Unlock Your Finances: GO2bank Review for 2024 You Can’t Miss!
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In a head-to-head comparison, GO2bank falls short when stacked against the top banks. It offers limited products compared to traditional banks, and while it has some appealing features, there are drawbacks that you should be aware of when looking at other online banking options.
Overall Rating of GO2bank
Pros and Cons of GO2bank
What You Need to Know About GO2bank
GO2bank is your online banking companion under the umbrella of Green Dot Bank (Member FDIC). They provide a checking account and unique savings sub-accounts known as Vaults, along with a secured credit card option. If you want to fund a Vault, you must do so from your GO2bank™ Account.
With GO2bank, you’ll get access to over 55,000 surcharge-free ATMs through the Allpoint network, making cash withdrawals more convenient.
However, not all online banks allow cash deposits, and while you can deposit cash at participating Green Dot locations, be prepared for fees up to $4.95 each time. The GO2bank™ mobile app is user-friendly, boasting impressive ratings of 4.5 stars on Google Play and 4.8 stars on the Apple Store.
Customer support is primarily available via live chat or phone to current GO2bank customers, with a promise of 24/7 customer service. And yes, your funds are FDIC-insured up to $250,000 per depositor.
Is GO2bank Trustworthy?
We provide detailed insights into Better Business Bureau ratings, recent issues, or lawsuits to give you a clearer picture of GO2bank’s customer treatment and business ethics.
Currently, GO2bank has an F rating from the BBB, primarily due to a significant number of customer complaints, some of which have gone unanswered. A notable point is that the parent company, Green Dot, also holds an F rating, with a history of similar service complaints and customer frustrations.
Adding to their troubles, Green Dot faced a lawsuit in 2024, resulting in a Cease and Desist order from the Federal Reserve for deceptive business practices linked to their prepaid debit cards. They were required to pay a hefty $44 million penalty without admitting any wrongdoing.
FAQs about GO2bank
GO2bank is a brand of Green Dot Bank.
You can add cash to your account at Green Dot locations, via direct deposit, cashing checks through the mobile app, or transferring from another bank.
You can deposit a maximum of $3,000 in cash to your GO2bank account daily.
No, you can’t directly transfer money out of your GO2bank account to another bank account. However, you can withdraw cash and then deposit it elsewhere, keeping in mind the low ATM withdrawal limit of $500 per day.
Account Reviews for GO2bank
GO2bank™ Account Review
GO2bank™ Account
Fees
$5 monthly service fee, waived with qualifying direct deposit
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0 online, $20 to $500 at a retail store
- Low minimum opening deposit
- Early direct deposit
- Possible to waive the monthly service fee
- Overdraft protection up to $200
- Cash deposits accepted at select retailers
- $5 monthly service fee
- $15 overdraft fee
- No overdraft protection for amounts exceeding $200
- Over 42,000 free ATMs nationwide
- Waive $5 monthly service fee by receiving a payroll or government benefits direct deposit in the previous monthly statement period
- Earn 4.50% APY with the high-yield savings account, paid quarterly on savings up to $5,000 (Terms and Conditions apply)
- FDIC insured
The best part about the GO2bank™ Account? You can access your money early through early direct deposit. Imagine getting your paycheck up to two days sooner and government benefits up to four days early!
Plus, GO2bank offers overdraft protection for direct deposit users, allowing you to overspend by up to $200. Just be mindful of the $15 fee if you don’t repay it within 24 hours, especially since other banks may offer fee-free overdraft solutions.
While GO2bank touts low fees, they surprise you with a $5 monthly service fee—though you can easily avoid it with qualifying direct deposits. However, if you prefer accounts with zero monthly fees, you may want to explore other options.
GO2bank does boast an extensive ATM network, but you’ll incur a $3 fee for out-of-network transactions. If you’re an ATM regular, consider a bank that reimburses those fees. Plus, keep in mind that GO2bank’s daily ATM withdrawal limit is capped at $500, which can be a hassle for larger cash needs.
Explore Today’s Banking Offers
GO2bank Savings Account Review
GO2bank™ Savings Account
Fees
$5 monthly service fee, waived with qualifying direct deposit
Annual Percentage Yield (APY)
4.50%
Minimum Opening Deposit
$0
- High interest rate on balances up to $5,000
- Low minimum opening deposit
- Possible to waive the monthly service fee
- May create up to 5 Vaults for individual savings goals
- $5 monthly service fee without direct deposit
- No interest on balances over $5,000
- Over 42,000 free ATMs nationwide
- Waive $5 monthly service fee by receiving a payroll or government benefits direct deposit in the previous monthly statement period
- Earn 4.50% APY with high-yield savings account, paid quarterly on savings up to $5,000 (Terms and Conditions apply)
- FDIC insured
The GO2bank™ Savings Account comprises five sub-accounts known as Vaults, which help organize your savings and budgeting goals. You can earn 4.50% APY on balances up to $5,000 across all your Vaults. While this is attractive, keep in mind that the best high-yield savings accounts offer better rates on larger balances.
GO2bank Secured Visa Credit Card
GO2bank also provides a secured Visa credit card—an excellent avenue for building credit. There’s no credit check; approval is granted as long as your GO2bank account is in good standing with at least $100 in monthly direct deposits. The APR stands at 22.99%, which is a bit steep.
With secured credit cards, your credit limit typically matches your deposit. However, GO2bank’s $100 limit is on the low end and could impact your credit utilization negatively. If you pursue this route for credit-building, ensure that you keep your usage low to maintain a healthy utilization ratio.
Comparative Analysis of GO2bank
GO2bank vs. Chime
Your choice may hinge on your savings amount. The Chime Savings Account offers a solid 2.00% APY on all balances, requiring you to open a Chime Checking Account as well. GO2bank, on the other hand, pays 4.50% APY but only on balances up to $5,000.
If overdraft protection is a priority, Chime comes out ahead. While both banks offer overdraft coverage of up to $200, Chime doesn’t charge a fee if you miss the repayment deadline, unlike GO2bank.
GO2bank vs. Varo
Your choice might also depend on whether you qualify for Varo’s higher interest tiers. The Varo Savings Account offers up to 5.00% APY on balances if you receive $1,000 in direct deposits each month. Meanwhile, GO2bank only pays interest on up to $5,000, making Varo potentially more lucrative.
However, Varo doesn’t provide a checkbook, so if you rely on traditional paper checks, GO2bank may be the better fit.
Why You Should Trust Our Review of GO2bank
Our review process for GO2bank involved rigorous evaluations based on our bank account methodology.
We assess banking products on a scale from one to five stars, considering various features for different types of accounts. For checking accounts, factors like ATM network size, fees, and overdraft options are crucial. For savings accounts, interest rates take precedence, among other criteria.
Each feature is scored from 0 to 5, with specific areas weighted more heavily, like interest rates and fees, as they significantly influence your banking experience. The overall score combines individual product ratings with ethical assessments of the bank.
