GO2bank Review [2023]: Simplified Mobile Banking Without Hidden Fees

GO2bank is an online-only bank that provides appealing banking features and benefits for people who prefer a more digital approach to personal finance. The bank has no physical locations, but it helps you earn an annual percentage yield (APY) of 4.50% (as of May 9, 2023) on certain balances, and you could pay $0 monthly fees by receiving qualifying direct deposits.

Learn more about the benefits and drawbacks of this banking service In this GO2bank review to decide whether a GO2bank account would be the right fit for you.

Key takeaways

• GO2bank is a fully-mobile banking platform with free in-network ATM access nationwide. Out-of-network ATMs cost $3 plus additional fees charged by the ATM operator.
• GO2bank offers up to 7% cash back on eGift cards from popular merchants in its app and up to $200 in overdraft protection after eligible direct deposits and opt-in.
• You can get your pay up to two days early with GO2bank.
• The GO2bank account has a $5 monthly maintenance fee. However, you can avoid this fee by receiving a payroll or government benefits direct deposit in the previous monthly statement period.
• The GO2bank high-yield savings vaults offer an APY of 4.50% (as of May 9, 2023) on average daily balances up to $5,000 across all your vaults.

GO2bank account basics

APY	None
Minimum balance for APY	Not an interest-bearing account, but your balance can be moved to interest-bearing vaults
Minimum deposit to open account	None
Monthly maintenance fees	$0 when you receive a payroll or government benefits direct deposit in the previous monthly statement period, otherwise $5
ATM access	Free access to over 55,000 ATMs within the nationwide Allpoint network $3 fee plus any additional fee by an ATM owner or bank at out-of-network ATMs Cash deposits at over 90,000 locations of big-brand retail stores such as Walmart and CVS, service fee up to $4.95 may apply Up to $500 withdrawal limit per day
Transactions per month	No limit on your Visa debit card transactions
FDIC insured	Yes
	Visit GO2bank

GO2bank high-yield savings vault basics

APY	4.50% (as of May 9, 2023)
Minimum balance for APY	No minimum balance, but you only earn interest on up to $5,000 between all vaults (you're allowed up to 5 vaults at no extra charge)
Minimum deposit to open a vault	None
Monthly maintenance fees	None
ATM access	No ATM access directly to your vaults, as these funds can only be accessed through your GO2bank account
Transactions per month	No limit on the number of transfers you can make between your vaults and GO2bank account
FDIC insured	Yes
	Visit GO2bank

What we like about GO2bank

• No hidden fees: The best banks try to keep their fees to a minimum so the customer experience is better. In the case of GO2bank, no hidden fees doesn’t mean there aren’t any fees, but it’s a show of good faith that GO2bank isn’t trying to hide its fees. Additionally, some of the common fees, like monthly account fees and overdraft fees, can be avoided if you stick to simple guidelines.
• Early paycheck: If you set up an eligible direct deposit, you’ll automatically qualify for getting your paycheck up to two days early and your government benefits up to four days early. This early availability could be helpful if you want access to your pay or benefits as quickly as possible.
• High-yield savings: The best checking accounts are often paired with savings accounts that offer competitive interest rates in the form of high annual percentage yield. GO2bank accounts include access to a high-yield savings account, which consists of up to five interest-bearing accounts called vaults. You can freely move funds from your main account into any of the five vaults to set aside money for savings goals. You’ll earn 4.50% (as of May 9, 2023) APY on up to a total of $5,000 average daily balance across all your vaults. This is much higher than the national savings rate average of 0.46% (as of Nov. 2, 2023) APY.
• Cash back: The GO2bank mobile app (available on both Apple iOS and Android devices) allows you to purchase prepaid eGift cards from almost 100 popular merchants, including Amazon, Hulu, and Domino’s, and earn cash back for each eligible purchase. You can earn up to 7% instant cash back for each eGift card purchase you make through the app. The cash back is deposited into your GO2bank account and immediately available to use.
• Build credit: GO2bank account holders who receive eligible direct deposits can qualify for the GO2bank™ Secured Visa^® Credit Card¹ and start building or rebuilding their credit. You don’t need good credit to apply and your credit won’t be impacted by the application since there’s no credit check. This secured credit card has a $0 annual fee and your credit use is reported to the three major credit bureaus. You get to check your monthly VantageScore, a type of credit score, report with Equifax. You can also enroll in Experian Credit Care Advantage through GO2bank, which includes free access to your Experian credit report and FICO Score, credit file locking, and ID theft protection.

