Designed as the ultimate mobile bank account, GO2Bank aims to be simple, seamless, and smart. The company has served 33 million customers to date.
Should you open an account with GO2Bank? How does GO2Bank work? Keep reading to discover everything you need to know about GO2Bank today in our review.
What is GO2Bank?
GO2Bank is a banking app found online at GO2Bank.com and on mobile app stores.
You can open a GO2Bank account with no monthly fees, no minimum balance required, and no hidden fees.
GO2Bank also lets you use your card or the app to deposit cash at retailers nationwide. Or, you can move money from a linked debit card or bank account to GO2Bank.
Once money is in your GO2Bank, you can earn 10x the national savings rate average. GO2Bank has high-yield savings accounts that pay 1% APY quarterly on savings up to $5,000. You can also earn 7% instant cash back when you buy gift cards through the GO2Bank online store
GO2Bank also offers secured Visa credit cards with no credit check and other perks you don’t get with traditional banks. You can use a secured Visa credit card to rebuild your credit.
GO2Bank was launched by Green Dot, a publicly-traded fintech company (NYSE: GDOT). The company developed GO2Bank as its flagship mobile banking platform.
GO2Bank advertises all of the following benefits:
- No monthly fees with eligible direct deposit (otherwise $5 per month)
- Overdraft protection up to $200 with opt-in and eligible direct deposit
- Free ATM network
- Early access to your pay
- Deposit cash at a retail store
- Cash checks with the GO2Bank app
- Lock and unlock your card using the GO2Bank app
- Earn up to 7% cash back by buying gift cards through the GO2Bank app
- Pay bills from the app
- Build credit using a secured Visa credit card you can use virtually anywhere
- Enjoy high-yield savings accounts with 1% APY paid quarterly
- Link your debit card to preferred merchants with Way2Pay
GO2Bank advertises all of the following features:
No Monthly Fees: If you sign up for direct deposit with GO2Bank, then you’ll pay no monthly fees. If you don’t sign up, then you’ll pay $5 per month.
No Hidden Fees: GO2Bank discloses its complete fee structure upfront.
No Minimum Balance Required: You can open an account online with no minimum balance required.
Available for iOS and Android: You can download the GO2Bank for free for Apple and Android devices.
Control Finances from an App: With the GO2Bank app, you can pay bills, send checks, make payments, view free ATM locations near you, lock and unlock cards, and manage your bank accounts from a simple mobile app.
Overdraft Protection Up to $200: If you opt-in to overdraft protection and have direct deposit on your account, then GO2Bank automatically covers purchase transactions that exceed your available balance.
Get Paid 2 Days Early with Direct Deposit: If you add direct deposit to your GO2Bank app, then you can get government benefits up to 4 days early. You also get additional perks by adding direct deposit to your account.
Deposit Cash at Local Retailers: You can use your card or the GO2Bank app to deposit cash at retailers nationwide, making it easy to add cash to your account and spend it however you like.
Transfer Money from Linked Debit Cards or Bank Accounts: You can link a debit card or bank account to your GO2Bank account, making it easy to move money from existing accounts.
Cash a Check from Home: Take a photo of your check with your mobile device to cash the check from the comfort of home.
Free Nationwide ATM Network: Find free ATM locations using the GO2Bank app.
Earn 7% Instant Cash Back: Buy electronic gift cards (eGift cards) through GO2Bank for over 100 popular merchants and get up to 7% cash back.
Earn 10x the Average Bank Account Savings Rate: GO2Bank pays a 1% APY quarterly on savings accounts up to $5,000, which is 10x higher than the nationwide average.
Protect your Money: GO2Bank is FDIC-insured, which means your money is protected up to certain maximum limits. You can also lock and unlock your card if misplaced, get fraud alerts via text message, and use a chip-enabled card for extra protection.
Build or Repair Credit: GO2Bank offers a secured Visa credit card. There’s no credit check required to apply, and there’s no annual fee. You can get credit limits as low as $100, then report payments to all 3 credit bureaus to rebuild your credit or improve your credit.
Pick Up a GO2Bank Debit Card Today at Local Retail Locations: GO2Bank has partnered with local retailers to sell Visa debit cards. You can buy a GO2Bank Visa debit card at a location near you.
Refer a Friend to Get $50 Each: Both you and a friend can get $50 when you refer your friend to the platform.
Overall, GO2Bank aims to be a simple, seamless, and smart way to manage your money.
