GO2bank Review: High-Yield Savings and Waivable Monthly Fees

4.8

GBR RATING

GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Opt in to overdraft protection to receive up to $200 in coverage after eligible direct deposits.

GO2bank is a great choice for people who don't yet have a bank. It focuses on electronic banking, encouraging direct deposit, electronic transfers and ATM withdrawals. Fees are only charged for transactions like cash deposits and teller cash withdrawals.

GO2bank is the neobank division of Green Dot Bank, the ubiquitous provider of prepaid debit cards. GO2bank offers a primary deposit account and a savings account bundled together in one product. With direct deposit, you can avoid monthly maintenance fees, and if you do all your banking electronically, you can avoid fees for cash deposits and withdrawals, among other transactions. 

GO2bank is one of GOBankingRates’ top picks for Best Neobank of 2025.

GO2Bank Mobile Bank Account

GO2bank offers a primary deposit account that lets you designate money as savings and put the funds in “vaults” — a convenient feature that eliminates the hassle of tracking your money across separate checking and savings accounts.

• The account has a $5 monthly maintenance fee, which is waived if you receive eligible direct deposits of your payroll or government benefit payments. 
• There’s no minimum opening deposit requirement if you open it online.
• If you open an account by purchasing a GO2bank debit card at a store, you’ll pay up to $2.95 and make an opening deposit of $20 to $500.
• You can get up to $200 in overdraft protection on debit card transactions with qualifying direct deposits.
• You can transfer money from an external account into your GO2bank account to avoid overdrafts, without incurring a fee for the transfer.

GO2bank Mobile Bank Account

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Best For

High-Yield Savings Accounts

Neobanks

Great APYs

Credit Cards

Low Monthly Fees

Up to $200 Overdraft Protection

The GO2bank mobile account offers a convenient way to manage savings and checking in one place, with a $5 monthly fee that can be waived through eligible direct deposits. You also get access to overdraft protection.

Fees

$5 waivable monthly fee

APY

N/A

Min Opening

$0 to $500

Pros

• Low, easy-to-waive monthly fee
• Excellent overdraft protection program
• Instant cash back on eligible e-gift card purchases

Cons

• $4.95 fee to make cash deposits at participating retailers
• Non-interest-bearing account

Why We Like GO2bank

GO2bank’s mobile bank account is a convenient way to receive direct deposits and pay bills, but cash deposits are expensive.

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GO2bank Savings Account

Your GO2bank savings consists of up to five subaccounts known on the platform as vaults, which keep funds separate from the balance for your primary deposit account. 

GOBankingRates has ranked GO2bank’s account among the Best High-Yield Savings Accounts of 2025.

• You can use your vaults to set money aside for specific financial goals.
• Vault balances earn an impressive annual percentage yield on savings balances up to $5,000.
• There’s no minimum balance requirement to earn interest.
• A unique feature of GO2bank accounts is that you can’t spend money directly from vaults. You have to move it back into the primary deposit account, which could be just enough disincentive to keep you from spending your savings on impulse purchases.
• One drawback to consider is that GO2bank will not move money from vaults to your primary deposit account to avoid an overdraft.

4.9

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

GO2bank Savings Account

Start Banking

Best For

High-Yield Savings Accounts

Neobanks

Great APYs

Credit Cards

Low Monthly Fees

Save With Vaults for Specific Goals

GO2bank’s savings account offers up to five vaults to help you save for different goals, with an impressive APY on balances up to $5,000.

Fees

$5 waivable monthly fee

APY

Min Opening

$0 to $500

Pros

• Extremely competitive APY on balances up to $5,000
• Vaults make it easy to save for different goals

Cons

• No automatic transfers for overdraft protection

Why We Like GO2bank

The savings features of GO2Bank’s mobile bank account make saving easy, and the high yield grows your money faster.

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GO2Bank Benefits and Perks

Here’s a look at some of the benefits and perks that come with the GO2bank account.

• GO2bank offers fee-free withdrawals at any of the thousands of ATMs within its nationwide network. Out-of-network withdrawals are $3.
• You can set up direct deposit to receive your pay from your employer up to two days early or receive your government benefits up to four days early.
• When you purchase e-gift cards from any participating merchants via the GO2bank mobile app, you’ll earn up to 7% cash back, which is typically credited to your account within minutes after a qualifying purchase is made.
• GO2bank also offers a $50 referral bonus, which you and a friend can both earn if you refer a friend who opens a GO2bank account and they receive a qualifying direct deposit. You can earn up to $1,500 in referral bonuses per year.

