GO2bank is a mobile banking solution designed for people who want to manage their finances digitally while accessing features like credit-building tools, early direct deposit, and overdraft protection. Whether you’re trying to boost your credit score, receive paychecks faster, or avoid traditional banking hassles, GO2bank aims to provide a low-cost, accessible option.
This review breaks down everything you need to know about GO2bank, including its features, benefits, and potential drawbacks, to help you decide if it’s the right choice for your financial needs.
What is GO2bank?
GO2bank is the mobile banking division of Green Dot Bank, a financial technology company and bank holding company “focused on making modern banking and money movement accessible to all,” according to the GO2bank website. Headquartered in Pasadena, California, Green Dot Bank has a 22-year history and has served 33 million customers and counting.
Green Dot Bank launched GO2bank as a low-cost option for the unbanked and underbanked in the U.S. With a low, $5 monthly fee, that is easily waived with an eligible direct deposit in the previous monthly statement period, GO2bank makes it easy to save money, earn interest, pay bills, cash checks, and more.
Funds in GO2bank are FDIC insured up to the maximum limit of $250,000 per account holder and are not held by a third party. This is important today, as many people are concerned about holding their money in a bank that could collapse. FDIC insurance protects your hard-earned money at traditional and online banks.
Let’s learn more about exactly how this Green Dot Bank’s GO2bank product works in our comprehensive GO2bank review.
GO2bank Features and Benefits
GO2bank combines everyday banking with tools for saving, security, and credit building. Here’s a closer look at what you get.
Money Management
- Early direct deposit: Get paid up to two days early with paychecks and up to four days early with government benefits.
- Overdraft protection: Cover purchases and bill payments with up to $200 in protection. Bring your balance back to $0 within 24 hours to avoid fees.
- No minimum balance: Keep your account open without worrying about balance requirements.
- Flexible bill pay: Pay bills online with your account and routing numbers or your Visa debit card.
- No credit check or ChexSystems: Open an account easily with no credit check or ChexSystems required.
Credit Building
- Secured credit card: Open a GO2bank Secured Visa with no credit check. Your on-time payments are reported to all three credit bureaus to help grow your credit history.
- Experian Boost integration: Connect your account to Experian Boost and get credit for on-time payments on utilities, phone service, and streaming subscriptions.
Savings Potential
- High-yield savings account: Earn 4.50% APY on balances up to $5,000. Interest is paid quarterly, which can help your savings grow faster than at many traditional banks.
- Cash back on eGift cards: Buy eGift cards through the GO2bank app and earn up to 7% back at more than 100 retailers.
Security Features
- Real-time fraud alerts: Stay updated if there’s suspicious or unusual activity on your account.
- FDIC insurance: Deposits are insured up to $250,000.
- Debit card lock: Instantly lock or unlock your card in the app if it’s misplaced.
GO2bank Checking Account Review
GO2bank’s checking account includes standard online banking tools plus unique perks like overdraft protection, cash back rewards, and early access to paychecks. Here’s what you can expect.
Overdraft Protection Up to $200
GO2bank will cover debit card purchases, bill payments, and transfers up to $200, even if it pushes your account negative. To avoid the $15 overdraft fee, bring your balance back to $0 within 24 hours. You must opt in to overdraft coverage, so you stay in control of how your account handles transactions.
Cash Back on eGift Cards
Earn 7% cash back when you buy eGift cards through the GO2bank app using your debit card. Over 100 retailers are included, though participating merchants may change.
Early Direct Deposit
Receive your paycheck up to two days early and government benefits up to four days early. Setting up direct deposit also unlocks other perks, including:
- Waived $5 monthly fee
- Overdraft protection eligibility
- Access to the GO2bank Secured Visa Credit Card without a credit check
Tax Refund Direct Deposit Bonus
When you send your federal tax refund to your GO2bank account, you may get your refund up to five days early. In past promotions, customers were also entered into sweepstakes for cash prizes.
Government Benefits Access
Social Security, SSDI, and other government benefits can be deposited directly into your GO2bank account up to four days earlier than the standard payment date.
