Get Rewarded for Your Banking Needs: Sign Up With Go2Bank

Approximately 6% of American adults or 14.1 million people, are considered unbanked, meaning they do not have a checking, savings, or money market account with a traditional bank according to the 2021 FDIC National Survey of Unbanked and Underbanked households.

That’s where Go2bank comes in. A digital banking initiative owned by Green Dot Bank. Go2bank aims to provide Americans who do not have access to a checking or savings account with an affordable alternative.

The online banking platform combines an FDIC-insured bank’s security, stability, and experience with the innovation and agility of a top fintech to become the go-to platform for simple, inexpensive, and useful banking.

Interested? Read more about how Go2bank may be the online bank you’ve been looking for.

Go2bank – Not your regular bank

With Go2bank you get banking services – check cashing, direct deposit, ATM withdrawals – all without the hassle and costs of a traditional bank. It is an affordable option for people who need access to a bank but are unable to open a bank account.

Go2bank makes themselves accessible with their no credit check policy. You do not even have to have a credit score to open an account.

Customers can benefit from a list of many perks that comes with their GO2bank account.

Benefits of Go2bank

• No credit check
• Earn up to 7% cashback on eGift Card purchases in the app
• No monthly fees with eligible direct deposit
• Up to $200 in overdraft protection
• 4.5% APY on up to $5,000 in savings
• Ability to open up to 5 savings vaults
• 90,000 retail locations for cash deposits
• 19,000 fee-free ATMs

Go2bank is perfect if you need to deposit cash, receive direct deposits, or want to earn interest on up to $5,000 in savings.

Open a Go2bank account today!

Go2Bank registration is simple and free. All you need is a copy of your legal government-issued ID, such as your driver’s license and proof of address to open an account. You can open your checking account online through the bank’s website or the app with no minimum balance required.

If you need your debit card immediately, you can open an account at a local retailer including 7-Eleven, CVS, Dollar Tree, or Walmart. The initial card fee is $2.95 and you will have to load money onto your card right away. Your initial deposit can be anything from $20 to $500.

The monthly fee is only $5, which is waived if you received a direct deposit into your Go2bank checking account the previous month.

What we like about Go2bank

Take advantage of overdraft protection

GO2bank offers overdraft protection on your checking account if you make qualified direct deposits. This feature allows you to have up to $200 of overdraft-related purchase transactions covered. To avoid any fees, you need to bring your account balance back to zero or above within 24 hours. If the negative balance persists beyond 24 hours, a $15 fee is applied​​. This service is designed to provide a buffer against unexpected expenses and helps prevent costly overdraft fees while maintaining the account in good standing.

Go2bank’s secured Visa credit card

Go2bank offers an excellent opportunity for customers to build or improve their credit scores with its secured credit card. To open a card, you need to make a refundable security deposit of at least $100. This deposit secures your card, ensuring that your money is safe and will be returned to you if you close the account with a positive balance.

One of the standout features of the Go2bank secured credit card is that there is no annual fee, making it an affordable option for those looking to build their credit without incurring additional costs. Additionally, cardholders benefit from credit monitoring through VantageScore, providing valuable insights into their credit health and helping them track their progress​.

The process is straightforward and designed to be user-friendly, ensuring that even those new to credit building can navigate it easily. By using the card responsibly and making timely payments, customers can gradually improve their credit scores, opening doors to better financial opportunities in the future.

Get paid early with Go2bank

Customers who have their paychecks deposited directly into their Go2bank checking account can access their money up to two days early! Government benefits are available up to four days in advance. This is made possible by GO2bank’s affiliation with Plaid, which has direct connections to numerous payroll services. Best of all, when you receive direct deposits from the government or your employer, Go2bank will waive the $5 monthly maintenance fee!

Earn above average interest

Take advantage of Go2bank’s high-yield savings account and watch your money grow. You can divide your savings into five vaults so that you can easily save for different goals. Plus, Go2bank lets you earn over ten times the average national savings rate across all savings vaults. Earn 4.50% APY for savings ups to $5,000. And pay no monthly fees if a qualified direct deposit is used; otherwise, the monthly charge is $5.

Earn cashback

GO2bank customers can earn significant cashback rewards when purchasing eGift Cards through the Go2bank mobile app. Specifically, you can earn up to 7% cashback from over 100 popular retailers, including top brands. For instance, purchasing Amazon eGift Cards will net you 3% cashback, making everyday purchases more rewarding​. This cashback is immediately deposited into your Go2bank account, providing instant savings that enhance the value of your spending. These rewards make Go2bank a compelling choice for those looking to maximize their financial benefits through regular transactions​​.

Easy Cash Deposits

With Go2bank, you can easily deposit cash at over 90,000 retail locations, including Walmart and CVS, for a fee of up to $4.95​. Additionally, Go2bank offers access to over 19,000 fee-free ATMs, making it convenient to withdraw money whenever you need it​​. This extensive network simplifies the process of converting cash to digital, allowing you to manage your funds seamlessly through the Go2bank mobile app. Whether depositing cash or accessing it through ATMs, Go2bank provides the flexibility and convenience needed for effective money management​.

