Go2bank Review 2023: Add Money from Any Location in the World
GO2bank is easy to use and designed to simplify banking, helping people save time and money, and improve their financial well-being. We all have people in life that we rely on and trust are our GO2s. You may want to create something just for them: the ultimate mobile banking app that can be their GO2bank.
GO2bank™ is the ultimate mobile banking app and debit card, packed with features to help you better manage your money and build your credit. Simple, Seamless, and Smart.
The bank’s key benefits include a 1% annual percentage yield on savings accounts up to a certain balance.
Access to direct deposits up to two days early; and the ability to deposit cash with a GO2bank debit card or the mobile app at many retail locations.
About Go2bank
GO2bank has a checking account with separate savings subaccounts called vaults. The bank also provides a secured credit card to build credit, with no credit check.
GO2bank is good for customers who want a digital banking account with easy ways to handle cash.
It is also good for customers that plan to save up to $5,000, and receive direct deposits from work or as government benefits.
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Also for customers that earn interest on higher balances and have no monthly fees or overdraft fees on checking accounts.
You can pick up a GO2bank Visa debit card at retailers such as Walmart and activate it online, or open an account directly on the bank’s website.
GO2bank Pros and Cons
Pros
1. 1.00% APY across all savings vaults.
2. Ability to create up to five vaults, which can divide up savings goals.
3. Large ATM and retail networks for cash withdrawals and cash deposits, respectively.
Cons
1. No transfers from a GO2bank account to external bank accounts.
2. The 1.00% rate applies only to the first $5,000 across all savings vaults, making the maximum you can earn $50 a year.
3. A $5 monthly fee if you don’t receive direct deposits through GO2bank.
GO2bank Account
GO2bank is a Neobank by Green Dot, a financial technology company with the sparse benefit of having its own banking license to provide federal deposit insurance.
Below are some features of the GO2bank account:
1. Monthly Fees
GO2bank’s primary account has a monthly fee of $5 that can be waived with at least one direct deposit per month.
Although the fee is low compared with traditional banks, similar mobile checking accounts don’t have such a fee.
There’s no minimum balance to open the account online. If you get the debit card at a store instead, there’s a purchase fee of up to $2.95 and a minimum deposit of $20.
Monthly Fees Checking Features
The checking features include withdrawals at over 19,000 fee-free ATMs nationwide and cash deposits at over 90,000 locations of big-brand retailers such as Walmart and CVS.
The mobile app can create one-time bar codes for a retail cashier to scan as they accept your cash, making for an easy bridge between cash and digital.
Cash deposits aren’t a regular feature among Neobanks given the nature of being digital-only.
You can receive direct deposits up to two days early (or four days early, in the case of government checks) compared with traditional banks.
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There’s also a limited cash-back program for purchasing online gift cards. There are many ways to add money, but there isn’t yet a way to make a transfer out of a GO2bank account to an external bank account.
The mobile app offers check deposits for free if you don’t mind waiting 10 days. Otherwise, to receive funds within minutes, the fee is 1% or 5% of the amount, depending on the type of check.
Other fees include $3 for out-of-network ATM withdrawals and up to $4.95 for each cash deposit at a retailer. There is also a 1.5% fee for online transfers from an external debit card to fund a GO2bank account.
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2. Annual Percentage Yield (APY)
The Stellar Rate for a Certain Sum: GO2bank provides up to five savings subaccounts, or vaults, with no minimum balance requirements.
The vaults altogether earn the high rate of 1% APY on balances up to $5,000, paid out quarterly. Any amounts over that don’t earn interest.
If you don’t expect to save more than that at GO2bank in the next year, this rate particularly is a good deal.
Otherwise, there are high-yield savings accounts that let you earn interest on far higher balances.
Some Limits to Funds Access: You must have the GO2bank primary bank account in order to open one or more vaults.
The only way to move money in or out is through transfers between the primary account and a vault.
3. Banking Experience
Mobile-Focused Banking: GO2bank is an all-digital bank, so there are no branches. The mobile app has better than 4-star ratings in app stores
Therefore and it has fringe benefits like limited cashback when buying select gift cards and the ability to lock and unlock the debit card if lost or stolen.
