. But if you regularly use Dave for banking you may not mind that if you'd rather keep all of your money in one place. 

If you're searching for the best savings account rates, here are a few points to consider. 

• Do you earn the same APY on all balances?
• Will you earn a lower APY once your balance reaches a certain threshold?
• How often does interest compound? 

Savings account rates are typically better at online banks vs. traditional banks. Online banks have lower overhead costs so they pass the savings on to their customers in the form of higher rates and lower fees. 

You might also consider CDs or money market accounts in your search for a place to save. These accounts can sometimes beat high-yield savings accounts where rates are concerned. 

Fees

The Dave Goals account itself does not charge any fee--no monthly fees or other service fees. That said, more comprehensive services may not be available.

Dave does charge a monthly membership fee to use its services. This fee is just $1. If you're using Dave's Extra Cash feature to get a short-term cash advance, there are also fees associated with that service. 

ATM Access

If you have a Dave Spending account you'll get a debit card that you can use to make purchases, pay bills or withdraw cash at ATMs. Dave offers access to 38,000 MoneyPass ATMs fee-free. 

There's a $2.50 fee for out-of-network ATM withdrawals. 

Should you use your ATM card to withdraw cash from savings? That's generally not what a savings account is meant for. After all, the goal is to save. 

But if you have an emergency or you need cash quickly, being able to hit the ATM is a nice convenience. 

Account Management

You can manage your Goals Savings account through the Dave app. Setting and tracking goals is pretty straightforward. 

• Create your goal. Tell Dave what you're saving for, how much you want to save and your target date for reaching your goal. 
• Fund your goal with one-time transfers or recurring deposits.
• Track your progress. 

Dave gives you the option to grow your savings with round-ups. When you use your debit card to make purchases from your Dave Spending account, the difference is rounded up and added to savings. 

You can withdraw cash at ATMs and deposit checks through the app. If you get paid via direct deposit, you can set those payments up to go into your Dave account. 

There are limits on how much you can deposit and what you can withdraw.

• Direct deposit: $25,000 per day; $25,000 per month
• ATM withdrawals: $500 per day
• Point of sale cash withdrawals: $250
• Daily withdrawal limit: $5,500

You're also limited to five ATM withdrawals per day. 

FDIC Insurance

FDIC insurance protects you if your bank fails. Since Dave is not a bank, it's not an FDIC member but it does partner with one to offer banking services. 

Dave's partner bank, Evolve Bank & Trust, is FDIC-insured. That means on the off chance that the bank fails your deposits are covered. 

The current FDIC coverage limit is $250,000 per depositor, per account ownership type.   

What to Look for in a Savings Account

When you're searching for a savings account, it helps to know how to compare them. As you shop around for savings options, here are a few helpful questions to weigh. 

• Is an online savings account or a traditional savings account better suited to your needs?
• How much do you have to deposit into a new savings account? 
• Does the bank require deposits of new money only?
• What APY and rate could you earn?
• Are rates tiered or do you earn the same APY on any balance?
• How often can you withdraw funds from savings?
• Is there a fee for withdrawals?
• What are your options for accessing your money? (I.e., ATM card, ACH transfers, wire transfers, online banking, etc.)
• Is there a monthly fee?
• What other fees will you pay? 
• Does the account include any built-in savings features, like round-ups or savings buckets? 
• When is customer support available and what options do you have for reaching them? 
• Are there branches to visit? 
• What's the bank's reputation like? 
• What other products does the bank offer? 

Comparing savings accounts at online banks is usually a good place to start. Online banks are where you're most likely to find the best savings rates. 

You can also check out traditional banks and credit unions to see what they have to offer.  

Frequently Asked Questions

What is a Dave Goals account?

The Dave Goals account is a high-yield savings account that you can open online or through the Dave app. This account has no minimums, monthly fees or hidden fees of any kind. You can set up multiple goals inside your account, fund them automatically and track your progress over time. 

Can I use Dave as a savings account? 

You can use Dave as a savings account if you have money you want to set aside for specific goals. The Goals account lets you create individual goals and you can make one-time deposits or recurring transfers to fund them. Dave also makes it easy to add to your savings with round-ups when you spend with your Dave debit card. 

What are savings goals? 

Savings goals are things you put money aside for regularly to eventually spend those funds. Examples of short-term savings goals might include saving $1,000 for a baby emergency fund or $500 for a new cellphone. Long-term savings goals can include saving money for a car, a down payment on a home or retirement.