GO2bank Review: Checking and Savings
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Overall institution rating
4.5
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.
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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.
Best for: Digital banking customers who plan to deposit cash, receive direct deposits from an employer or as government benefits, and save up to $5,000 — all without needing to transfer money out of the account.
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.
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). The ratings are incremented in tenths of a star.