In the age of fintech, mobile banking is quickly becoming the go-to option for people who don’t feel the need to go to an in-person branch at a traditional bank. They might be too busy or perhaps they enjoy the convenience of being able to manage their finances from a mobile device. Maybe it’s both.
Whatever the case is, banks like GO2bank provide appealing features and benefits for bank accounts that fit a more modern lifestyle. In this GO2bank review, you’ll learn about its benefits, drawbacks, monthly fees, and how to sign up. This will help you decide whether a GO2bank account would be the right fit for you.
A fully-mobile banking app with free ATMs nationwide.
- Up to 7% cash back on eGift Cards from popular merchants
- Up to $200 in overdraft protection
- Get your pay up to two days early
- GO2bank checking account basics
- GO2bank Vault savings account basics
- What we like about GO2bank
- What GO2bank could improve
- Compare earnings with GO2bank vs. traditional savings account
- How to open a GO2bank account
- How to withdraw money from a GO2bank account
- Other GO2bank fees
- GO2bank customer service
- FAQs about GO2bank
- Bottom line
GO2bank checking account basics
|Minimum balance for APY||Not an interest-bearing account|
|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|
|Transactions per month||No limit on debit card transactions|
GO2bank Vault savings account basics
|APY||1.00% (as of Sept. 7, 2022)|
|Minimum balance for APY||No minimum balance, but you only earn interest on up to $5,000|
|Minimum deposit to open account||None|
|Monthly maintenance fees||None|
|ATM access||No ATM access directly to your Vault accounts, as these funds can only be accessed through your GO2bank linked checking account|
|Transactions per month||No limit on the number of transfers you can make between your vaults and checking account|
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. 4
- High-yield savings: The best checking accounts are often paired with savings accounts that earn interest. GO2bank checking 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 checking account into any of the five Vaults to set aside money for savings goals. You’ll earn 1.00% (as of Sept. 7, 2022) annual percentage yield (APY) on up to a total $5,000 average daily balance across all your Vaults. This is much higher than the national savings rate average of 0.17% (as of Sept. 29, 2022) APY.
- Cash back: The GO2bank mobile app (available on both Apple iOS and Android devices) allows you to purchase 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. 3
- Build credit: GO2bank account holders who receive eligible direct deposits can qualify for the GO2bank™ Secured Visa® Credit Card 1 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. 2
Compare earnings with GO2bank vs. traditional savings account
The primary bank account with GO2bank is a checking account, but you have the option to store money in a savings account attached to it. If you compare a checking vs. savings account, it’s often the savings account that has better earning opportunities on the money you keep there.
We’ve created a table to give you an idea of how much interest you can earn with a GO2bank savings account compared to a traditional savings account. For this example, we’ll use the available interest rates for each type of savings account, start with a $5,000 initial deposit, and calculate the amount of interest earned over one year, three years, and 10 years.
Keep in mind that you can’t earn interest on more than $5,000 total in your GO2bank savings account. So 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.
Traditional savings account
|After one year||$5,008.50||$5,050|
|After three years||$5,025.54||$5,151.50|
|After 10 years||$5,085.65||$5,523.11|
The GO2bank savings account easily beats out a traditional savings account in this example because of the higher interest rate. In fact, the interest you earn after one year with GO2bank is the same as what you would earn in 10 years with a traditional 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 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 19,000 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:
P.O. Box 5100
Pasadena, CA 91117
FAQs about GO2bank
Is GO2bank legit?
Yes. GO2bank is a division of Green Dot Bank, which operates under the following registered trade names: Green Dot Bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank, which has served more than 33 million customers over the course of 20 years. Additionally, GO2bank accounts include FDIC insurance for up to $250,000, similar to most traditional bank accounts.
Where is GO2bank located?
GO2bank is a mobile banking division of Green Dot Corporation and doesn’t have any in-person branches. Green Dot Corporation’s headquarters are located in Pasadena, California.
Is GO2bank a credit card?
GO2bank is a mobile banking division under Green Dot Corporation that offers simple and straightforward digital banking solutions. GO2bank also offers the GO2bank Secured Visa Credit Card. This card doesn’t require a credit check or good credit to qualify. Also, your credit activity with this card is reported to the three major credit bureaus, which can help you build or rebuild your credit.
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 features 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 Sept. 7, 2022.