GO2Bank Money Protection Features
GO2Bank offers several services and features to help you protect your money, including:
Lock Protection: Lock and unlock your card with a few taps to block new purchases – say, if you lost your debit card or believe it was stolen.
Fraud Alerts: GO2Bank monitors your account for signs of fraud. If they believe a transaction is suspicious, they’ll send a text.
Chip-Enabled Card: Insert the chip-enabled card at the register to securely pay anywhere Visa debit cards are accepted in the United States.
Member FDIC Bank: GO2Bank is backed by Green Dot, which has 22 years of experience providing innovative fintech solutions while serving over 33 million customers. GO2Bank is also FDIC-insured up to $250,000.
GO2Bank Secure Visa Credit Card
If you have no credit or bad credit, then it’s difficult to get credit cards to improve your credit score. Some people use secured credit cards to escape this trap.
GO2Bank offers a secured Visa credit card with limits as low as $100 and no credit check involved. Even if you have bad credit or no credit, you can get a secured credit card through GO2Bank, then begin making regular payments to improve your credit history. GO2Bank reports all payments to the 3 major credit bureaus. As long as you make regular payments, you can improve credit over time.
GO2Bank’s secured Visa credit card has features like:
- No credit check
- Credit limits starting at $100
- Monthly credit bureau reporting to all 3 major bureaus
- No annual fee
Once you’ve signed up for a GO2Bank account, here’s how to get started with the secured Visa credit card:
- Step 1) Setup direct deposit on your GO2Bank account.
- Step 2) Receive direct deposits totalling at least $100 in the last 30 days.
- Step 3) Apply for the GO2Bank secured Visa credit card within the app or online within minutes.
- Step 4) Activate your card and transfer a minimum of $100 from your GO2Bank bank account, which acts as a security deposit and sets your credit limit (you can transfer more money for a higher credit limit).
Once you have the secured Visa credit card, you can use the card as you normally would:
Use your card in-store and online, spending only what you can pay back (your credit card is secured with money in your GO2Bank account)
Keep your monthly balance low to maximize the impact on your credit score (generally, you should keep your balance below 50% of your credit limit)
Make payments on time each month, checking the due date on the GO2Bank app or at GO2Bank.com
GO2Bank reports your payment history to the 3 major credit bureaus, including TransUnion, Experian, and Equifax
Watch your credit build over time; as long as you use your secured card responsibly and make regular payments, your credit limit rises
GO2Bank Retail Debit Card Participating Retailers
You can pick up a GO2Bank Visa debit card at participating retail stores near you.
Once you buy this debit card, you can use it to access funds in your GO2Bank account – just like you would use an ordinary debit card.
Some of GO2Bank’s partner retailers selling debit cards include:
- Dollar General
- Dollar Tree
- Family Dollar
- Rite Aid
You can find a store near you today here: https://www.go2bank.com/retail_debit_card_today
GO2Bank Overdraft Protection
GO2Bank offers different levels of overdraft protection. If you sign up for overdraft protection, then you won’t pay overdraft fees when exceeding account limits.
If you opt into the overdraft protection and have eligible direct deposits on your GO2Bank account, then you can unlock overdraft protection up to $200, depending on the amount of money transferred into your account via direct deposit.
There are no additional fees for overdraft protection. You automatically qualify for overdraft protection after opting in and receiving a certain number of direct deposits.
Here are the different limits of overdraft protection:
Basic ($10 Coverage): Qualify for Basic overdraft protection when you receive a single direct deposit of any amount to your account with no fee. This coverage protects against overdrafts of up to $10.
Premium 100 ($100 Coverage): Qualify for Premium 100 overdraft protection when you receive at least 2 direct deposits totaling $200+ in a 35 day period.
Premium 200 ($200 Coverage): Qualify for Premium 200 overdraft protection when you receive at least 2 direct deposits totaling over $400+ in a 35 day period.
If you have overdraft protection, then you have 24 hours from the authorization of the first transaction that overdraws your account to make your account balance positive. If you don’t make your account balance positive within 24 hours of the transaction, then you’ll pay a $15 overdraft fee.
ATM withdrawals and bill payments made within the app aren’t covered by GO2Bank’s overdraft protection.
