Neobanks are a brand new kind of financial institution that permits you to financial institution solely on-line. In trade for a scarcity of bodily branches to go to, neobanks provide extra perks and the comfort of banking from wherever you might be. 

This new kind of banking expertise has grown previously few years and is anticipated to succeed in $96.4 billion in 2023. Most clients desire neobanks as a result of they’re handy and have a tendency to supply higher charges than most conventional banks. 

GO2bank is considered one of these neobanks that makes banking from wherever you might be as simple as could possibly be. Plus, with fewer overhead fees, GO2bank can provide its clients higher charges on financial savings, loans, and different monetary merchandise. 

For those who’re inquisitive about how you should utilize GO2bank to handle your funds, you’re not alone. This neobank provides clients fairly just a few perks, however are they any higher than the options you’d discover at different neobanks? 

You’ll discover the reply to that query on this in-depth information on GO2bank. Along with serving to you perceive what GO2bank has to supply, we’ll evaluate these options to different banks to present you a greater concept of what’s on the market. 

Are you able to be taught extra about neobanks with our GO2bank evaluation? Let’s get began!

GO2bank

4.5

GO2bank, a neobank by Inexperienced Dot, provides a checking account with financial savings subaccounts referred to as vaults. Its largest perks embody a excessive financial savings fee on as much as $5,000 and the power to deposit money at choose retailers.

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What’s GO2bank

Go2bank, like lots of the greatest neobanks, is an online-only financial institution that provides the identical options you’d discover at conventional banks, with just a few changes. It was based in early 2021 by Inexperienced Dot, an organization that’s additionally behind a very separate monetary service referred to as GOBank. 

GO2bank’s mission is to serve the underbanked who might not be eligible to open a checking account anyplace else. The web-only side of the financial institution offers clients an opportunity to open an account regardless of the place they dwell so there are fewer limiting elements. 

With a GO2bank account, you’ll have 24/7 entry to customer support by way of cellphone or dwell chat. You and a good friend also can earn $50 every for those who refer them to GO2bank once you enroll via this referral hyperlink.

Tax Refund Promotion 

GO2bank is at the moment operating a tax refund promotion the place you will get your tax refund as much as 5 days earlier and enter sweepstakes to win $50,000.

You’ll have to enter your GO2bank account info once you direct deposit your tax refund to enter the sweepstakes. 

GO2bank Account Options

You possibly can obtain the GO2bank app for Android or iOS free of charge. Whereas no present banking promotions are operating for sign-up bonuses, the sign-up course of is so simple as coming into your private info and verifying your identification. 

Signing up requires your title, tackle, date of start, Social Safety quantity, and cellphone quantity. You’ll additionally have to confirm your identification by importing an image of your (legitimate) driver’s license. 

When you create your account, GO2bank will subject a chip-enabled debit card that ought to arrive in seven to 10 enterprise days. Your deposits are FDIC-insured and you’ll doubtlessly earn money again along with your debit card purchases. 

For instance, you’ll earn as much as 3% again on Amazon eGift playing cards. As soon as the qualifying transaction posts to your account, your cashback deposits instantly as nicely. 

GO2Bank Checking Account

GO2bank permits you to deposit money, obtain direct deposits, and save as much as $5,000 with their cellular checking account. You too can earn as much as 7% on the spot cashback on eGift card purchases via the cellular app with one of many greatest cashback debit playing cards accessible.  

A GO2bank checking account consists of a number of options. For instance, you should utilize your new Visa debit card at main retailers identical to you’d with any debit card. 

There’s no minimal steadiness to open your GO2bank account. Plus, you will get paid as much as two days early with GO2bank’s partnership with Plaid. 

Open the cellular app if you wish to unlock or lock your debit card. If you wish to receives a commission as we speak and deposit money funds, merely use a one-time barcode at a partnering retailer to take action. 

Financial savings “Vaults”

GO2bank is likely one of the greatest money-saving apps for those who’re searching for high-interest financial savings accounts.

Whereas the 4.5% APY fee isn’t fairly as much as different uncommon 5% curiosity financial savings accounts, that’s greater than even a number of the greatest digital banks can provide with regards to high-interest financial savings accounts.

With GO2bank, you may create as much as 5 Vaults to save lots of your cash. Nevertheless, you’ll solely earn 4.5% on as much as $5,000 throughout all Vaults. 

The catch with GO2bank is that curiosity is barely paid quarterly, quite than day by day and even weekly. Plus, you need to switch cash out of your financial savings Vaults to your checking account to spend it. 

Limits and Charges

A GO2bank account does include a $5 month-to-month charge. Nevertheless, you may waive this charge if in case you have an eligible direct deposit every month. 

In terms of ATMs, you might be restricted to withdrawing $500 per day, offered you may have the funds. We’ll discuss a bit extra about overdraft safety, which GO2bank does provide, within the subsequent part. 

GO2bank additionally fees a $3 charge for out-of-network ATMs however in any other case in-network ATMs are free. Pay as you go debit playing cards at main retailers can price as much as $2.95 and require a minimal deposit of at the least $20. 

When depositing money at taking part retailers, you’ll pay as much as $4.95 every time. GO2bank does allow you to deposit checks free of charge, so long as you may wait 10 days for the funds to clear. 

If you need funds sooner, you’ll pay anyplace from 1% to five% of the examine quantity to obtain it in minutes. The same scenario exists if you wish to hyperlink an exterior checking account to switch funds to your GO2bank account. 

