GO2bank Review: High-Yield Savings and Waivable Monthly Fees

GOBankingRates Score

GOBankingRates Best Banks 2023 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.
Quick Take: GO2bank is the neobank division of Green Dot, 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 a great choice for people who don't yet have a bank.
  • Mobile Bank Account
  • Savings Account
  • Benefits and Perks
  • Banking Experience
How did we calculate this?


  • 4.50% APY on savings balances up to $5,000
  • Overdraft protection
  • Easy-to-waive monthly maintenance fees
  • Free withdrawals at thousands of ATMs in nationwide network


  • Fees for cash deposits, teller cash withdrawals and transfers from a linked debit card
  • Savings vault funds can't be used for overdraft protection

GO2bank Overview

GO2bank is the digital bank of Green Dot, which made the prepaid debit card popular and became a way for those without a bank account to receive payments and pay bills. GO2bank is an extension of this technology and caters to those who may not have a brick-and-mortar bank.

GO2bank focuses on electronic banking, encouraging direct deposit, electronic transfers and ATM withdrawals. Fees are charged for transactions like cash deposits and teller cash withdrawals.

GO2bank also offers a secured credit card for those who want to build or rebuild credit.

GOBankingRates has ranked GO2bank among the Best Neobanks of 2024.

GO2bank Review

Every bank has its own specific benefits, and it’s important to find the ones that are most important to you. Here are some of the key features you will find at 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 an account online, but 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.

If you receive eligible direct deposits, you can opt in to up to $200 in overdraft protection on debit card transactions only. Under this program, you won’t incur an overdraft fee if a transaction of $5 or less overdraws your account or a larger transaction overdraws your account by $10 or less. For larger overdrafts of up to $200, you get 24 hours to bring your account back to a balance of at least $0 to avoid the $15 overdraft fee.

You can transfer money from an external account into your GO2bank account to avoid overdrafts, without incurring a fee for the transfer.

Savings Account

Your GO2bank savings is comprised of up to five subaccounts known on the platform as vaults, which keep funds separate from the balance for your primary deposit account. You can use these vaults to set money aside for specific financial goals and earn interest on money designated as savings. You’ll earn an impressive APY 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.

GOBankingRates has ranked GO2bank’s account among the Best High-Yield Savings Accounts of 2024.

Benefits and Perks

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

Convenient Access to Funds

GO2bank offers fee-free withdrawals at any of the thousands of ATMs within its nationwide network. Out-of-network withdrawals are $3.

Additionally, 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.

Rewards and Bonuses

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 Experience

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 4.5 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 sufficient credit 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. Having the deposit protects the card issuer — in this case, GO2bank — and making regular payments helps your credit score.


The drawback to GO2bank’s experience is the fees — not just the amounts, but also the confusion. The website touts the transparency of the fees, but you’ll need to keep track of what you get charged for and when.

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). Transfers to an external bank account incur a 1.5%, up to $10, fee. 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.

Comparable Banking Options

When you’re looking for a new bank, it always helps to compare your options to be sure you’re getting the right bank for your particular needs. Here are a couple of other banking options to consider.


SoFi has both a checking account and a savings account and pays interest on both. The checking account pays , but on money designated as savings, you’ll earn up to APY. SoFi also has lending and investing products.


Revolut 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 is a good choice if you don’t currently have a bank or if your banking needs are pretty straightforward. If you’re looking for a bank to receive direct deposits and transfer money to pay bills, you want to earn a good interest rate, and you’d like to build or rebuild your credit, GO2bank is a solid choice. But watch out for fees — frequent cash deposits and transfers from external debit cards could make GO2bank a costly way to manage your cash.

GO2bank FAQ

Here are the answers to some of the most frequently asked questions regarding GO2bank.
  • Is the GO2bank account a real bank account?
    • GO2bank is an FDIC-insured bank and is part of Green Dot (NYSE: GDOT), which is a financial technology and registered bank holding company. Deposits in GO2bank are insured up to $250,000 per depositor, per account ownership category, just as they are in any other FDIC-insured bank.
  • Why did I get a GO2bank card in the mail?
    • GO2bank has sent out cards to previous customers and those who opted in to receive marketing communications from one of its trusted third-party partners. The card is an invitation to open an account at GO2bank, and instructions on how to do so were included with the card. No account was opened, and no credit check was performed.
  • Can I borrow money from GO2bank?
    • GO2bank is not a lender, so it does not offer auto loans, mortgages, personal loans or other lending products. GO2bank does offer a secured credit card intended to help customers build or rebuild their credit.
  • How do I deposit money into a GO2bank account?
    • You can set up direct deposits of your paychecks and/or government benefit checks, transfer funds from another bank account or a linked debit card, or deposit cash at retail locations. However, you'll pay a fee for transfers from a debit card and cash deposits.
  • Is the GO2bank credit card legitimate?
    • Yes. The GO2bank credit card is a secured card, which means you deposit your own money into an account to secure your credit line.

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. 21, 2023.

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 for the Best Neobanks, GOBankingRates looked at the following factors: (1) monthly checking fee ratio (percentage based on the minimum to avoid the 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 Android and Apple app 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 weighted 0.5 times, and factors (3) and (6) were weighted 2 times. 

To determine rankings for the Best High-Yield Savings Accounts, GOBankingRates looked at the following factors from all banks: (1) minimum deposit to open an account; (2) monthly savings fee ratio (percentage based on the minimum to avoid the 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 app stores. All factors were then scored and combined, with the lowest score being the best. Factors (2) and (3) were weighted 1.5 times; factor (4) was weighted 4 times; and factor (5) was weighted 0.5 times. To be considered for the high-yield savings account, the product offered had to have an APY above 0.45%.


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