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GO2bank Review – The Ultimate Mobile Bank Account?


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Go2bank Logo

Our rating

4.3/5

GO2bank Pros

  • Impressive yield on eligible balances
  • Potential for cash back on eligible purchases
  • More benefits with direct deposit
  • Flexible deposit options

GO2bank Cons

  • No CDs or IRAs
  • No investment accounts


Additional Resources

GO2bank bills itself as “the ultimate mobile bank account.” 

Immodest? Perhaps. But certainly on point. Backed by Green Dot Bank, GO2bank is an online bank that offers impressive opportunities to earn cash back on eGift Card purchases with select merchants, savings yields 10 times higher than the national big-bank average, and a host of value-added perks unlocked when you set up qualifying direct deposit and opt in.

That’s not all. GO2bank’s $5 monthly fee is waived whenever you receive a payroll or government benefits direct deposit in the previous monthly statement period, and you can get paid up to two days early with the bank’s ASAP Direct Deposit™ feature.

Maybe GO2bank is onto something after all. Keep reading to learn why GO2bank’s mobile bank account qualifies as one of the best checking accounts on the market right now.

Go2bank key selling points

Key Features of GO2bank

GO2bank’s top selling points include flexible options to deposit and access funds, opportunities to earn cash back and interest, and industry-leading account security and identity theft protection features.

Making Deposits to Your GO2bank Account

You can deposit funds into your GO2bank account in several ways:

  • Deposit cash at a retail store+ (major retailers like Walmart accept Green Dot cash deposits)
  • Cash a check with the app* (check deposit)
  • Set up a qualifying direct deposit

This last option can unlock a host of value-added features, including:

  • Get paid up to two business days early with ASAP Direct Deposit™ 3
  • Enjoy up to $200 in overdraft protection with opt-in and eligible direct deposit1
  • Waive the $5 monthly maintenance fee when you receive at least one employer or government direct deposit in the previous monthly statement period2

You can use your GO2bank debit card (backed by Green Dot Bank) to make transactions at any merchants that accept Visa. 

Earning Cash Back on Select Transactions

Select GO2bank transactions earn cash back. Specifically, you can earn up to 7% instant cash back when you buy eGift Cards from nearly 100 popular brands and merchants in the app.4 Earn 3% cash back on Amazon eGift Card purchases.

Earning Interest on Eligible Savings Balances

Eligible GO2bank savings balances earn interest. Specifically, you can earn up to 1% APY, paid quarterly, on eligible balances up to $5,000 during the quarter.5 

Go2bank overdraft and direct deposit features

Account Security Features

GO2bank offers a host of account security features, including:

  • The ability to lock and unlock your debit card to prevent unauthorized charges6
  • The ability to link your debit card to preferred merchants and make GO2bank your default payment method with them7
  • The ability to receive fraud alerts by text message8

ATM Access

As a GO2bank customer, you’ll have access to an extensive nationwide ATM network9 offering free in-network withdrawals.

Mobile Bill Pay

GO2bank makes it easy to pay all your bills from one location — your GO2bank app. You can even send a check to make a payment.

GO2bank Secured Credit Card

When you receive eligible direct deposits totaling at least $100 within the past 30 days, you may be eligible for a GO2bank Secured Credit Card to help build your credit score. There’s no credit check to apply and no annual fee if you’re approved. Once approvedIf approved following a credit check, simply make a refundable initial deposit of $100 to start using the card.

Available only to GO2bank accountholders with direct deposits totaling at least $100 in the past 30 days. Refundable security deposit required. Eligibility criteria applies. Other fees apply.

More GO2bank benefits

Advantages of GO2bank

GO2bank stands out from the competition with a savings yield that’s well above average, impressive cash-back earnings on eligible purchases, and above-and-beyond features that include flexible deposit options for on-the-go consumers and a surprisingly large ATM network.