Transfers will take about three enterprise days to finish, however you may also pay the larger of $2 or 3% of the switch funds to obtain them in about half an hour. It’s as much as you whether or not or not you wish to pay these expedited charges. 

Overdrafts

For those who want money now and haven’t any different selection however to overdraft, GO2bank does provide overdraft safety. It doesn’t come commonplace with a GO2bank account, nevertheless it’s free to choose in. 

The fundamental degree of overdraft safety is $10 of protection so long as you make a single direct deposit. It doesn’t matter if that deposit is $1 or $1,000. 

Select Premium 100 or Premium 200 in order for you $100 or $200 of overdraft protection respectively. You’ll have to deposit at the least $200 inside a 35-day interval for $100 in protection and $400 in that very same time for $200 of protection. 

Overdraft safety solely covers debit card purchases. You’ll be charged $15 per overdraft transaction, with a most of 10 fees in three months. 

GO2bank understands that typically you want some additional time to get your funds again so as. With a 24-hour grace interval and enrollment within the overdraft safety program, you may resolve an overdraft with out incurring the $15 charge. 

On the flip facet, for those who overdraft lower than $10, you gained’t be charged an overdraft charge for those who’re enrolled in overdraft safety. For those who don’t enroll, the transaction will probably be denied and also you gained’t be charged. 

Sadly, GO2bank doesn’t provide the choice to hyperlink to your financial savings account to cowl overdrafts. You can’t hyperlink your account with a line of credit score or bank card both. 

Associated: Banks That Let You Overdraft Instantly

Secured Credit score Card

If you might want to determine tips on how to enhance your credit score rating and simply aren’t certain even the greatest credit score rating apps are best for you, GO2bank’s secured bank card could possibly be the break you want. It’s a bank card that requires a deposit, nevertheless it additionally comes with no credit score examine to additional dip your rating. 

Credit score traces begin at $100 with GO2bank, as you’ll need to deposit this a lot on the cardboard earlier than you should utilize it. Whereas it’s not the identical as a $100 mortgage on the spot app, it’s an effective way to construct credit score at a gradual but manageable tempo. 

Better of all, GO2bank stories your funds to all three credit score bureaus. There’s no annual charge, and you may also monitor your credit score with VantageScore.

Credit score Care Benefit

The greatest credit-building apps on the market assist you to handle your funds day by day. If you wish to enhance your rating and get into the following set of credit score rating ranges, GO2bank might help. 

With the Credit score Care Benefit service, GO2bank provides free Experian Enhance to FICO credit score scores and darkish net surveillance with Experian CreditLock. Use these companies to watch your credit score rating and any identification theft threats free of charge. 

Benefits and Disadvantages of GO2bank

Along with banking solely on-line, GO2bank provides a number of professionals and cons. Right here’s a fast checklist to reference for those who’re nonetheless on the fence.

Execs

• 4.5% APY on financial savings as much as $5,000
• Skill to create as much as 5 separate financial savings Vaults
• Over 90,000 retail places for depositing money 
• 19,000+ free ATMs to select from 
• Waivable month-to-month charge 
• Free overdraft safety once you choose in 

Cons

• No examine writing accessible 
• Many charges related to account
• $5 month-to-month charge  
• Can not switch funds out of account 
• Restricted to $125 in financial savings curiosity per yr
• Curiosity compounded quarterly 
• Should choose in to overdraft safety 
• Can not hyperlink to a financial savings account to cowl overdraft fees

GO2bank Alternate options

GO2bank is only one of many neobanks on the market. Listed here are just a few alternate options you may flip to for those who’re undecided a few GO2bank account:

• Albert: Stand up to $150 once you create a brand new account with Albert. This money advance app provides as much as $250 in money advance funds and the account solely prices you $4 per 30 days after a 30-day free trial. 
• Chime: Money advance apps that work with Chime quantity just a few handfuls, however you may also use Chime SpotMe to overdraft your Chime account as much as $200 with out penalty. Plus, there’s no month-to-month charge or minimal opening steadiness for an account that allows you to receives a commission as much as two days early. 
• Dave: Different money advance apps like Dave would possibly allow you to borrow cash, however Dave helps you construct your credit score up and obtain your monetary objectives. All the identical, you may rise up to $500 in money advance funds with solely $1 in month-to-month charges. 
• Empower: There are not any curiosity or late charges with Empower. Put aside cash routinely to construct your financial savings with out the fear of a credit score examine for less than $8 per 30 days with Empower. 

These are a number of the greatest money advance apps on the market in order for you the power to request a money advance on high of your common checking account wants. 

FAQs

Obtain Your Monetary Objectives with GO2bank

GO2bank provides a number of perks we affiliate with neobanks, along with a number of options that make banking anyplace a cinch. You possibly can earn as much as $125 per yr in financial savings curiosity and even deposit money with this neobank. 

On the identical time, there are limits and charges related to this account. The query stays, are these catches price the advantages you get with a GO2bank account? 

We hope this GO2bank evaluation has helped you to grasp what you may and may’t do with a GO2bank account and evaluate that with the options of different neobanks. When you realize extra about what’s on the market, you can also make a better option for your self now and for the longer term. 

What’s going to you do along with your new GO2bank account? 

GO2bank

4.5

GO2bank, a neobank by Inexperienced Dot, provides a checking account with financial savings subaccounts referred to as vaults. Its largest perks embody a excessive financial savings fee on as much as $5,000 and the power to deposit money at choose retailers.

Open Account