Pros Explained

• Competitive APY on savings: GO2bank offers an APY of 4.50%, which is significantly higher than the average national savings rate.
• No minimum deposit to open an account online: It’s free to open an account online with GO2bank, and the application is relatively quick and easy.
• Offers overdraft protection and early direct deposit: GO2bank offers up to $200 in overdraft protection when you opt in and set up eligible 澳洲幸运5官方开奖结果体彩网:direct deposits. You can also get your paycheck up to two days early and government benefits up to four days early with early direct deposit.
• Supports cash deposits at various retailers: While some online banks don’t accept cash deposits, GO2bank partners with certain retailers that allow this, including 7-Eleven, CVS, Family Dollar, Rite Aid, Walgreens, and Walmart.

Cons Explained

• Can’t transfer money out of your GO2bank account to another bank: While you can transfer money from an external bank into your GO2bank account, you’re unable to transfer money from GO2bank to other bank accounts. You can withdraw cash at ATMs and at Walmart MoneyCenters. 
• Very poor customer reviews and many serious complaints: GO2bank has a bad score on Trustpilot (1.2 stars out of 5), and the holding corporation that owns it—Green Dot Corporation—has a bad score on the BBB (1.04 stars). Many customers complain about poor customer service and being unexpectedly locked out of their accounts, with no access to their money.
• Charges a monthly fee if you don’t receive qualifying direct deposits: Some online banks don’t charge any monthly fees, but GO2bank imposes a fee of $5 per month if you don’t receive at least one monthly direct deposit from an employer or government benefits.
• High interest rate only paid on up to $5,000 in savings: The 4.50% APY only applies to your first $5,000 in savings (in the “vault"), and it’s not clear what the rate is on higher amounts (it seems as if no interest is earned on amounts over $5,000). Those who plan to keep more money in their account should choose 澳洲幸运5官方开奖结果体彩网:a bank that offers a high APY on the entire balance.

Who Is GO2bank Best For?

GO2bank is best for customers who are comfortable with online and mobile banking and don’t need the option of in-person branches or customer service. It may also be a good fit if you’re looking for perks like early direct depos𒊎it, overdraft protection, and a secured ꧋credit card to build or establish a credit history. 

As GO2bank only offers a hybrid checking/savings account and a secured credit card, it wouldn’t be a good fit if you’re looking for a full-service bank with more products, such as 澳洲幸运5官方开奖结果体彩网:certificates of deposit or 澳洲幸运5官方开奖结果体彩网:money market accounts. There are some fees involved as well (monthly fees,🍌 transfer fees, cash deposit fees, foreign transaction fees, and more), so if you’ll do any of those activities frequently you may want to consider anꦗother bank.

It also may not be a good choice if you maintain a large balance in your savings account or plan to use the account to save up for a large goal, such as a down payment, since the 4.50% APY only applies to up to $5,000 of your balance. By contrast, 澳洲幸运5官方开奖结果体彩网:Ally Bank and 澳洲幸运5官方开奖结果体彩网:Synchrony Bank offer similar APYs on all balances in their high-yield savings accounts, and there are many other 澳洲幸运5官方开奖结果体彩网:high-yield savings accounts that do the same.

How to Bank With GO2bank

You can open a GO2bank account online or via the mobile app with no minimum deposit. Along with providing your personal details, you’ll need to verify your identification. If your account is approved, you should receive a debit c🐈ard within 7 to 10 days. 

Alternatively, you can buy a GO2bank debit card for $2.95 at a retail partner (including 7-Eleven, Kroger, Walgreens, CVS, Rite Aꦺid, and others)𝓰. This option requires a minimum opening deposit of $20 to $500.

Bank Accounts Offered by GO2bank

GO2bank offers two products to customers: a bank account that acts as a sort of hybrid of a 澳洲幸运5官方开奖结果体彩网:checking account and a high-yield savings account, and a secured credit card. It offers the option to openꦬ up to five “vaults,” which are essentially separate savings accounts, if you want to earmark savings for different goals.