What GO2bank could improve

• Mobile check deposit: The GO2bank app offers remote check cashing, but the time frame on when you’re able to access your money isn’t the most helpful. You have two options: Get access to your money in a few minutes or be able to use your money in 10 days. If you select the quicker option, you have to pay a fee. If you don’t want to pay the fee, you have to wait 10 days. Mobile check deposits with major banks typically only take a business day or two for the funds to clear, so having to pay a fee or wait 10 days could be a hassle.
• Overdraft protection: GO2bank advertises overdraft protection, which can be helpful in certain situations, but you could still be charged a fee for an overdraft if you don’t follow the terms of the overdraft protection program outlined in the account agreement. Depending on your level of overdraft protection, which is based on your direct deposits, you could have coverage for up to $200 of overdrawn funds. But if you don’t get your account balance back to at least $0 within 24 hours, you’ll be charged a $15 fee.

Compare GO2bank vs. traditional savings account

The primary deposit account with GO2bank works similarly to a checking account, but you have the option to store money in a savings account attached to it. If you compare a checking versus savings account, it’s often the savings account that has better earning opportunities on the money you keep there.

Keep in mind that you can’t earn interest on more than $5,000 total in your GO2bank savings. So if you started a GO2bank savings vault with a starting $5,000 balance, you’ll earn the same amount of interest each year instead of earning interest one year and then earning interest on that interest, called compound interest, the next year.

The table below will give you an idea of how much interest you can earn with a traditional savings account compared to a hypothetical high-yield savings account.

How to open a GO2bank account

1. To open a GO2bank account, head to the GO2bank website and click on the “Open an account” button. 

2. This will prompt you to enter an email address you want to use for your new account. 

3. Then follow the steps, including entering your name, address, phone number, date of birth, and Social Security number to finish creating your account.

Options for funding your account include:

• Depositing cash at retailers like Walmart, Walgreens, and CVS (a fee of up to $4.95 may apply)
• Setting up direct deposit
• Cashing a check with the GO2bank app
• Transferring money from a linked bank account
• Transferring money from a linked debit card

Note: Your first transfer from a linked bank account must be more than $1 and less than $100. After your first transfer, you will be able to transfer up to $1,000 per day and $3,000 in any given 30-day time period.

How to withdraw money from a GO2bank account

GO2bank doesn’t allow transfers from your GO2bank account to another account. If you want to withdraw money from your account, you’ll have to find an ATM. Keep in mind that account holders will have over 55,000 fee-free ATMs to choose from in the Allpoint nationwide ATM network.

The entire Allpoint network is much larger than that, though, so account holders will need to pay attention to make sure they are using one of the fee-free machines. Out-of-network ATMs are subject to a $3 fee plus any fee the ATM owner or bank may charge.

Other GO2bank fees

Overdraft fee	$15 unless your account balance is returned to at least $0 within 24 hours or your account was overdrawn for less than $10
Stop payment fee	$0
ACH transfers	$0 for transfers from a linked bank account to your GO2bank account; transfers from your GO2bank account to a linked bank account aren’t available
Incoming wire	Not available
Outgoing wire	Not available

GO2bank customer service

GO2bank doesn’t have in-person branches, so if you need help with their financial services you’ll have to reach a customer service agent through other means.

GO2bank.com has an online chat feature in the bottom right corner of most pages where a specialist can help answer your questions. You can also call customer support at (855) 459-1334 to speak with an agent over the phone.

If your concern isn’t as urgent, consider sending a letter to:

GO2bank
P.O. Box 5100
Pasadena, CA 91117

GO2bank FAQ

GO2bank review: bottom line

If you’re wondering how to choose a bank, consider your financial goals and situation. What are you looking for in a bank account? Do you want specific features, such as earning interest or having easy access to a mobile bank account while you’re on the go?

Asking yourself some simple questions can help you narrow down your choices. For example, if you sign up for GO2bank, your account provides plenty of perks and benefits, including high-yield savings and being able to earn cash back on eGift card purchases. If these and other features align with your goals, you know you’re on the right track.

Disclaimer: All rates and fees are accurate as of May 9, 2023.