Bill Pay Options
Pay bills directly from your account using your routing and account numbers, or use your Visa debit card for faster processing.
Credit Score Support with Experian Boost
Through the GO2bank dashboard, you can connect your account to Experian Boost. On-time payments for utilities, phone bills, and streaming services may help increase your FICO Score 8. Customers have reported an average boost of 19 points, with no downside for late payments.
Built-In Fraud Protection
GO2bank issues a chip-enabled debit card for more secure transactions. You can lock and unlock your card instantly in the mobile app if it’s misplaced. Real-time fraud alerts notify you of unusual purchases, helping keep your account safe.
GO2bank Savings Account Review
The GO2bank savings account is linked directly to your checking account and offers one of the strongest interest rates available. With 4.50% APY on eligible balances, it’s designed to help newer savers grow their money faster than with most traditional banks.
High-Yield Savings at 4.50% APY
You’ll earn 4.50% APY on balances up to $5,000. Interest is paid quarterly rather than monthly, so your growth compounds less frequently, but the high rate still puts GO2bank well above most brick-and-mortar banks. Balances above $5,000 do not earn interest.
GO2bank vs. Other Savings Accounts
Here’s how GO2bank compares with other well-known accounts:
- Chase Total Savings: 0.01% APY on all balances
- SoFi Checking and Savings: Up to 3.80% APY on all savings balances (with eligible direct deposit)
- Capital One 360 Performance Savings: 3.50% APY
- Ally Bank High-Yield Savings: 3.50% APY
As you can see, GO2bank’s 4.50% APY beats most online banks and far surpasses traditional savings accounts. The main limitation is that the rate applies only to the first $5,000, and interest is credited quarterly.
Who the GO2bank Savings Account Works Best For
Customers who like having checking, savings, and credit-building tools all in one place
Savers with less than $5,000 who want one of the highest APYs available
People building an emergency fund or short-term savings goal
GO2bank Secured Credit Card Review
The GO2bank Secured Visa Credit Card is designed for people who want to establish or rebuild their credit history. Unlike traditional credit cards, approval doesn’t depend on a credit check, making it accessible to those with poor or limited credit.
How the Card Works
- No credit check required: Approval is based on your GO2bank account activity, not your credit history.
- Security deposit: Start with as little as $100, transferred from your GO2bank checking account. Your deposit sets your initial credit limit.
- Direct deposit requirement: You must have received at least $100 in eligible direct deposits within the past 30 days before applying.
- Application process: Apply directly in the mobile app or online, then activate and fund the card to begin using it.
Rates and Fees
- Annual fee: None
- APR on purchases: 22.99%
- APR on cash advances: 26.99%
- Cash advance fee: $10 or 5% of the amount, whichever is greater
- Foreign transaction fee: 3%
- Late payment fee: Up to $39
Benefits and Credit-Building Potential
- Reports to all three credit bureaus: On-time payments and your credit utilization are shared with Equifax, Experian, and TransUnion.
- No annual fee: Keep costs low while building credit.
- Path to better cards: Responsible use can help you qualify for unsecured or rewards credit cards with lower interest rates.
- Everyday usability: Use the card for in-store and online purchases anywhere Visa is accepted.
Pro tip: Keep your balance below 30% of your credit limit and pay on time every month. Over time, this can help raise your FICO score and improve your overall credit profile.
GO2bank Fees and Charges
In addition to a monthly service fee of $5, which is easily waived with a qualifying direct deposit in the previous monthly statement period, you might pay other monthly fees for certain services as a GO2bank customer. Fees are clearly disclosed on the website and include:
- Cash deposit fee: up to $4.95 retail service fee
- Transfer money from a linked debit card: 3% of the transfer, with a minimum of $2
- Out-of-network withdrawals: $3 transaction fee
There are no fees when you make a network ATM withdrawal or deposit cash at an in-network ATM.
GO2bank Pros and Cons
Here are the main advantages and drawbacks of using GO2bank, so you can quickly see if it matches your needs.
Pros
- Strong fraud protection: Real-time alerts, debit card lock/unlock, and chip-enabled security features.
