Gusto Wallet comes with standard features like no monthly fees, a tap-to-pay debit card and instant transfers to savings, as well as these perks:
- Save automatically. Create up to five savings goals and have your paycheck automatically split between these five goals and your spending account each time you get paid.
- Earns interest. You’ll earn 3.47% interest on your total balance — a competitive rate that’s higher than the national average.
- Online check statements. Because Gusto Wallet integrates with your payroll platform, you’ll get a breakdown of each paycheck including hours, taxes, deductions and more, every payday.
- No hidden fees. Gusto Wallet doesn’t charge fees for overdrafts, monthly service or debit card replacements. And it reimburses its 1% foreign transaction fee, so that’s technically free too.
- Gusto Cashout feature. If you need cash in a pinch, you can get an instant loan that covers you until your next payday. But you and your employer will need to meet certain requirements to access this feature.
Employers must meet these requirements to get access to Gusto Cashout for their employees:
- Live in a state other than Arizona, Illinois, Maine, Massachusetts, Nevada, New Jersey, North Dakota, Pennsylvania, Vermont and West Virginia.
- At least two active employees.
- Processed at least three payrolls with Gusto.
Employees must meet these requirements to use Gusto Cashout:
- Active W2 employee.
- At least 18 years old.
- Lives in a state other than Arizona, Massachusetts, Maine, West Virginia, Illinois, Nevada, New Jersey, North Dakota, Pennsylvania and Vermont.
- Employed for at least 30 days.
- Paid through direct deposit.
- Verified personal information.
Before opening a Gusto Wallet account, look out for the following:
- Limited eligibility requirements. Gusto Wallet is only open to employees who receive their paycheck from a Gusto employer account.
- Not a fully-integrated account. Although Gusto Wallet shows a breakdown of each paycheck’s deductions and taxes, it isn’t fully integrated with the Gusto payroll platform. You can’t clock in from the app or track your vacation and sick time.
If you don’t qualify for Gusto Wallet, explore interest-bearing checking accounts with attractive features and fewer restrictions.
Gusto Wallet comes with a Visa debit card that gives you free access to over 32,000 MoneyPass ATMs nationwide. You’ll pay $2.50 if you use a non-network ATM, plus any fees the ATM operator charges. Gusto Wallet‘s non-network ATM fee is average compared to other banks.
If you lose your debit card, you can get a free replacement at any time.
Use this interactive table to see how Gusto Wallet compares to other checking accounts.
Current Gusto users can quickly open an account in five steps:
- Go to the provider’s site and follow the steps to apply.
- From the provider website, sign in to your Gusto account.
- From the left-side navigation menu, select Wallet.
- Add your phone number and choose Text me the link.
- Download Gusto Wallet.
- Sign in to your Gusto account.
- Enter your phone number for security purposes.
- Enter the six-digit code Gusto sends you through text.
- Follow the prompts to split your future paychecks and start using your account.
To access Gusto Wallet, you’ll need to meet these requirements:
- Receive paychecks from your employer through Gusto.com
- Active Gusto.com account
Have this information ready when you open your Gusto Wallet account:
- Login information for Gusto
There are several ways to access money in your Gusto Wallet account:
- Direct deposit
- ACH transfer
- Check deposit in the mobile app
- Cash back at a retailer
- ACH transfer
What happens to my Gusto Wallet account if I leave my job?
If you leave a Gusto-supported employer, you can either keep your Gusto Wallet account or close it. If you choose to keep it, you can deposit your paycheck even if your new employer doesn’t use Gusto.
When will I receive my Gusto Wallet debit card?
You should receive your Gusto debit card within five to seven business days of opening your spend account.
How do I access my Gusto Wallet monthly statement?
You can access your Gusto spending account monthly statement through the Gusto Wallet mobile app or the Wallet tab on the Gusto employee dashboard.
Is Gusto a bank?
No. Gusto partners with FDIC-approved NBKC Bank to make sure your money is safe and insured up to $250,000.
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★★★★★ — Poor
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Read the full methodology of how we rate savings accounts.