Green Dot Review [2025]: A Prepaid Account With Cash Back

Green Dot Cash Back Visa Debit Card details

APY	N/A for the debit card
Minimum deposit to open account	$20+
Monthly maintenance fees	$9.95
ATM access	Yes, free at in-network ATMs ($3 for out-of-network)
FDIC insured	Yes, via Green Dot Bank (Cert. #22653)

The Green Dot Cash Back Visa Debit Card is the centerpiece of Green Dot's offerings. It's a prepaid debit card that functions like a checking account, allowing you to make purchases, withdraw cash, and receive direct deposits. To be able to use your card, you must first fund it. Its standout feature is unlimited 2% cash back on qualifying purchases, which is generous for a prepaid card. 

However, the $9.95 monthly fee is steep and will eat into your earnings. You also can't access or spend your cash back until you reach each account anniversary. In other words, you can only access your cashback bonus once a year. Your account also has to be in good standing. If you have a negative balance, you must bring your account balance positive. 

Green Dot offers four ways to deposit money onto your card: direct deposits, bank transfers, mobile check deposits, and free cash deposits with the Green Dot app. Depositing cash into your Green Dot account is convenient, given the variety of participating locations.

Other Green Dot Cash Back Visa fees

Overdraft fee	$15 for each transaction that is greater than $5 and overdraws your account by more than $10, up to a maximum of 10 overdraft fees per monthly period
Foreign transaction fee	3% of the total transaction amount
Funding transaction fee	$0.25 or 1.75% of the transferred amount, whichever is greater (up to $25)
Paper check fee	$5.95 for a pack of 12 checks
Replacement card fee	$5.00 for a replacement card that isn't expedited (generally received within 7-10 business days)

Green Dot High-Yield Savings Account basics

APY	2.00% (as of 12/11/24) on balances up to $10,0001 <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p>
Minimum balance for APY	None
Minimum deposit to open account	None
Monthly maintenance fees	No additional fee for this account
ATM access	Not available, must transfer to your linked Green Dot Unlimited Cash Back Bank Account
Transactions per month	Money can be transferred in and out of your account as often as you want. (Note: Green Dot can impose limits on the number of transfers back and forth between your linked accounts at its discretion.)

The Green Dot High-Yield Savings Account comes automatically with the Cash Back Visa Debit Card. However, though this is technically a high-yield savings account, its earning rate is less than impressive. It earns an APY of 2.00% (as of 12/11/24) on balances up to $10,000. For comparison, the national average savings rate, according to the FDIC, is 0.41% (as of 1/21/25). But the best savings accounts currently earn around 4.00% APY or higher, with some 5% savings accounts available.

But this rate isn't bad for a product linked to a prepaid card. There's no separate monthly fee for the savings account, but you need the Cash Back Visa Debit Card to access it. Another drawback is that you can only earn the high APY on balances up to $10,000. Additionally, interest is only credited to your account once a year on your account anniversary, which is unusual compared to most savings accounts that compound and credit interest monthly, weekly, or even daily.

If it's an online savings account you're after, consider Chime, Current, and Varo instead of Green Dot for fewer restrictions and more perks. The offers below are a few more high-yield savings accounts we suggest if you want some of the most competitive rates.

Green Dot ATMs

Green Dot's network of free ATMs can be found all across the country, including at participating CVS, Walgreens, and Rite Aid stores. Green Dot ATMs are available not only to Green Dot customers but also to customers of other institutions that partner with Green Dot to provide ATM access.

Green Dot cash deposits

Green Dot is well known for its third-party cash deposit service, which lets users deposit cash to online accounts at nearly 100,000 participating retailers — even if you're not a Green Dot customer. Many online institutions and banking platforms, including Chime, SoFi®, Varo, and Axos Bank, partner with Green Dot to provide this option. Retailers include:

• 7-Eleven
• Casey's
• CVS
• Dollar General
• Dollar Tree
• Family Dollar
• Kroger
• PLS
• Rite Aid
• Safeway
• Walgreens
• Walmart

To deposit cash with the Green Dot app as a Green Dot customer, log into your Green Dot account, generate a deposit code, and present the code and your cash to the cashier.

Who is Green Dot best for?

Although we don't generally recommend it, Green Dot may be best for:

• People who have been denied traditional bank accounts due to past banking issues
• People who want the option to make cash deposits
• People who would benefit from having a prepaid debit card rather than a traditional debit card

It's crucial to explore alternatives before choosing Green Dot, even if you've had trouble qualifying for traditional bank accounts. Several other financial institutions offer second-chance banking, and many banks don't use ChexSystems, potentially providing better terms and more flexibility.

