GO2bank account review
Earn up to 7% cash back and up to 1% APY on savings.
finder.com’s rating: 3.7 / 5.0
★★★★★GO2bank, formerly known as GoBank, is a two-in-one spend and save account that comes with cashback rewards and earns 1% APY on up to $5,000 kept in your savings account. But you’ll need to set up direct deposits to avoid the $5 monthly fee and the $200 in overdraft protection isn’t all it’s cracked up to be.
$5 per month
|APY||1.00% on balances of $0 to $5,000|
|Fee||$5 per month|
|To waive the fee||Set up a qualifying direct deposit, such as a paycheck or government benefits in the previous monthly statement period.|
|ATMs||Over 19,000 in-network ATMs nationwide within the Allpoint ATM network|
|ATM transaction fee||$0|
|Out-of-network ATM fee||$3|
|Foreign transaction fee||3%|
Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.
Expert reviewGO2bank by Green Dot is best for anyone living paycheck to paycheck who wants access to early paydays, a free high-yield savings account and cashback rewards. This account also makes you eligible for the GO2bank secured credit card as long as you set up direct deposits totaling at least $100 in the past month. It has no annual fee or required credit check. If you have negative credit or no credit at all, this card gives you the opportunity to build credit in a low-risk environment because you set the limit yourself.
The GO2bank card is light on fees, but there are a few you’ll want to watch out for. For instance, there’s a $5 monthly fee for individuals who don’t set up direct deposit. You’ll also pay a $15 fee if you opt in for its overdraft protection, overdraw on your account and don’t replace the funds within 24 hours.
How much does GO2bank cost?GO2bank has a $5 fee, but you can avoid it if you set up eligible direct deposits. This table highlights GO2banks’ other fees and limits:
|Fees & limits||Amount|
|Cash deposit||Up to $4.95 by the retailer|
|Out-of-network ATM withdrawal||$3|
|Teller cash withdrawal||$4|
|Foreign transaction fee||3% per transaction|
|Expedited delivery for replacement debit card||$24.95|
|Maximum account balance||$50,000|
|Maximum daily cash deposits||$3,000|
|Daily ATM withdrawal limit||$500|
|Monthly ATM withdrawal limit||$3,000|
|Daily purchase limit||$10,000|
How do I open a GO2bank account?
You can open a GO2bank account through the website or mobile app. Follow these steps to apply online.
- Click Apply now.
- From the provider site, select Open an account.
- Enter your email address and choose Get started.
- Enter your full name and select Continue.
- Enter your home address and phone number, agree to the terms and conditions and select Continue.
- Enter your date of birth and Social Security number and select Continue.
- Follow the prompts to verify your identity and open your account.
You can open a GO2bank account when you meet the following requirements.
- At least 18 years old
- US resident or citizen
- Social Security number
- Government-issued photo ID
- US residential address
Required informationGO2bank asks for the following information when you apply.
- Full name
- Date of birth
- Home address
- Social Security number
- Government-issued photo ID number
What are the benefits of a GO2bank checking account?GO2bank is insured by the Federal Deposit Insurance Corporation (FDIC). It can be managed via the website or mobile app and comes with the following features.
- Instant cashback rewards. Earn 3% cash back when you buy Amazon e-gift cards in the GO2bank mobile app, plus up to 7% cash back on e-gift cards from nearly 100 other merchants.
- High-yield savings account. When this feature launches later this year, you’ll earn 1% APY on balances up to $5,000 kept in your savings vault. GO2bank hasn’t disclosed if you’ll earn any interest on balances over this limit.
- Early direct deposits. Receive paychecks up to two days early and government benefits up to four days early.
- Accepts cash deposits. One major drawback of online accounts is that you can’t deposit cash into them, but GO2bank accepts cash deposits at over 90,000 Green Dot locations nationwide. However, participating retailers may charge you a fee.
- Access to credit. Anyone who opens a GO2bank account and sets up an eligible direct deposit can open a GO2bank credit card. There’s no credit check, making it a great option for those who need to repair or build their credit.
What should I look out for?GO2bank has some attractive perks, but there are also some drawbacks to look out for.
- Potential monthly fee. You’ll pay $5 a month for your GO2bank account unless you set up a qualifying direct deposit, such as a paycheck or government benefits.
- Fees for overdraft protection. GO2bank touts up to $200 in overdraft protection. But if you opt in to this service, you’ll pay a $15 fee if you don’t bring your balance back to $0 within 24 hours.
- Interest paid quarterly. Most savings accounts deposit interest into your account monthly, but with GO2bank, you’ll get your interest once every three months
- Limited customer support. You can’t talk to a customer service representative on the phone without having an account first, which can be a drawback if you need questions answered about the account before you decide to open.
- Fee discrepancy for cash deposits. GO2bank‘s deposit agreement states that the fee for cash deposits is up to $5.95, but their website’s fee page states it’s up to $4.95.
If you don’t want to worry about monthly fee requirements, compare free checking accounts.
GO2bank‘s ATM network and fees
Use your GO2bank debit card to withdraw cash for free at any Allpoint ATM nationwide. If you use an ATM outside of this network, you’ll pay a $3 fee.
Compare GO2bank with other checking accounts
Use this table to compare GO2bank to other popular accounts. Sort the table by minimum deposit to open, ATMs and more to find the account that’s right for you.
How do I deposit or withdraw my money?
There are several ways to access money in your GO2bank account.
- Direct deposits
- Check deposit in the mobile app (coming soon)
- Cash deposit at a Green Dot location
- ACH transfer from an external bank
- Transfer from a linked bank account
- Transfer from a linked debit card (coming soon)
- Cash back at a retailer
- ACH transfer to an external bank
- Transfer to a linked bank account
- Transfer to a linked debit card (coming soon)
Frequently asked questions
How does GO2bank‘s cash back work?
Unlike most rewards debit cards, you’ll only earn cashback when you buy e-gift cards from select retailers. To use GO2bank‘s cash back, follow these steps.
- Log in to the GO2bank mobile app and select which e-gift card you’d like to buy.
- Buy the e-gift card using your GO2bank balance.
- Your cashback rewards will instantly deposit into your account.
How does the GO2bank savings vault work?
You can create up to five savings vaults in your GO2bank account and use them to save for anything from emergencies to your next vacation. You’ll earn 1% interest on up to $5,000 in combined vault balances.
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.