GO2bank Review [2024]: Mobile Banking Perks, but With a Savings Rate Cap

GO2bank account basics

APY	None
Minimum balance for APY	Not an interest-bearing account, but your balance can be moved to interest-bearing vaults
Minimum deposit to open account	None
Monthly maintenance fees	$0 when you receive a payroll or government benefits direct deposit in the previous monthly statement period, otherwise $5
ATM access	Free access to over 55,000 ATMs within the nationwide Allpoint network $3 fee plus any additional fee by an ATM owner or bank at out-of-network ATMs
Cash deposit options	Cash deposits at over 90,000 locations of big-brand retail stores such as Walmart and CVS, service fee up to $4.95 may apply Up to $500 withdrawal limit per day
Transactions per month	No limit on your Visa debit card transactions
FDIC insured	Yes
	Visit GO2bank

The GO2bank checking account serves as the hub for your banking activities. While it doesn't earn interest, it offers several features that make it stand out. The early paycheck access (up to two days early with direct deposit) is a nice perk that can help with cash flow management.

One thing I particularly appreciate is the large network of free ATMs. With over 55,000 in-network options, it's usually not too hard to find a fee-free ATM when you need cash. However, the $3 fee for out-of-network ATMs is something to be mindful of if you frequently find yourself needing cash in areas without an in-network option.

GO2bank high-yield savings vault basics

APY	4.50%
Minimum balance for APY	No minimum balance, but you only earn interest on up to $5,000 between all vaults (you're allowed up to 5 vaults at no extra charge)
Minimum deposit to open a vault	None
Monthly maintenance fees	None
ATM access	No ATM access directly to your vaults, as these funds can only be accessed through your GO2bank account
Transactions per month	No limit on the number of transfers you can make between your vaults and GO2bank account
FDIC insured	Yes
	Visit GO2bank

GO2bank's savings account, which they call "vaults," is where things get interesting. The high APY is eye-catching, especially compared to the low rates you see for traditional savings accounts. 

However, it's important to note that this rate only applies to balances up to $5,000 across all your vaults (you can have up to five). While this cap might be limiting for some, it's still a great option for those looking to maximize returns on their short-term savings.

One unique aspect of GO2bank's savings vaults is that they're designed to work seamlessly with the main account. You can easily move money between your main account and vaults, making it simple to set aside funds for specific savings goals. 

For example, you could set up a vault for your emergency fund, one for a large purchase you may be saving for, and another for a dream vacation.

What we like about GO2bank

After exploring GO2bank's features, I've found several aspects that make it stand out in the crowded field of online banking.

No hidden fees

The best banks try to keep their fees to a minimum so the customer experience is better. In the case of GO2bank, no hidden fees doesn’t mean there aren’t any fees (for example, there’s a $5 monthly maintenance fee if you don’t have qualifying direct deposits set up), but it’s a show of good faith that GO2bank isn’t trying to hide its fees.

Additionally, some of these fees, like monthly account fees and overdraft fees, can be avoided if you follow simple guidelines.

Early paycheck access

If you set up an eligible direct deposit, you’ll automatically qualify for getting your paycheck up to two days early and your government benefits up to four days early. This early availability could be helpful if you want access to your pay or benefits as quickly as possible.

High-yield savings

The best checking accounts are often paired with savings accounts that offer competitive interest rates in the form of high annual percentage yield. GO2bank accounts include access to a high-yield savings account, which consists of up to five interest-bearing accounts called vaults.

You can freely move funds from your main account into any of the five vaults to set aside money for savings goals. You’ll earn 4.50% APY on up to a total of $5,000 average daily balance across all your vaults. This is much higher than the national savings rate APY of 0.45% (as of 10/21/24).

Cash back with eGift cards

The GO2bank mobile app (available on both Apple iOS and Android devices) allows you to purchase prepaid eGift cards from almost 100 popular merchants, including Amazon, Hulu, and Domino’s, and earn cash back for each eligible purchase. 

You can earn up to 7% instant cash back for each eGift card purchase you make through the app. The cash back is deposited into your GO2bank account and immediately available to use.

Build credit

GO2bank account holders who receive eligible direct deposits can qualify for the GO2bank™ Secured Visa^® Credit Card⁶ and start building or rebuilding their credit. You don’t need good credit to apply, and your credit won’t be impacted by the application since there’s no credit check.

This secured credit card has a $0 annual fee and your credit use is reported to the three major credit bureaus. You get to check your monthly VantageScore, a type of credit score, report with Equifax.

You can also enroll in Experian Credit Care Advantage through GO2bank, which includes free access to your Experian credit report and FICO Score, credit file locking, and ID theft protection.

What GO2bank could improve

While GO2bank offers many attractive features, it could enhance its services in a few areas to better meet the diverse needs of modern banking customers.

Mobile check deposit limitations

The GO2bank app offers remote check cashing, but the time frame for accessing your money isn’t the most helpful. You have two options: You can access your money in a few minutes or use it in 10 days.