Refer and earn $50

Want to earn rewards? Simply refer friends and family to Go2bank. You will each receive $50 when they open a new GO2bank account and make a direct deposit of $200 or more within 45 days of account opening. Refer friends to GO2bank’s digital banking services and earn money quickly from the comfort of your home. The $50 bonus can help you increase your savings, move you closer to your financial objectives, or use it to receive cashback on eligible e-card purchases.

What Go2bank could improve

A few fees

There are a few fees that Go2bank customers should be aware of when navigating online banking. For instance, if you use the mobile deposit feature to cash a check, Go2bank charges a fee based on the type of check. Specifically, there is a 1% fee for payroll and government checks, while all other checks incur a 5% fee. Additionally, there is a minimum fee of $5 for these transactions. Being aware of these charges can help you manage your finances more effectively and avoid unexpected costs as you utilize Go2bank’s services.

Transfers to other banks not allowed

Go2bank does not support transferring money directly to another bank account. While you can use your Go2bank account for various banking activities such as depositing checks, paying bills, and withdrawing cash, the option to move money to another bank is not available​. This limitation means that users will need to find alternative methods, such as using cash withdrawal and deposit at another institution or utilizing third-party services, to transfer funds between different bank accounts. Despite this, Go2bank offers a range of other convenient features, making it a versatile option for managing daily finances.

Go2bank’s advantages and disadvantages

Advantages

1. High-Yield Savings: Go2bank offers a 4.50% APY on savings up to $5,000 across its savings vaults, significantly higher than the national average​.
2. Cash Back Rewards: You can earn up to 7% cash back on eGift card purchases from popular merchants through the Go2bank app.
3. Early Direct Deposit: Customers can receive their paychecks up to two days early and government benefits up to four days early with eligible direct deposits​​.
4. Overdraft Protection: Go2bank provides overdraft protection up to $200 with opt-in and eligible direct deposits.
5. No Hidden Fees: While there are some fees, Go2bank is transparent about them, and many can be avoided with direct deposits​​.
6. FDIC Insured: Deposits are FDIC insured, providing a level of security for your funds​​.
7. Credit Building: The Go2bank Secured Visa® Credit Card helps users build credit without a credit check, requiring only a refundable security deposit​.

Disadvantages

1. Monthly Fees: There is a $5 monthly maintenance fee, which can be waived with an eligible direct deposit. However, if you don’t have a qualifying deposit, this fee applies​.
2. ATM Fees: Out-of-network ATM withdrawals cost $3 per transaction, and there’s a $0.50 fee for out-of-network ATM balance inquiries.
3. Customer Service Issues: Some users have reported dissatisfaction with Go2bank’s customer service, as reflected in its low ratings on platforms like Trustpilot​.
4. Limited Overdraft Coverage: Overdraft protection does not cover all types of transactions, such as bill payments and person-to-person money transfers​​.
5. Cash Deposit Fees: Depositing cash at participating retail locations incurs a fee of up to $4.95 per deposit​​.

Overall, Go2bank offers many appealing features for those seeking high savings rates and robust cash back options, but potential users should be aware of its fees and limitations in customer service.

Is Go2bank legit?

Yes, Go2bank is a legitimate online banking service. It is a product of Green Dot Corporation, a well-established financial technology company that is publicly traded and regulated in the United States. Go2bank is FDIC-insured, which means that your deposits are protected up to $250,000, providing a level of security and trust​.

The bank offers a range of features such as high-yield savings accounts, cash back rewards, early direct deposit, and a secured credit card to help build credit. However, potential customers should be aware of certain fees and limitations, such as charges for mobile check deposits and the inability to transfer funds directly to other bank accounts​.

Customer reviews are mixed, with some users praising the convenience and features, while others have reported issues with customer service​​. Despite these mixed reviews, the bank’s offerings and security measures indicate that it is a credible option for online banking.

Bottom line

GO2bank offers users simple and seamless methods to spend, earn rewards, and save money online. With its user-friendly mobile app, customers can easily manage their finances from anywhere, anytime. This convenience is coupled with high-yield savings options, allowing users to earn a competitive 4.50% APY on balances up to $5,000, a feature that significantly boosts savings compared to traditional banks​​.

Moreover, Go2bank stands out with its robust rewards program. Users can earn up to 7% cash back on eGift card purchases from a wide range of popular merchants, providing an excellent incentive for everyday spending. The ability to receive paychecks and government benefits early adds another layer of convenience, ensuring timely access to funds when needed most​.

Go2bank also addresses the needs of those looking to build or improve their credit. The Go2bank Secured Visa® Credit Card, which does not require a credit check, is an effective tool for establishing or enhancing credit scores​. Despite some drawbacks, such as monthly fees and customer service issues, the bank’s transparent fee structure and comprehensive financial tools make it a valuable option for many.

Go2bank empowers users to take control of their finances, earn rewards, build savings, and improve credit, all through a convenient and secure online and mobile banking platform.