GO2bank Review: Is This Online Bank Worth It?

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Accessing your money without a traditional checking account can be difficult. If you don’t qualify for a regular bank account, you might want to consider a digital banking account like GO2bank.

This platform lets you receive direct deposits, make a cash deposit, earn debit card rewards and build credit. However, you must decide if the features and fees it offers meet your banking needs.

Our GO2bank review can help you determine if the service is right for you.

go2bank logo
3.8
Overall Rating

Summary

GO2bank offers several ways to add funds, make payments and build credit. However, you must receive direct deposits to waive the monthly service fee.

  • Features

    3.8

  • Reward program

    3.8

  • Credit Building Tools

    4.1

  • Fees

    3.5

Pros

  • Earn interest on deposits 
  • Free ATM access
  • Can build a credit score

Cons

  • No separate savings account
  • Limited cash back rewards
  • Potential service fees

What is GO2bank?

GO2bank is the flagship banking app for Green Dot, which is best known for its prepaid debit cards. However, unlike Green Dot, this service offers a checking account with a rewards debit card and secured credit card. 

While it doesn’t offer any savings accounts, this online-only neobank provides several services and may charge fewer fees, including no monthly fee if certain requirements are met, than brick-and-mortar banks.

Your online checking account with GO2bank can perform these functions:

  • Receive direct deposits
  • Deposit checks and cash
  • Make ATM withdrawals
  • Rewards debit card
  • Earn interest on check and cash deposits

Unlike some online banks, this service provides several tools to help improve your credit score. 

GO2bank is best for the unbanked since you can quickly access your money locally or online. 

However, you will eventually want to consider upgrading to another service that offers more amenities and is less likely to charge miscellaneous fees.

How Does GO2bank Work?

Go2bank home

You can join GO2bank by downloading its Android or iOS mobile app. It’s free to join, and you will receive a physical card in the mail. 

Once you sign up, you can make one-time deposits from another one of your debit cards or different bank accounts to fund your account. You can also receive direct deposits or deposit cash.

Better yet, this account can double as a checking and savings account thanks to its various features.

No Credit Check

It can be easier to qualify for GO2bank than other institutions since your credit report doesn’t come into play. 

You can open an account online if you meet these qualifications:

  • Be at least 18 years old
  • Provide your mailing address
  • Have a Social Security number
  • Provide your phone number

This bank doesn’t use ChexSystems to check your banking history when you apply for an account. As a result, you can effortlessly open an account online if you have bad credit or no credit history.

GO2bank only supports individual accounts. Other members of your household must apply for their own account to receive a card.

Funding Your Account

You won’t need to make a minimum deposit or maintain an ongoing balance with your GO2bank account.

However, you can consider enrolling your employer or government benefit checks through direct deposit to waive the $5 monthly fee. One monthly direct deposit waives this fee.

In addition to fee-free direct deposit, your other funding options include:

  • Remote check deposit
  • Deposit cash at local stores
  • Debit transfers
  • Account transfers 

Additional fees apply when you want to have instant access to your money. Deposits that take several days to clear are free.

When you need to make cash deposits, over 90,000 stores serve as deposit kiosks. 

Some of the popular merchants include:

  • 7-Eleven
  • CVS
  • Dollar General
  • Kroger
  • Walgreens
  • Walmart

Unfortunately, the bank doesn’t handle wire transfers.

Making Payments

You can use your Visa debit card to make in-store and online purchases. In addition, surcharge-free ATMs are present nationwide when you need to pay cash, like for a Facebook Marketplace porch pickup. 

It’s also possible to use online bill payments when you can’t pay with your card. The merchant can withdraw funds when you submit your banking details.

Furthermore, you can have GO2bank mail a check to recipients for free if you need to make a payment.

How Much Does GO2bank Cost?

While it’s possible to avoid monthly fees with GO2bank, you may encounter other costs associated with maintaining and using your account.

Here are some of the fees you may encounter:

FeeCost
Monthly service fee$5 ($0 if you receive a monthly direct deposit)
Overdraft fee$15 ($0 with overdraft protection)
Cash depositsUp to $4.95 (varies by merchant)
Priority mobile check depositUp to 5% ($5 minimum fee) 
In-network ATM withdrawals$0
Out-of-network ATM withdrawals$3
Money transfers from a linked account$0
Money transfers from a linked debit card3% ($2 minimum)
Foreign transaction fee3%

The platform periodically offers promo codes to waive fees on select services. 

Key Features

Here are some of the best benefits of banking with GO2bank.

Receive Direct Deposits Early

You might be able to receive your employer-provided payroll direct deposits up to two days early. The bank also states that government benefits can land in your account four days early.

Receiving at least one direct deposit each month is required to waive the $5 monthly service fee.

Overdraft Protection

go2bank coverage

You’re eligible for up to $200 in overdraft protection with qualifying direct deposits. 

Your overdraft protection coverage amounts can include the following:

  • $10: Receive one direct deposit for any amount each month
  • $100: At least two deposits totaling $200 or more in 35 days
  • $200: At least two deposits totaling $400 or more in 35 days

You will need to opt-in to activate this benefit. After enrolling, GO2bank automatically applies the appropriate benefit amount as you receive qualifying direct deposits.

Overdraft protection covers purchase transactions and waives the $15 overdraft fee when you restore your balance within 24 hours.

It’s possible to make up to ten overdrafts per statement period to ensure you don’t have a negative balance.

Free ATM Withdrawals

You can make free withdrawals at Allpoint ATMs nationwide. In addition, there are approximately 19,000 in-network ATMs that you can find using the GO2bank mobile app. 