GO2bank Customer Support: Phone support is available seven days a week from 5 a.m. to 9 p.m. PT. The bank also has live chat on its website for logged-in customers.
Neobanks can be solid options for consumers who prefer online-only banking.
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Funds deposited in these accounts are usually FDIC-insured through partner banks, which will also typically receive customers’ money if a Neobank closes, so customer funds are safe.
In rare cases, including GO2bank, the Neobank is officially a bank. Neobank accounts often have low monthly fees and earn strong rates.
Although, they may lack traditional banking features, including in-person customer service and access to personal or cashier’s checks (often required for large purchases, such as buying a home) or wire transfers.
4. Overdraft Fees
Low Fee but Limited Coverage: Only customers who receive direct deposits can opt-in to overdraft coverage for $10 to $200, depending on their direct deposit amount.
When a purchase would result in a negative balance, the bank can cover up to that amount to let the transaction go through.
A customer has a 24-hour grace period to bring the account back up to zero or higher.
If they don’t and a balance is overdrawn by more than $10, GO2bank charges $15 for each debit card purchase that makes or keeps an account negative, up to five times per day.
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An overdrawn balance of $10 or less isn’t charged a fee. For anyone without overdraft protection, any transaction that would put them in the red gets rejected without a fee.
Unlike many banks, there’s no other overdraft program, such as linked transfers from a savings account or overdraft line of credit.
GO2bank Login
With 22 years of banking innovation, 33 million customers served, 07 days a week of live customer support, and 90 thousand retail deposit locations.
No monthly fees with eligible direct deposit, otherwise $5 per month
No minimum balance is required to open an account online. Read further to know how to go about GO2bank login.
How to Login Account on GO2bank
Go2Bank is an incredible option for someone who needs a simple checking account.
Go2Bank accounts are only available through Walmart and its banking services are provided through the Green Dot Bank. The bank is ideal for tech-savvy and fee-conscious bank customers.
However, before you opt to open a Go2Bank account, make sure that you shop around and compare offerings and research the bank’s limits on deposits and fees.
Apart from budgeting and money-saving tools, a Go2Bank account also comes with a MasterCard debit card that you need to activate before you start using it.
How to Open a Go2Bank Account
So, how do you activate your Go2Bank card? Keep reading to know!
1. To open a Go2Bank account, visit GoBank.com or use the Go2Bank application for free to complete your account application.
2. Once you are on the web page, click on the “Open Account” option located in the top right corner of your screen.
Fill in your personal details, and once you are sure that you have provided the correct information, click/tap on the ‘Submit” button.
The personal information that you need to submit includes your full name, date of birth, registered phone number, and primary email address.
3. You will also need to provide your social security number plus any other personal information that you may be asked to provide such as gender.
Typically, all financial institutions must ask for this information to abide by federal law.
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However, you need to keep in mind that you will need at least $20 as an opening deposit when creating an account using the starter kit.
Go2Bank accounts are only available to individuals, and you cannot use your account for business checking or can you open a joint account.
If you encounter any problems while trying to open an account, make sure that you contact Go2Bank customer support and a customer agent will gladly help you out.
How to Activate your GO2bank Card
1. You can activate your GO2bank Secured Credit Card by logging in to your GO2bank app or visiting GO2bank.com and following the prompts on your account dashboard.
2. You’ll be asked to provide your card details and create a PIN.
3. Online access, mobile number verification (via text message), and identity verification (including SSN) is required to open and use your account
4. Once you have opened your Go2Bank account successfully, you will receive a Go2Bank debit card after seven days. The next thing you need to do is to activate your card to start enjoying the bank’s numerous features.
Unless you activate your card and verify your contact information, most of the bank’s features will remain unavailable to you.
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Steps on How to Activate the Go2bank Card
Follow these simple steps to activate your Go2Bank card: Visit go2bank.com
1. Once you are on the homepage of the website, click/tap on the “Activate Card” option.
This option is located in the top right corner of your screen before the “Open Account” option.
2. You will be redirected to another page that will request you to key in your 16-digit debit card number for activation.
If you used a starter kit, make sure that you provide the 3-digit CVV number as well.
