GO2bank Review: Checking and Savings
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
GO2bank is an online bank by Green Dot, a banking and financial technology company. Like the firm’s earlier banking enterprise, GoBank, GO2bank has a checking account with separate savings subaccounts called vaults. The mobile-focused bank’s biggest perks are a high savings rate (on up to $5,000) and the ability to deposit cash at certain retailers.
GO2bank's accounts have monthly fees (though they are avoidable). They also have limits that may be deal breakers, such as the inability to transfer money out of the account to another bank. The ability to transfer funds should be a standard feature at any institution. If you need to make electronic transfers to other accounts, you’ll be better off looking at other banking options.
» COMPARE: Best high yield savings accounts
If you choose to go with Go2bank, you can pick up a GO2bank Visa debit card at a retailer such as CVS or Walgreens and activate it online, or open an account directly on the bank’s website. The bank also provides a secured credit card to build credit, with no credit check.
Large, free, nationwide ATM network.
Savings subaccounts to manage goals.
Cannot transfer money to another bank account.
Monthly fees (though they are avoidable).
Limit on amount that earns high savings rate.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.