Green Dot Bank Review: Alternative Banking Using a Debit Card and Mobile App
Written by
Rudri Bhatt Patel, CFHC™
Edited by
Nupur Gambhir
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With cash-back rewards and mobile-first tools, Green Dot is a solid option for everyday spending and basic savings.
Green Dot Bank is best known for its prepaid and debit card products, but it also operates as an FDIC-insured bank offering checking and savings accounts. Built for customers who prefer to manage their money through an app rather than a branch, Green Dot focuses on simple banking features like cash-back debit spending, fee-free savings, and retail cash access at places like Walmart and 7-Eleven.
Green Dot is best known for its prepaid cards, which are popular with people who don’t use traditional banks. It also operates Green Dot Bank, an FDIC-insured alternative designed for customers who are comfortable managing their money digitally, without in-person tellers. This Green Dot Bank review breaks down how the bank works and helps you decide whether opening an account makes sense for your needs.
With Green Dot Bank, everyday banking is handled entirely through a mobile app and debit card, making it a fully online, app-based experience.
Green Dot Bank Checking Account
Green Dot Bank isn’t a traditional brick-and-mortar bank. Instead, it offers a single checking option called Green Dot Unlimited, designed for simple, app-based banking.
- Monthly fees may apply, but the $7.95 fee can be waived if you receive $500 or more in direct deposits during the previous month or spend $1,000
- Earn 2% cash back on eligible purchases
- Early direct deposit lets you get paychecks up to two days early and government benefits up to four days early
- Cash deposits and withdrawals are available at participating retailers like Walmart, Rite Aid, and Kroger
Best For
Debit Rewards
Mobile Banking
Online Banking
Everyday Spending
App-First Banking
Earn 2% Cash Back on Debit Purchases
Green Dot’s Unlimited Checking blends a prepaid-style debit experience with cash-back rewards and essential banking features — ideal for mobile-first users who want simple spending and savings tools without overdraft surprises.
Fees
$7.95-$9.95 (waivable)
APY
Min Opening
$0 (debit card purchase required)
Pros
- Earns 2% cash back on purchases (up to $10,000 annually)
- No overdraft fees to worry about
- No minimum opening deposit
- Free in-network ATM access
Cons
- Cash back cap applies (first $10,000 in purchases)
- Monthly fee can be high if not waived
- Out-of-network ATM fees may apply
Quick Take
Green Dot’s checking account gives you everyday banking with a twist — spend like normal and get rewarded with cash back, all while avoiding traditional overdraft fees. It’s a strong fit for digital users who prioritize simplicity and value on debit card purchases.
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Green Dot Savings Account
Green Dot offers one savings account. Opening an Unlimited Cash Back Bank Account comes with a linked high-yield savings account. To the bank’s credit, the account is fee-free.
- 2% annual percentage yield on funds up to $10,000
- Allows transfers using the app between high-yield savings and Green Dot Unlimited debit card
- You can automatically set up the “round-up” feature to debit card purchases
- Money in your savings account cannot be used for debit card purchases
- No minimum deposit required
Best For
Debit Rewards
Mobile Banking
Online Banking
Everyday Spending
App-First Banking
Let Your Savings Grow Without Easy Spending Access
The Green Dot High-Yield Savings Account works as a built-in “Vault” linked to Green Dot checking, helping separate savings from everyday spending. It offers a competitive rate on a capped balance, making it a solid starter savings option for mobile-first users.
Fees
None
APY
Min Opening
$0
Pros
- No monthly maintenance fees
- No minimum opening balance
- Competitive interest rate
Cons
- Interest applies only to balances up to $10,000
- Interest is paid once per year
- Requires opening a Green Dot checking account
Quick Take
We like this savings option because it keeps saving simple and fee-free, while helping customers avoid dipping into their savings for everyday purchases.
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Banking Experience
Green Dot Bank’s services are useful but limited. They’re ideal for someone interested in making basic bill payments, and for those who don’t mind visiting a 7-Eleven or Walmart location to deposit funds.
If you need help, you’ll need to navigate through the online chatbot to get directed to the right article in the knowledge base. You can also call for help at 866-795-7597.
Green Dot Bank’s app on Google Play is rated as 3.6, while in the Apple Store the rating is 3.4.
How Does Green Dot Bank Compare?
Here’s how Green Dot compares to other online banks.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$7.95-$9.95 (waivable)
Up to $15
$0
APY
APY
APY
N/A
Up to
Min Opening
Min Opening
Min Opening
$0 (debit card purchase required)
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
None
See Citi’s website for details on monthly fees.
APY
APY
APY
Min Opening
Up to
Min Opening
$0
Min Opening
$0
Green Dot Bank vs. Chime Bank
Both Green Dot and Chime Bank have a simple model of a spending account with a debit card and a linked high-yield savings account. Although Chime Bank has fewer fees, Green Dot pays cash back on your debit card purchases.
Green Dot Bank vs. Ally Bank
Ally Bank provides a comprehensive list of online-only banking services that other banks in this comparison don’t offer. Besides spending and savings accounts, you can invest your money and borrow from a range of loan and mortgage options. But Green Dot pays higher rates on savings accounts.
Green Dot Bank vs. Lending Club Bank
Lending Club Bank reimburses you for an unlimited amount of ATM fees, so you can withdraw from wherever is most convenient for you. If you don’t withdraw cash often, Green Dot is a better choice because it pays cash back on purchases.
Final Take
If you’re in search of a low-cost and different way to handle your banking via a mobile app, Green Dot Bank could be a good option. Once you’re armed with the mobile app and debit card, most of your basic banking tasks can be taken care of easily. To get started, sign up for an account to receive a card in the mail, or pick one up at a participating retailer near you.
