+12%
Dave debit card spend
Dave with Interest is a feature for members to earn high-yield interest on their Dave Spending (checking) and Goals (savings) accounts. We wanted to increase engagement by making our banking features more competitive. Design started in Feb 2023 and Dave with Interest was launched Aug 2023 with 4.00% APY. I was in charge of the design and worked with a team of designers, PMs, and engineers.
Dave High-Yield Interest
Product Designer
Mobile App
Currently, members use Dave primarily to get an ExtraCash advance and disappear until they need another one. This isn't viable for profitability since members aren't loyal to cash advance apps. In user interviews, Dave members have shown that they don't view Dave as a credible banking solution. We needed more competitive banking features.
While conducting competitor research, we noticed that although high-yield savings accounts have grown in popularity, high-yield checking accounts weren't as common. Adding APY to both Dave Checking and Goals accounts gives us a competitive edge in the market. The high APY incentivizes members to bank with Dave and save.
Members are automatically enrolled to earn interest if they have a Dave Spending and/or Goals account. There is no minimum balance required, making it easy to earn interest. Interest is paid out on the first of every month. They can keep track of their interest on the account insights page for each account.
Most Dave members don't come from a background where financial literacy was taught so I wanted to educate them about APY and how interest is earned on their accounts. When a member earns interest each month, they receive a notification in-app with a confetti animation. Earning interest is a celebratory moment because they are making better financial decisions.
.gif)
On the account insights page, a member can view their interest earnings and available balance for each month on a graph. Although the main goal was to show their interest, I included Round Up and recurring deposit entry points to cross-promote other banking features in a non-intrusive way.
.gif)
Members can visually keep track of their progress. Tapping on the bars changes the month's available balance and interest earned.
Info icons open up bottom sheets so members can learn more about financial terms.
Round Up and recurring deposit entry points promote other Dave funding features.
+12%
Dave debit card spend
+5%
external funding to Dave Spending
$101,000
total interest earned