- Credit-building support: Experian Boost integration plus a secured credit card that reports to all three credit bureaus.
- FDIC insurance: Deposits are protected up to $250,000.
- High-yield savings: Earn 4.50% APY on balances up to $5,000.
- Easy approval: No credit check or ChexSystems required to open an account.
- Cash back rewards: Up to 7% back on eGift card purchases through the app.
- Early direct deposit: Access paychecks up to two days early and benefits up to four days early.
Cons
- Quarterly interest payments: Savings interest is credited every three months instead of monthly.
- APY balance cap: 4.50% APY applies only to the first $5,000; balances above that earn no interest.
- Overdraft fees: A $15 charge applies if your negative balance isn’t repaid within 24 hours.
- Cash deposit fees: Up to $4.95 per transaction at retail locations.
- No branches: As an online-only bank, in-person service isn’t available.
How to Open a GO2bank Account
Opening a GO2bank account is quick and straightforward. You can set up your account online with no minimum deposit, making it accessible to anyone ready to start banking digitally.
If you prefer to open your account at a retail store, there’s a $2.95 transaction fee, and you’ll need to make an initial deposit between $20 and $500. The entire process can be completed in minutes, allowing you to start enjoying GO2bank’s features almost immediately.
To open a GO2bank account, you’ll need to provide basic personal information, including your name, address, phone number, date of birth, Social Security number, and a valid government-issued ID. You may also need to meet age and residency requirements.
Making Deposits to Your GO2bank Account
GO2bank offers multiple deposit options to suit your needs:
- Cash Deposits: Deposit cash at participating retail locations for a fee of up to $4.95 per transaction.
- Check Deposits: Use the GO2bank mobile app to deposit checks. If you don’t mind waiting 10 days for the funds, the service is free. Need the money sooner? Opt for expedited processing and pay a fee ranging from 1% to 5% of the check amount, depending on the type of check.
These flexible deposit options make it easy to add funds to your account, whether you prefer digital or in-person methods.
How to Withdraw Money from a GO2bank account
GO2bank provides convenient withdrawal options:
- ATM Withdrawals: Access your money at any network ATM without paying a fee. Out-of-network ATM withdrawals will incur a $3 transaction fee.
- Bank Transfers: Transfer funds to a linked bank account for free, offering a seamless way to move your money as needed.
With multiple ways to withdraw funds, GO2bank ensures you can access your money when and where you need it.
Final Thoughts
GO2bank is a strong option for people who want digital banking with added perks for saving and credit building. Features like early direct deposit, a high-yield savings account, and access to a secured credit card make it especially appealing if you’re looking to rebuild credit or get started with banking for the first time.
The biggest drawbacks are the $5,000 cap on high-yield savings, cash deposit fees, and the lack of physical branches. If you rely heavily on in-person service or plan to keep a large savings balance, another online bank may be a better fit.
For many customers, though, GO2bank offers a simple, low-cost way to manage money, earn rewards, and build a stronger financial foundation—all from a single mobile app.
Frequently Asked Questions
Is GO2bank a real bank?
Yes, GO2bank is a legitimate banking service. It operates as a brand of Green Dot Bank, an FDIC-insured financial institution with over 20 years of experience serving customers.
Is GO2bank safe to use?
Yes, GO2bank is safe to use. Funds are insured up to $250,000 by the FDIC, and features like debit card locking and fraud alerts provide additional security.
What fees should I expect with GO2bank?
GO2bank is transparent about its fees. Some common charges include:
- Cash Deposits: Up to $4.95 at retail locations.
- Out-of-Network ATM Withdrawals: $3 per transaction.
- Expedited Check Deposits: 1% to 5% of the check amount.
Does GO2bank work with Zelle or other money transfer apps?
No, GO2bank does not currently support Zelle. However, you can send and receive money using the GO2bank app or by linking your account to other payment platforms like PayPal or Cash App.
Where can I deposit cash into my GO2bank account?
You can deposit cash at thousands of retail locations nationwide, including Walmart, Walgreens, CVS, and 7-Eleven. A service fee of up to $4.95 per deposit usually applies.
