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Netspend Savings account review

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Earn up to 5% APY — but there’s only one way to access your money.

The Netspend Savings account is an optional savings account available to Netspend Card account users. It boasts an impressive 5% APY and no minimum balance requirements. But there’s only one way to access your money — through the Netspend Card account.

Up to 5.00%





Minimum deposit to open


APY5.00% on balances of to $1,000
0.50% on balances of $1,000+
Minimum deposit to open$0
Interest compoundingDaily
Monthly transaction limit6

Expert review

Cassidy Horton

Review by

Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

The Netspend Savings account is a solid choice for anyone who wants a prepaid card and a high-yield savings account to boot. The APY is 55x higher than the national average and you’re not required to keep a minimum balance.

But you’ll only receive the 5% APY on balances up to $1,000. You’re also only eligible for the account if you have a Netspend Card account with at least $500 in qualifying monthly direct deposits. If you don’t want or need a prepaid card, keep looking.

What are the benefits of a savings account with Netspend?

The Netspend Savings account has FDIC-insured deposits, mobile banking and a host of other benefits, including:

  • High APY. Earn 5% APY on balances up to $1,000.
  • No minimum balance. Netspend doesn’t have any minimum opening deposits or balance requirements.
  • Autosave. Automatically transfer up to 25% of your available card balance each time you reload your prepaid card or receive a direct deposit.
  • Money management tools. Create a budget, check your account balance, manage alert preferences and more through the online account center.

What should I look out for?

If you’re thinking of opening a Netspend Savings account, watch out for these drawbacks:

  • Not available to Vermont residents. If you live in Vermont, you don’t qualify for the Netspend Card account and therefore can’t open the optional savings account.
  • Cap on APY. Earn 5% APY on the first $1,000 in your account and 0.5% on money that exceeds this limit. Although 0.5% is higher than the national average, it’s much lower than other high-yield savings accounts.
  • Prepaid card fees. The account has no fees, but the mandatory $9.95 monthly prepaid card fee could cancel out any interest you earn.
  • One way to access funds. The account doesn’t support direct deposits or check deposits. But you can work around this by depositing funds into your Netspend Card account and transferring the money to your savings account.

If you’re not interested in getting a prepaid card, the Netspend Savings account may not be for you. As always, compare your options when considering a savings account.

Compare with other savings accounts

Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
CIT Bank Money Market
A savings account with a higher-than-average rate and minimal fees.
SoFi Money
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
Chase Savings
$5 per month
(can be waived)
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.

Compare up to 4 providers

How do I open an account?

Once you activate your Netspend Card account, open your savings account using these steps:

  1. Visit Netspend’s online account center and complete the savings account enrollment form.
  2. Consent to receiving electronic communications from Netspend.
  3. Verify your identity using your Social Security number, if needed.
  4. Make your initial deposit by transferring money from your Netspend Card account.


You’re eligible for a Netspend Savings account if you meet these requirements:

  • At least 18 years old
  • Valid Social Security number
  • US residential address
  • Active Netspend Card account
  • Receive at least $500 a month in direct deposits to your Netspend Card account
  • Consent to receiving electronic communications from Netspend

Required information

Be ready to enter the following information when you open your account:

  • Full name
  • Address
  • Date of birth
  • Government-issued ID number
  • Social Security number

How do I deposit or withdraw my money?

The Netspend Savings account is designed for Netspend Card account users, so there’s only one way to access funds:


  • Transfer from your Netspend Card account to your Netspend Savings account


  • Transfer to your Netspend Card account to your Netspend Savings account

Frequently asked questions

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