  • Earn Interest at 10x the National Savings Account Average. GO2bank savings balances earn 1% APY on balances up to $5,000 each quarter. That’s well above the national savings account average and a healthy boost to your day-to-day holdings.
  • Earn Up to 7% Cash Back When You Buy Eligible eGift Cards. As a GO2bank customer, you can earn up to 7% cash back when you purchase eligible eGift Cards from nearly 100 brands and merchants in GO2bank’s network. Merchant availability is subject to change, but major brands like Amazon (3% cash back) may be represented here. 
  • Qualifying Direct Deposit Unlocks Potentially Valuable Benefits. Set up a qualifying direct deposit to unlock a host of valuable benefits, such as the ability to get paid up to two days early with ASAP Direct Deposit™ and up to $200 in overdraft protection.
  • Flexible Deposit Options. There’s no shortage of ways to get funding to your GO2bank account. Deposit cash at a participating Green Dot retail location, deposit a check in the app, or set up direct deposit to get access to your hard-earned money.
  • Sizable ATM Network. GO2bank has a nationwide network of ATMs that don’t charge fees for withdrawals.

Disadvantages of GO2bank

GO2bank’s drawbacks relate to the fact that it’s not quite a full-service financial institution. It doesn’t offer certificates of deposit (CDs) or tax-advantaged savings accounts, for example. Nor does GO2bank have an investing platform, as some competitors do.

  • No CDs or Individual Retirement Accounts. GO2bank doesn’t have CDs — a drawback for people looking to park their money for the medium term at higher yields than traditional savings accounts can provide. GO2bank also doesn’t offer any tax-advantaged savings or retirement accounts.
  • No Investment Accounts. GO2bank doesn’t have an investing platform. If you’re looking for a one-stop shop for day-to-day money management and long-range financial planning, you’ll need to look to an online bank with an in-house brokerage or robo-advisor.
GO2bank mobile app

How GO2Bank Stacks Up

GO2bank has plenty of competition in the crowded online banking space. 

One of its best-known rivals is Chime, a digital financial institution with lots of similar features. Here’s how Chime and GO2bank compare.

GO2bankChime
Early Direct DepositYes, up to 2 days early`Yes, up to 2 days early
Savings YieldUp to 1% APY on the first $5,000 in eligible balancesUp to 0.50% APY on eligible balances
Credit CardYes, a secured credit card for eligible membersYes, a credit builder credit card for eligible members
Monthly Maintenance FeesNone with eligible direct depositNone

Final Word

It’s no exaggeration to say that GO2bank is built for the way we bank now. With flexible options to deposit and access funds, impressive yields and cash-back opportunities, and a wealth of features tied to employer or government direct deposits, it’s no wonder GO2bank is making waves.

Whether you’re a seasoned online banking user in the market for a new rewards checking account or looking to make the leap from a traditional bank or credit union for the first time, GO2bank deserves a closer look. And it’s a fair bet you’ll like what you find.

1Opt-in required. Fees may apply. Eligibility requirements apply. Learn more.

2Monthly fee waived whenever you receive a payroll or government benefits direct deposit in the previous monthly statement period. Otherwise, $5 per month.

3Direct deposit early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your GO2bank account exactly or we will decline your deposit.

4Active GO2bank account required to receive an eGift Card. eGift Card merchants subject to change

5GO2bank, Member FDIC. Interest paid quarterly on the average daily balance of savings during the quarter up to a $5,000 balance and if the account is in good standing. 1% Annual Percentage Yield (APY) as of January 2021. APY may change before or after you open an account. The average national savings account interest rate of 0.05% is determined by the FDIC as of 12/14/20. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more. Fees on your primary deposit account may reduce earnings on your savings account.

6Previously authorized transactions and deposits/transfers to your account will function with a locked card. 

7Using the GO2bank app, you can make your GO2bank debit card the preferred method of payment for popular merchants. Service provided by Q2 Software.

8Message and data rates apply.

9See app for free ATM locations. $3 for out-of-network withdrawals plus any fee the ATM owner or bank may charge. ATM limits apply.

Cards issued by GO2bank, Member FDIC, pursuant to a license from Visa U.S.A., Inc. Visa is a registered trademark of Visa International Service Association.

*Ingo Money is a service provided by First Century Bank, N.A. and Ingo Money, Inc., subject to the First Century Bank and Ingo Money Terms and Conditions and Privacy Policy. Fees may apply. All checks subject to review for approval. For more details, visit https://www.ingomoney.com/partners/greendot-terms-conditions/.

+Retail service fee and limits apply. See Deposit Account Agreement for details at GO2bank.com.

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The Verdict

Go2bank Logo

Our rating

4.3/5

GO2bank Pros

  • Impressive yield on eligible balances
  • Potential for cash back on eligible purchases
  • Potentially valuable benefits with direct deposit
  • Flexible deposit options

GO2bank Cons

  • No CDs or IRAs
  • No investment accounts
Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

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