3. Click/tap on the “Confirm” button and follow the prompts.
It only takes a few minutes to activate your Go2Bank card and start using it. You can use your MasterCard to make purchases online or at retail stores.
When you buy the Go2Bank starter kit, you get a temporary card. Once you complete your account application, you will get an official and personalized Go2Bank debit card in your mail.
Unlike other banks, you can open a Go2Bank account even if you have a bad credit history.
GO2bank App
Download the App here to get started
Features of GO2bank
1. The Ultimate in Value and Convenience:
1. No monthly fees with eligible direct deposit, otherwise $5 per month
2. Free nationwide ATM network
3. Overdraft protection up to $200, with opt-in and eligible direct deposit
4. Get your pay up to 2 days early with direct deposit
5. Earn over 10x the national savings rate average
2. Your GO2 for Better Credit:
1. Raise your credit scores instantly and get your FICO score for free
2. Build or repair your credit over time with the GO2bank Secured Visa Credit Card
3. Keep your Money Safe
1. Member FDIC bank and a brand of Green Dot Corporation
2. Lock and unlock your card with a tap of the app
3 Receive fraud alerts when we see something suspicious
Mobile number verification, email address verification, and mobile app are required to access all features.
4. Unlock Overdraft Protection up to $200
with opt-in and eligible direct deposit. ATM withdrawals and bill payments made within the app are not covered by overdraft protection. The amount of coverage is based on your direct deposits
You have 24 hours from the authorization of the first transaction that overdraws your account to bring your account positive to avoid a $15 fee.
Your coverage is automatically adjusted based on your direct deposits.
How it Works
1. Set up and receive direct deposits.
2. Opt in for overdraft protection.
3. We’ll automatically cover purchase transactions that exceed your available balance.
5. Refer Friends and you Both get $50
Get $50 for each friend that opens a new GO2bank™ account and receives a qualifying direct deposit. Plus, your friend gets $50 too!
How it Works
1. Log in to access your “Refer a friend” page and get your unique share link
2. Choose how you want to share your link and refer friends to GO2bank
3. When your referred friends become a new GO2bank customers and receive a qualifying direct deposit, you both get $50 deposited into your accounts
GO2bank customer service
You can report your GO2bank debit card lost or stolen and ask for a replacement card in the GO2bank app, or by calling Customer Care at (855) 459-1334.
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GO2bank Terms and Conditions
1. The monthly fee is waived when you receive a payroll or government benefits direct deposit in the previous monthly statement period in the app for free ATM locations.
2. A $3 for out-of-network withdrawals, plus any additional fees the ATM owner or bank may charge.
Limits apply. Activated, chip-enabled debit card and opt-in required. A $15 fee may apply to each eligible purchase transaction that brings your account negative.
3. Balance must be brought to at least $0 within 24 hours of authorization of the first transaction that overdraws your account to avoid the fee.
4. We require immediate payment of each overdraft and overdraft fee. Overdrafts are paid at our discretion, and we do not guarantee that we will authorize and pay any transaction.
5. Direct deposit early availability depends on the timing of the 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.
6. Interest is 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.
7. Fees on your primary deposit account may reduce earnings on your savings account.
The average national savings account interest rate of 0.06% is determined by the FDIC as of 1/18/22.
8. Credit Score is calculated based on FICO Score 8 model unless otherwise noted.
In addition to the FICO Score 8, we may offer and provide other base or industry-specific FICO Scores (Such as FICO Auto Scores and FICO Bankcard Scores).
Your lender or insurer may use a different FICO Score than FICO Score 8 or such other base or industry-specific FICO Score (if available), or another type of credit score altogether.
Average users who received a boost improved their FICO Score 8 based on Experian Data by 12 points. Some may not see improved scores or approval odds. Not all lenders use credit information impacted by Experian Boost™.
9. Available only to GO2bank accountholders with direct deposits totalling at least $100 in the past 30 days. Eligibility criteria apply and a security deposit is required.
10. Previously authorized transactions and deposits/transfers to your account will function with a locked card.
11. Message and data rates apply.
Frequently Asked Questions
You probably have questions bothering your mind on GO2bank, Below are the frequently asked questions on GO2bank.
CSN Team.