What is a Cash Earn Account?
Cash Earn Accounts are subaccounts of the Green Dot Bank Cash Account designed to hold funds that are eligible for interest. You must affirmatively elect to set up a Cash Earn Account and can only do so through the Crypto.com App.
For more information on USD Accounts offered by Crypto.com, please visit the related FAQ page here.
How do I set up a Cash Earn Account?
To be eligible to set up a Cash Earn Account, you must be a resident of the United States. Refer to the Green Dot Cash Account Agreement for fees, terms and conditions and more details on the Cash Earn Account.
To open a Cash Earn Account, follow these steps:
1. In the Crypto.com App home screen, tap on Accounts > Cash > Cash Earn | 2. On the ‘Open Cash Earn Account’ screen, tap on ‘Continue’ to proceed. |
3. On the Cash Earn details screen, tap on the checkbox to review and accept the relevant Terms & Conditions, then tap on “Continue” to proceed.
Note: The Cash Earn Account is a subaccount of your Cash Account with Green Dot Bank. | 4. On the success screen, tap on ‘Transfer to Cash Earn’ to initiate a transfer into your Cash Earn Account. Or tap on “Do it later” to be taken to the Cash Earn Account screen. |
5. The Cash Earn Account screen is where you will see your balance and relevant information related to your Cash Earn Account.
| 6. Upon successful setup of the Cash Earn Account it will be displayed under the Cash section of the Account tab. Tap on the ≡ Menu button > Cash, OR tap Accounts > USD Cash Earn. |
Note: When you open the Cash Earn Account, you are opening a Cash Account with Green Dot Bank, Member FDIC. The Cash Earn Account is a subaccount of the Cash Account.
Why do I need a Green Dot Bank Cash Account?
The Green Dot Bank Cash Account (“Cash Account”) is a bank-issued prepaid cash account provided by Green Dot Bank, Member FDIC. It is a transactional zero balance account that does not earn interest. The Cash Account is a prerequisite to open the Cash Earn Account because the Cash Earn Account is a sub-account of the Cash Account. The purpose of the Cash Account is only to sweep funds in and out of the Cash Earn Account. You cannot buy crypto from your Cash Account or use your Cash Account for any purpose other than as described below.
How does my Green Dot Bank Cash Account relate to my Crypto.com USD Account?
The two accounts are provided by different financial institutions, serve different purposes, and are subject to different account agreements. Your USD Account is provided by Foris DAX Inc., which also offers and operates the crypto.com platform and which we refer to in these FAQs generally as “Crypto.com.” Green Dot Bank has no responsibility regarding your Crypto.com USD Account, or any other account linked to the Crypto.com service which is not provided by Green Dot Bank. Only your Crypto.com USD Account can be used to buy Crypto or receive the proceeds of a sale of Crypto through the Crypto.com platform. Green Dot Bank has no visibility or control as to your Crypto activities on the Crypto.com platform or your USD Account. You may also receive funds into your Green Dot Bank Cash Earn Account from your Crypto.com USD Account.
Is money held in my Green Dot Bank Cash Account?
No money is currently retained in your Green Dot Bank Cash Account. Any funds in the Cash Account are automatically swept immediately to your USD Account provided by Crypto.com. You can transfer funds from your USD Account to your Cash Earn Account. Crypto.com currently maintains its primary banking relationship with Community Federal Savings Bank (“CFSB”) which provides an account to Crypto.com in which Crypto.com may hold your USD Account funds. Funds in your USD Account held at CFSB are in a pooled account with other Crypto.com users. See your account agreement with Crypto.com (Link) for the USD Account to learn where else USD Account funds may be held. Green Dot Bank has no visibility or control over such funds or the manner in which Crypto.com holds them on your behalf. Funds transferred to your Cash Earn Account are held with Green Dot Bank.
All products and services, other than the Green Dot Bank Cash Account and associated Cash Earn Account if elected, are offered by Crypto.com in partnership with CFSB or other third parties, not Green Dot Bank. Non-deposit products are not FDIC-insured, not a deposit of Green Dot Bank, not Green Dot Bank guaranteed, and may lose value.
Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these tradenames are deposits with Green Dot Bank and are aggregated for FDIC deposit insurance coverage up to the allowable limits.
How do I earn interest on funds in my Cash Earn Account?
To start earning interest, transfer funds from the USD Account to your Cash Earn Account. Refer to the FAQ here regarding how to transfer funds between your USD Account and Cash Earn Account. To learn more about APY, refer to the FAQ here.
How do I close my Cash Earn Account?
To close your Cash Earn Account, please ensure that all the funds have been moved out from the Cash Earn Account. Reach out to cryptfo.com support at chat.crypto.com to close your account.