GoBank Review: Checking

GoBank offers mobile checking with a debit card and tools like bill pay. There's no credit check, but cash deposits cost money and you won't earn interest.

Jeanne LeeFebruary 4, 2020
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Overall bank rating

GoBank
  • Checking

    Checking

  • Banking experience

    Banking experience

  • Overdraft fees

    Overdraft fees

4.0

NerdWallet rating 

The bottom line:

GoBank’s checking account is easy to open, you can avoid its monthly fee with a $500 direct deposit and it doesn't typically allow overdrafts. You may also receive your paycheck a few days early. But it doesn’t earn interest, and with no branches, you won’t get any in-person service.

 

GoBank offers banking services, but it's technically a brand of Green Dot Bank. Its deposits are insured through Green Dot.

 

This account is best if you’ve had trouble opening a checking account at other banks due to your ChexSystems record or credit score and need an account that’s accessible online.

Pros

  • Doesn't generally allow overdrafts, and doesn't charge overdraft fees.

  • Doesn’t use ChexSystems or check credit history to determine eligibility.

  • Large free ATM network.

Cons

  • No traditional savings account.

  • No interest earned.

  • Cash deposits can cost up to $4.95.

Full review

GoBank Checking Account

GoBank Checking Account

4.0

NerdWallet rating 
Monthly Fee

$8.95

Waived with direct deposit or $20 minimum balance

GoBank has a wide ATM network with free access to 42,000 ATMs, and its $8.95 monthly fee is avoidable by having direct deposits that total at least $500 each month. You can get your paycheck up to two days earlier than your normal payday, and a government-issued check as many as four days earlier.

Though it's not quite a savings account, GoBank offers a Money Vault account that can separate savings from spending. It doesn't earn interest, but it can encourage good saving habits.

A big benefit is that this account has no ChexSystems or credit score check. If you’ve been denied a bank account because of a less-than-perfect ChexSystems report or credit report, GoBank might be a good option for you, since they allow most customers who pass identity verification to open an account.

Banking experience

4.0

NerdWallet rating 

There are multiple ways to access help with GoBank: Reach customer service by phone 24/7, or via Twitter or snail mail. GoBank also has good app store ratings. Users give good ratings to GoBank’s mobile apps on both iOS and Android platforms.

A downside is that, unlike many online and mobile-accessible banking services, there's no chat support.

» See how GoBank compares to other second-chance checking options

Overdraft fees

4.0

NerdWallet rating 

GoBank's checking account has no overdrafts. If you spend more than you have in your account, your card will simply be declined. That means you won’t get charged for overdraft or nonsufficient funds fees. However that also means you have no overdraft protection. Sometimes being able to dip into the negative is helpful in emergencies, and some account providers have lenient policies where overdraft protection transfers from linked accounts are free. Because overdrafts aren’t possible, GoBank gets dinged here.

GoBank Checking Account

GoBank Checking Account

4.0

NerdWallet rating 
Monthly Fee

$8.95

Waived with direct deposit or $20 minimum balance

GoBank has a wide ATM network with free access to 42,000 ATMs, and its $8.95 monthly fee is avoidable by having direct deposits that total at least $500 each month. You can get your paycheck up to two days earlier than your normal payday, and a government-issued check as many as four days earlier.

Though it's not quite a savings account, GoBank offers a Money Vault account that can separate savings from spending. It doesn't earn interest, but it can encourage good saving habits.

A big benefit is that this account has no ChexSystems or credit score check. If you’ve been denied a bank account because of a less-than-perfect ChexSystems report or credit report, GoBank might be a good option for you, since they allow most customers who pass identity verification to open an account.

How does GoBank compare?

Deposits are FDIC Insured

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Monthly Fee

$0

Monthly Fee

$0

Monthly Fee

$0

APY

N/A

APY

1.25%

With $0 minimum balance

APY

0.10%

With $2,500 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

N/A

RATING 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). Ratings are rounded to the nearest half-star.