What we like about Green Dot

• Unlimited 2% cash back: You can earn unlimited 2% cash back for online and mobile purchases or through apps, including Uber, Instacart, Amazon, and Netflix. Any subscription service, online shopping, or app purchase made can earn you 2% cash back when you use Green Dot as your payment method. However, you can only access your cash back once yearly.
• Early access to your paycheck: When you set up direct deposit, you may receive your paycheck up to two days earlier than your normal payday. If you receive government benefits, you may receive that money up to four days early.

What Green Dot could improve

• Monthly fee: The $9.95 monthly fee is prohibitively high, especially for a product with limited perks and features. We find it difficult to justify paying this.
• Limited access to cash back: The annual payout for cash back is unusually restrictive and raises concerns about what happens if you close your account early.
• Interest deposited once a year: Although balances in your Green Dot high-yield savings account earn 2.00% (as of 12/11/24) APY, the interest earned is deposited only once a year on your account anniversary.
• Foreign transaction fee: Green Dot charges a 3% foreign transaction fee on each transaction made with merchants outside the U.S. If you plan to travel, you might want to use a credit card with no foreign transaction fees instead.
• Potential for additional restrictions: Green Dot notes that it can impose additional ATM withdrawal limits at its discretion. This lack of transparency could lead to unexpected limitations on accessing your own money.
• Customer service and reputation: Many users report negative experiences with Green Dot's customer service and account management.

Alternatives to Green Dot

While Green Dot offers some unique features, other accounts might better suit your needs, especially if you're looking to avoid monthly fees or want more flexible access to your rewards.

These alternatives often provide similar features to Green Dot but with more favorable terms and fewer restrictions. It's worth exploring these options before committing to Green Dot, especially if you're in a challenging financial situation.

Chime®

Chime is a financial technology company, not a bank.⁸ <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.&nbsp;<br></p> You can open online accounts through Chime that have no monthly service fees, minimum balance requirements, or foreign transaction fees.⁹ <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p> Chime also offers a 2.00% (as of Sept. 9, 2024)¹⁰ <p class="">The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.&nbsp;</p> APY savings account with no balance caps.

Visit Chime® or read our full Chime review.

Current

Current¹¹ <p><b>Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC.</b>.</p> offers fee-free overdraft protection up to $200 with qualifying direct deposits.¹² <p>Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to <a href="https://current.com/overdraft_protection_terms_of_service/" target="_blank" rel="noopener noreferrer">Fee-free Overdraft Terms and Conditions</a>. Individual Current Accounts only.</p> The company also offers Savings Pods that earn up to a 4.00% (as of Aug. 1, 2023) bonus.¹³ <p>Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.<br></p> It also doesn't use ChexSystems or credit checks to open accounts.

Visit Current or read our full Current review.

Varo

Varo's high-yield savings account offers up to 5.00% (as of 12/11/24) APY on balances up to $5,000 when you make qualifying direct deposits. Like Green Dot, Varo offers early direct deposit and free cash deposits, but without monthly fees. The online bank is also similar to Green Dot because its checking account earns cash back on qualifying debit card purchases, but it's much better because you'll receive your rewards in your account once you've earned at least $5.

Visit Varo or read our full Varo review.

How to withdraw money from a Green Dot account

You can withdraw money from your Green Dot account in several ways. If you want to withdraw cash, you have access to a network of thousands of fee-free ATMs that can be found in a variety of participating locations, such as CVS, Walgreens, and Rite Aid stores.

There are no Green Dot bank locations, but you can withdraw cash directly from a participating bank for a $3 fee. Keep in mind that each bank may also have its own fee for teller cash withdrawals. 

If you want to send money to someone else, you can do so by writing a check or by transferring money through the Green Dot app. Most online bank accounts don't issue paper checks, so the fact that Green Dot has this feature is a bonus.

FAQs

Bottom line

Green Dot offers a prepaid debit card and savings account with online account management features and cash access. For those who've struggled with traditional banking, it might be a good choice.

However, the monthly fee, restrictive nature of both accounts, and infrequent rewards payouts make us hesitant to recommend this platform to most. While Green Dot can benefit some users, particularly frequent online shoppers, many might find better value in fee-free alternatives with similar features.