Earn Interest on Deposits

You will earn 1% APY on the first $5,000 in your account with quarterly interest payments. This interest rate is higher than most high-yield savings accounts.

Unfortunately, your excess cash reserves won’t earn interest. 

For additional peace of mind, your account is even eligible for up to $250,000 in FDIC insurance.

Earn Cash Back

You will receive up to 7% back on eGift Card purchases to approximately 100 merchants through the banking app with your GO2bank Visa debit card.

The app lets you buy gift cards for yourself or other GO2bank users. 

Your remaining purchases won’t earn purchase rewards. However, these debt cards are accepted by merchants accepting Visa. 

This money hack is an easy way to save money along with using cash back sites to maximize your spending power.

Mobile Check Deposit

It may seem crazy, but some mobile banking apps don’t support mobile check deposits. GO2bank offers this service for free when you wait ten days for your funds to become available.

You will pay a fee of up to 5% (minimum of $5) to access your cashed checks within a few minutes. Other mobile banking apps may not charge a fee to cash a check within minutes.

Build Credit

Go2bank raise credit score

GO2bank offers several free credit score tools, including:

  • Experian Boost
  • Credit monitoring
  • A secured credit card

The secured credit card doesn’t require a credit check. When you open an account, your minimum credit limit is $100 and requires a refundable security deposit of the same amount. 

Integrating these services into your banking habits can help improve your credit score

Refer Friends

If you like GO2bank, you can refer friends. If they sign up, you’ll each receive a $50 bonus. 

Every year, you can receive up to $1,500 in free money when your referrals complete their first direct deposit. 

Is Go2Bank Legit?

Yes, Go2Bank is a legitimate financial institution. The funds you deposit are FDIC-insured for up to $250,000.

Additionally, the bank offers security features to keep your funds safe. Ultimately, it’s a legit bank. But you’ll have to decide if the features meet your needs.

Go2bank Reviews

One of the best ways to determine if a service is right for you is to check out feedback from other users. 

Here’s a breakdown of how GO2bank ranks on review sites:

WebsiteRatingNumber of Reviews
Apple App Store4.7 out of 5Over 20,000
Better Business BureauB+ / 1.08 out of 5691
Google Play4.5 out of 5Over 47,000
Trustpilot1.2 out of 5122

Here are some reviews from GO2bank users:

“I don’t understand all the issues people are having. It’s a legit checking account… I have no complaints and I’ve been using it for six months.” – J.C.

“Horrible customer support, my account was frauded and the transaction was still pending but they “couldn’t do anything” till it stopped pending.” – Chase

“If you are not a direct deposit customer then the fees can add up fairly quickly. Considering the amount of checks I deposit, I am charged quite a lot in fees. Other than that, it is easy to use and easy to maintain a bank account.” – Sam S.

I like the fact that everything is explained to you in short but understandable terms and they also give you a chance to build or repair your credit through safe and efficient means.” –Tyrese G.

Alternatives to GO2bank

If you aren’t sure that GO2bank is right for you, these digital banking services may offer different features or charge fewer service or monthly fees.

Varo Bank

Varo Bank doesn’t charge monthly fees. It also doesn’t charge fees for mobile check deposits or foreign transactions. 

You even have access to over 55,000 fee-free ATMs and can be eligible for overdraft protection.

Other benefits include high-yield savings accounts, interest-free cash advances and a rewards debit card.

Additionally, if you want to build your credit history, you can apply for a free Varo Believe secured credit card.

Trustpilot score: 4.2 out of 5

Read our Varo Bank review to learn more.

Chime

Chime lets you open a checking account and an interest-bearing savings account. Having separate accounts makes it easier to budget for short-term expenses and long-term goals.

The service also offers over 60,000 fee-free ATMs, up to $200 in overdraft protection and a secured credit card.

As a bonus, there are no monthly service fees.

Trustpilot score: 3.9 out of 5

Read our Chime Bank review for more.

Sable

Sable provides a free online bank account with a chip-enabled debit card that earns 1% cash back at participating merchants. 

A secured credit card is also available that earns 2% of select merchants and 1% on your remaining purchases.  

This service can be easier to qualify for if you’re a foreigner living in the United States. It is one of the few platforms that doesn’t require a Social Security number for non-citizens.

While there are many similar features to GO2bank, this account doesn’t earn interest on your savings. However, you’re also less likely to pay bank fees, including a monthly service fee.

Trustpilot score: 3.3 out of 5

Read our Sable Bank review to learn more.

FAQ

These questions can help you decide if GO2bank is the right fit for your banking needs.

How do you waive the GO2bank monthly fee?

You must receive at least one payroll or government benefit direct deposit per month to waive the $5 monthly fee. 

How can you access your GO2bank account?

The easiest way to access your account is by using the GO2bank mobile app on your Android or Apple device. It’s also possible to log in from your web browser.

Is GO2bank safe?

GO2bank offers FDIC Insurance of up to $250,000 with Green Dot Bank.

The service also lets you turn off your debit card to prevent fraudulent purchases. You can even dispute unauthorized transactions. 

What are the GO2bank customer service options?

Daily phone support and live chat are available from 5 a.m. to 9 p.m. Pacific. There is also an online knowledge library. 

Summary

GO2bank is worth considering if you can waive the monthly fee. The service allows you to easily make purchases and pay bills. You will also earn a competitive interest rate on your savings.

However, this platform charges fees for a variety of optional services like expedited check deposits or transferring money from a linked debit card. 

These fees might cause you to consider another checking account for bad credit that offers similar services for free.

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