GO2Bank Direct Deposit
To unlock most GO2Bank benefits, you need to add direct deposit to your GO2Bank account. You can qualify for direct deposit benefits by:
Receiving paychecks via direct deposit into your GO2Bank account
Receiving government payments via direct deposit into your GO2Bank account
Once you receive any direct deposit each month, you qualify for added benefits, including:
Get paid up to 2 days early (for paychecks) or up to 4 days early (for government benefits
Waived monthly fees (ordinary GO2Bank users pay $5 per month, while direct deposit users pay $0 per month)
Overdraft protection up to $200
Build or rebuild credit with a GO2Bank secured Visa credit card
It’s easy to set up direct deposit on your GO2Bank account. Just login to find your GO2Bank bank account and routing number, then give those numbers to your benefits provider or employer. You’ll receive direct deposits into your GO2Bank account just like you receive them in your bank account.
GO2Bank discloses its complete fee structure upfront, including all monthly fees, transaction fees, cash withdrawal fees, foreign transaction fees, and other charges.
Overall, GO2Bank emphasizes a simple fee structure with no hidden charges.
Here’s how pricing breaks down:
Monthly Fee: $0 per month (if you received a payroll or government benefits direct deposit in the previous monthly statement period) or $5 per month (if you have not received a direct deposit in the last month)
Direct Deposit Fee: $0
Cash Deposit: Up to $4.95 retail service fee
Money Transfer Fee from Linked Bank Account: $0
Money Transfer Fee from Linked Debit Card: 3% of the amount transferred (minimum of $2) added to transfer amount.
In-App Check Cashing: 1% or 5% of check amount to receive money within minutes, depending on check type (minimum $5 fee per check), or $0 to receive money within 10 days
In-Network ATM Withdrawal: $0
In-Network ATM Balance Inquiry: $0
Out-of-Network ATM Balance Inquiry: $0.50 per transaction
Teller Cash Withdrawal: $3 per transaction
Replacement Card (Lost, Stolen, and Damaged Cards): $0
Expedited Delivery of Replacement Debit Card or Secured Credit Card: $24.95
Foreign Transaction Fee: 3% of total transaction amount
GO2Bank Reviews: What Do Users Say?
GO2Bank has positive reviews online from both users and major media outlets. Generally, customers like the convenience, usability, and accessibility of GO2Bank, although some customers find the fees expensive.
Here are some of the pros and cons of GO2Bank, according to users and major review outlets:
WalletHub praised GO2Bank for being an easy to use, simple banking system that helps people save time and money while improving their wellbeing; WalletHub also liked the full suite of financial products available to consumers, including debit, prepaid, checking, credit, and payroll cards along with money processing services
WalletHub users give GO2Bank an average of 3.4 stars out of 5 with 8,700+ reviews; many customers complain about poor customer service, confusing overdraft fees and fund reversals, and being charged fees when those fees should have been waived
NerdWallet gave GO2Bank an average rating of 4.0 stars out of 5, praising the platform for its strong savings account and digital banking products; however, NerdWallet took issue with the fact that you can’t transfer money from GO2Bank to external bank accounts and that the 1% APY only applies to the first $5,000 in savings, which means you can only earn a maximum of $50 per year in interest
GO2Bank has an average rating of 1.3 stars out of 5 on Trustpilot with 90+ reviews; 94% of reviewers have given the app a 1-star rating for poor customer service, poor security, difficult payment processing experiences, and general incompetence dealing with customer complaints
GO2Bank has strong ratings on both major app stores, including a 4.5 star rating out of 5 on the Google Play Store (with 41,300+ votes) and a 4.7 star rating on the iOS app store (with 17,700+ votes); generally, customers are happy with the app, its usability, and its overall performance
Overall, GO2Bank has strong reviews from most users, although a loud minority of reviewers seem to have had very bad experiences with the GO2Bank customer service team and dispute resolution process, causing them to leave negative reviews.
GO2Bank is Green Dot’s flagship digital bank. Green Dot (NYSE: GDOT) is a financial technology company and registered bank holding company aiming to make modern banking and money movement accessible for everyone.
Green Dot’s proprietary technology allows for faster, more efficient electronic payments and money management. They used this technology to create GO2Bank.
GO2Bank is backed by 22 years of banking innovation experience. To date, the company has served over 33 million customers and has 90,000 retail deposit locations around the world.
GO2Bank is also an FDIC-insured bank, which means money is protected up to the maximum allowable limit and is not held by a third party bank.
You can contact GO2Bank and Green Dot via the following:
- Online Help Center: https://www.go2bank.com/help
- Phone: (855) 459-1334
- Mailing Address: PO Box 5100, Pasadena, CA 91117
GO2Bank is a new banking app offering no monthly fees, no hidden fees, and a range of perks and benefits.
By signing up for GO2Bank today, you can access your money via a convenient mobile app, access secured Visa credit cards to build your credit, and enjoy other perks.
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