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Netspend Savings

Netspend Savings isn't available on Finder right now.

Annual Percentage Yield (APY)
Up to

6.00%

Fee
$0
Minimum deposit to open
$0
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.

Our verdict

Earn up to 6% APY — but only up to $2,000.

​​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 12x higher than the national average, and you’re not required to keep a minimum balance. That said, you only receive the 6% APY on balances up to $2,000. For any amount over that, you’ll only earn 0.5% APY. You’re also only eligible for the account if you sign up for a Netspend Debit account first. And because your savings account funds are directly withdrawn through your Netspend Debit account, you may incur transaction fees that could eat into the interest earned on your savings account.

Best for: Those who want high APYs on savings without deposit or balance requirements.

Pros

  • High APY
  • No minimum balance
  • No opening deposit requirements
  • Access to free mobile app

Cons

  • Not available to Vermont residents
  • Cap on APY
  • Must sign up for a Netspend Debit account

In this guide

  • Our verdict
  • Your reviews
  • Ask a question

What we like about Netspend Savings account

Netspend Savings account is FDIC-insured, you can park your idle funds there without worrying about losing them if it fails.

You must have a Netspend Debit account to access the savings account. But with this debit account, you can get your paychecks up to two days faster when you make direct deposits. This card also lets you earn cashback offers on qualifying purchases with Payback Rewards.

High rates without much hassle

What we like the most about the Netspend Savings account is that it offers one of the most competitive APYs on the market, allowing you to earn 6% on balances up to $2,000.

Another thing we appreciate about the account is that there are no minimum opening deposit or balance requirements, which makes it accessible to a wide range of savers. Once you sign up, you’ll also get access to their free mobile app that allows you to stay on top of your money with real-time alerts.

Where it falls short

Though the Netspend Savings account’s high APY is definitely attractive, there are a few things you’ll want to consider before signing up.

First, Netspend isn’t available to Vermont residents, so if you live there, this savings account isn’t for you.

Also, even though the 6% APY is a big selling point of Netspend, it only applies to the first $2,000. Any balance beyond that will only earn 0.5% APY. Though that’s still slightly higher than the national average savings rate of 0.5%, it’s not enough to drastically grow your savings.(1)

Must have another account

Keep in mind you need the Netspend Debit account to get the Netspend Savings account. The debit account comes with a $5 monthly fee, which could offset any interest earned if you don’t have a big balance.

How to open a Netspend Savings account

Once you activate your Netspend Debit account, you can 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.

Compare top savings accounts

Narrow down top savings accounts by rates, fees and features. To see accounts side by side, tick the Compare box.

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1 - 6 of 20
Product Finder Score Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Bonus offer Estimated total balance
Finder score
Savings app
Up to

4.50%

Up to $2.5 million
$1
$0
$1,045
Finder score
Traditional savings,Checking
Up to

3.80%

Up to $250,000
$0
$0
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until January 31, 2026.
$1,038
Finder score
Traditional savings

3.70%

Up to $250,000
$0
$0
$1,037
Live Oak Personal Savings
Live Oak Bank logo
Finder score
Traditional savings

4.20%

Up to $250,000
$0.01
$0
$1,042
Wealthfront logo
Finder score
Cash management account

4.00%

Up to $8M FDIC insurance
$1
$1
$1,040
Barclays Tiered Savings
Barclays logo
Finder score
Traditional savings
Up to

4.10%

Up to $250,000
$0
$0
$1,041
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What is the Finder Score?

The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.

To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.

Read the full Finder Score breakdown

Customer reviews

BBB accreditedYes
BBB ratingA+
BBB customer reviews1.12 out of 5 stars, based on 389 customer reviews
Trustpilot score4.1 out of 5 stars, based on 35,029 customer reviews
Apple App Store Score4.8 out of 5 stars, based on 10,500 customer reviews
Google Play Score4.1 out of 5 stars, based on 8,243 customer reviews
Customer reviews verified as of06 March 2025

Netspend isn’t accredited by the Better Business Bureau (BBB) but has the highest rating from the organization, helping the argument that it’s a trustworthy company. That said, its reviews on the BBB don’t look so great.

Out of almost 400 ratings, the majority of them were one-star. A lot of customers have reported issues like account lockouts, trouble resolving fraud cases and even compromised accounts.

On the other end of the spectrum, its reviews on Trustpilot are surprisingly positive, with great ratings and well over 30,000 reviews. Many customers praised the company for its excellent customer service and convenience.

Overall, Netspend’s online reviews are quite mixed. Before signing up, take some time to read through customer complaints and decide for yourself if Netspend is the right fit.

Your reviews

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Jamela Finder

Contributor

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