Banking Experience

Here are a few factors you should consider when it comes to the banking experience GO2bank offers.

Mobile Banking

GO2bank has a lot of experience with digital transactions and with providing services to those who don’t use a traditional bank. The GO2bank mobile banking app has a rating of 4.8 out of 5 stars on the App Store and 4.6 out of 5 stars on Google Play.

Secured Credit Card

GO2bank offers a secured credit card to help you build your credit if you don’t have a sufficient credit score to qualify for a traditional credit card. With a secured card, you put down a deposit equal to your credit limit, and then you charge purchases and pay them off as you would with a traditional card. Making regular payments helps your credit score.

Fees

GO2Bank’s fees are high, and they’re also confusing. Although the website touts transparency, you’ll need to keep track of what you get charged for and when.

Here are a few examples:

• You can open your account online for free, or you can purchase a card at a retail store and open your account that way. The card will cost you up to $2.95.
• If you want to make a cash deposit at a retail location, you’ll pay a service fee of up to $4.95.
• If you want to transfer money from a linked debit card, you’ll pay 3% of the amount of the transfer — minimum of $2.
• If you want to cash a check in the app, you’ll pay 1% or 5% ($5 minimum) of the amount of the check, depending on the type of check, to get the money instantly. If you can wait 10 days for the funds, there’s no fee.
• Funding an external account from your GO2Bank account incurs a fee of 1.75% of the amount transferred, rounded to the nearest cent, with a $0.49 minimum and $25 maximum per transfer.
• The overdraft fee is $15 per overdraft not repaid within 24 hours.

Comparable Neobank Options

GO2Bank is just one of several neobanks you can choose from. Here’s how it compares to three others, including the one GOBankingRates ranked as the No. 1 Neobank of 2025.

Checking

SELECTED BANK

GO2bank Mobile Bank Account

Start Banking

MOST COMPARABLE

5.0

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

SoFi® Checking Account

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MOST COMPARABLE

4.9

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Acorns Checking and Savings Account

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Fees

Fees

Fees

$5 waivable monthly fee

No monthly fees

$3 to $12 a month

APY

APY

APY

N/A

Up to

Min Opening

Min Opening

Min Opening

$0 to $500

$0

$0

GO2Bank vs. Acorns

Acorns is the top-rated neobank in the GOBankingRates 2025 roundup. Its Mighty Oak account includes an emergency savings component that earns APY, and the checking portion earns a generous . Acorns also has an automated investing component for your spare cash.

GO2Bank vs. SoFi®

SoFi offers a Checking and Savings account, Member FDIC — when you open the checking account, SoFi automatically opens a savings account in your name. The checking account pays , but on money designated as savings, you’ll earn up to APY on new accounts with eligible direct deposit. SoFi also has lending and investing products.

GO2Bank vs. Revolut

Revolut, a Top-10 choice for GOBankingRates’ Best Neobanks of 2025, offers deposit accounts but pays lower interest than GO2bank. Revolut also offers investments, including access to over 2,000 stocks and exchange-traded funds, and lets customers transact in dozens of foreign currencies.

Final Take 

GO2Bank’s high savings APY and vault concept make it easy and lucrative to save money. However, the account is best for those who won’t make cash deposits. Otherwise, fees could cost you more than you stand to earn in interest. 

Daria Uhlig contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 12, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

To determine rankings GOBankingRates looked at the following factors from all banks: (1) minimum deposit to open an account; (2) monthly savings fee ratio (percent the minimum to avoid fee compared to the monthly fee itself); (3) minimum needed to earn APY; (4) savings APY; and (5) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (2) and (3) weighed 1.5 times, factor (4) weighed 4 times; and factor (5) weighed 0.5 times. To be considered for the HYSA, the product offered had to have an APY above 0.45%. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 12, 2024.

Neobanks are fintech firms that offer apps, software and other technologies to streamline mobile and online banking. These fintechs generally specialize in particular financial products, such as checking and savings accounts. To determine rankings for the Best Neobanks of 2025, GOBankingRates analyzed the following factors: (1) monthly checking fee ratio (percent the minimum to avoid fee compared to the monthly fee itself); (2) minimum needed to earn APY; (3) savings APY; (4) products/services offered (credit cards and investment services); (5) the average mobile app rating between the Google Play (Android) and Apple stores; and (6) number of extra benefits and perks unique to neobanks. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, and factors (3) and (6) were weighed 2 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 12, 2024.

SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

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