Checking/Savings

Go2bank charges a $5 monthly fee if yo🐽u don’t receive at least one direct deposit each month of a paycheck or government benefits.ไ

ꦆ There’s no minimum deposit to open a GO2bank checking account online or through the app, nor are there any minimum balance requirements. But if you open an account at a retail s🌺tore, you must make a minimum opening deposit of $20 to $500.

GO2bank’s checking account doesn’t earn interest or rewards, but it does come with the option of early direct deposit and overdraft protection for up to🍷 $200. You can transfer money into your account via debit card or from another bank account, or you can deposit cash at a participating 𓄧retailer. 

You can set money aside from your checking account balance in up to five sub-accounts, which GO2bank calls “vaults.” Only the money in your vaults earns interest, at 4.50% APY, but again, only up to a maximum of $5,000, totaled across all your GO2bank vaults and main account. Interest is compounded and paid out on a quarterly basis, based on your 澳洲幸运5官方开奖结果体彩网:average daily balance for the entire quarter.

Make sure to review the fees that GO2bank charges for vaꦐrious transactions, as they could add up.

Other Products Offered by GO2bank

GO2bank also helps customers build credit with its secured credit card. You also have the option to enroll in the Experian Credi♒t Care Advantage program, which may help you improve your credit score when you pay your bills on time fꦛrom your GO2bank account. 

Credit Cards

You can apply for a GO2bank Secured Visa Credit Card after setting up direct deposit to your GO2bank account and receiving at least $100 in direct deposits in the past 30 days. This card doesn’t require a credit check, but you’ll need to transfer a security deposit of at least $100 from your GO2bank account. The amount you transfer for a security deposit will serve as your 澳洲幸运5官方开奖结果体彩网:credit limit. GO2bank will report your payment history to the three c🤡redit bureaus mont♛hly. 

Mobile App

GO2bank offers mobile banking apps for both iOS and Android. From the GO2bank app, you can manage your accounts, deposit checks, set up notifications, create recurring bill ♍payments, and lock and unloc🅘k your debit card. 

GO2bank’s mobile app has fairly high reviews on the Apple and Google Play stores, receiving 4.8 stars out of 5 based on over 46,000 ratings and 4.5 stars out of 5 based on over 87,000 reviews, respectively.

Customer Service

For assistance, you can reach out t💫o GO2ba♛nk’s customer service team 24/7 via web chat or phone. GO2bank also provides a mailing address, and there’s an online with answers to common questions.

Customer Satisfaction

Although GO2bank’s mobile app receives high ratings from users, the bank itself doesn’t fare so well on Trustpilot or the Better Business Bureau (BBB). On Trustpilot, GO2bank receives a rating of just 1.2 stars out of 5 based on 339 reviews. Users complain about being unexpectedly locked out of their accounts, as well as having to deal with poor customer service and high fees. Green Dot, the corporation that owns GO2bank, has a similar Trustpilot rating: 1.1 stars, based on 626 reviews.

Reviews of the Green Dot Corporation on the BBB are similar, with a rating of 1.04 stars out of 5 based on 593 reviews. Customers filed a number of similar complaintཧs as those found on Trustpilot, saying they had trouble accessing their funds or got locked out of their accounts without getting refunded for their mo🌱ney. 

Alternatives to GO2bank

The Bottom Line

GO2bank offers a user-friendly mobile banking experience, making it useful for people who prefer to manage their🦋 money on the go. It also offe🔜rs credit-building options for consumers who need to establish or improve their credit. 

However, GO2bank charges more fees than some of its competitors and does not allow customers to transfer money to an external bank account. Plus, it 𓄧has gone through two class-action settlements in the recent past, and customers still seem to b🐠e experiencing serious problems with the bank. 

Between the🔯se downsides and the negative reviews, you are likely better off with another online bank that offers similar acꦫcounts and products. 

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banking institutio﷽ns. We researched 19 institutions, reviewing account types, rates, fees, minimum balance requirements, rewards, customer service, and mobile apps. Our research and editorial processes are designed to ensure that our reviews help users make informed decisions for their banking needs.