If you select the quicker option, you have to pay a fee. If you don’t want to pay the fee, you have to wait 10 days. Mobile check deposits with major banks typically only take a business day or two for the funds to clear, so having to pay a fee or wait 10 days is a bit of a hassle.

Short turnaround time to avoid fees if you overdraft

GO2bank advertises overdraft protection, which can be helpful in certain situations, but you could still be charged a fee for an overdraft if you don’t follow the terms of the overdraft protection program.

Depending on your level of overdraft protection, which is based on your direct deposits, you could have coverage for up to $200 of overdrawn funds. But if you don’t get your account balance back to at least $0 within 24 hours, you’ll be charged a $15 fee.

No outgoing transfers to external accounts

One frustrating limitation I've noticed with GO2bank is the inability to transfer money directly from your GO2bank account to other bank accounts. This can be a real hassle if you need to move funds to another institution.

While you can still withdraw money via ATM or by requesting a check, the lack of simple electronic transfers feels like a significant oversight in today's interconnected banking world. If you like to maintain accounts at multiple banks or need to send money to friends and family, this restriction could be a deal-breaker.

Who is GO2bank best for?

GO2bank is ideal for tech-savvy individuals who are comfortable managing their finances entirely through a mobile app. It's particularly well-suited for:

• Those looking to maximize interest on smaller savings balances
• People who want early access to their paychecks
• Individuals who rarely need to deposit cash
• Anyone looking for a low-fee banking option with no minimum balance requirements

How to open a GO2bank account

1. To open a GO2bank account, head to the GO2bank website and click on the “Open an account” button. 

2. This will prompt you to enter an email address you want to use for your new account. 

3. Then follow the steps, including entering your name, address, phone number, date of birth, and Social Security number to finish creating your account.

Options for funding your account

• Depositing cash at retailers like Walmart, Walgreens, and CVS (a fee of up to $4.95 may apply)
• Setting up direct deposit
• Cashing a check with the GO2bank app
• Transferring money from a linked bank account
• Transferring money from a linked debit card

How to withdraw money from a GO2bank account

GO2bank doesn’t allow transfers from your GO2bank account to another account. If you want to withdraw money from your account, you’ll have to find an ATM. Keep in mind that account holders will have over 55,000 fee-free ATMs to choose from in the Allpoint nationwide ATM network.

The entire Allpoint network is much larger than that, though, so account holders will need to pay attention to make sure they are using one of the fee-free machines. Out-of-network ATMs are subject to a $3 fee plus any fee the ATM owner or bank may charge.

Other account fees

GO2bank customer service

GO2bank doesn’t have in-person branches, so if you need help with their financial services you’ll have to reach a customer service agent through other means.

GO2bank.com has an online chat feature in the bottom right corner of most pages where a specialist can help answer your questions. You can also call customer support at (855) 459-1334 to speak with an agent over the phone.

If your concern isn’t as urgent, consider sending a letter to:

GO2bank
P.O. Box 5100
Pasadena, CA 91117

GO2bank FAQ

Alternatives to Go2bank

High Yield Savings Account from Customers Bank

Customers Bank's High Yield Savings Account is worth a look for those attracted to GO2bank's high APY but wanting more earning potential. It offers a slightly higher 4.41% APY⁷ without GO2bank's $5,000 balance cap.

Like GO2bank, Customers Bank has no monthly maintenance fees, but It only requires a $1 minimum deposit to open an account. While it's primarily an online bank, Customers Bank does have physical branches in a few states, making it a better fit for those who live near a branch and prefer in-person banking.

Visit Customers Bank

SoFi Checking and Savings

SoFi's offering is comparable to GO2bank in its digital-first approach, but it has some key differences. It combines checking and savings into one account, which simplifies money management. SoFi's up to 4.20% APY on savings (with qualifying direct deposits)⁸ is competitive with GO2bank's rate, and like GO2bank, it offers early paycheck access.⁹

However, SoFi® doesn't cap the balance eligible for its high rate, which could be advantageous for larger savers. With no minimum balance requirements and no monthly maintenance¹⁰ or overdraft fees¹¹, SoFi® matches GO2bank's low-fee structure while providing a more comprehensive banking solution. SoFi is a Member, FDIC.¹²

Visit SoFi®

...or read our full SoFi Checking and Savings review.

Bottom line

GO2bank offers a compelling package for those seeking a high-yield savings option with the convenience of mobile banking. The APY is among the best rates I've seen, and features like early paycheck access and cash back on eGift card purchases add extra value.

However, it's not without its drawbacks. The lack of physical branches and limited options for free cash deposits may be deal-breakers for some. Additionally, the cap on the high-yield savings rate might not suit those with larger balances.

Ultimately, if you're comfortable with digital-only banking and are looking to maximize returns on a smaller savings balance, GO2bank is worth considering. Just be sure to weigh the pros and cons against your personal banking needs before making the switch.