GO2bank Review: High-Yield Savings and Waivable Monthly Fees

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

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 and 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 ATMs nationwide


  • Fees for cash deposits, teller cash withdrawals and transfers from a linked debit card

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 2023.

Key Features

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 comes paired with a savings account, rather than separate checking and savings products. 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 need to make an opening deposit of $20 to $500.

If you receive eligible direct deposits, you can also opt in to overdraft protection of up to $200.

Savings Account

Your GO2bank savings account 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 4.50% APY on savings balances up to $5,000. There’s no minimum balance requirement to earn interest.

GOBankingRates has ranked GO2bank’s account among the Best Online and Neobank Savings Accounts of 2023.

Benefits and Perks

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

Overdraft Protection

You can opt for overdraft protection if you receive eligible direct deposits to your GO2bank account. If you make a withdrawal or transfer that exceeds your available balance by no more than $200, GO2bank will approve the transaction. You will have 24 hours to deposit or transfer funds to bring your account balance at least to $0 — otherwise, you may be charged a $15 overdraft fee.

Convenient Access to Funds

GO2bank offers fee-free withdrawals at any of the thousands of ATMs within its nationwide network. 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 of over 100 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 have or 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 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. 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 $2.50. 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), but transfers from a linked bank account are free. 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. The website touts the transparency of the fees, but you’ll need to keep track of when you get charged for what.

Comparable Neobank 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 neobanks to consider.


SoFi has both a checking account and a savings account and pays interest on both. The checking account pays 2.50% APY, but on money designated as savings, you’ll earn up to 3.75% APY. SoFi also has lending and investing products.


Revolut offers deposit accounts but pays lower interest than GO2bank. Revolut also offers investments, including foreign exchange, 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.

GO2bank FAQ

Here are the answers to some of the most frequently asked questions regarding GO2bank.

  • Is GO2bank a real bank?
    • 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 type, 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.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 31, 2022.

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) savings APY; (3) products/services offered (credit cards and investment services); (4) the average mobile app rating between the Android and Apple app stores; and (5) number of extra benefits and perks unique to neobanks. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 0.5 times, and factors (2) and (5) were weighted 2 times. 

To determine rankings for the Best Online Bank and Neobank Savings Accounts, GOBankingRates looked at the following factors from all online banks and neobanks: (1) total assets as sourced from the FDIC; (2) minimum deposit to open an account; (3) monthly savings fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (4) minimum balance needed in account to earn APY; (5) savings APY; and (6) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 0.5 times, factor (4) was weighed 1.5 times and factor (5) was weighted 3 times.  

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