Greenwood Review: Spending and Savings

Greenwood offers online-only Spending and Savings accounts. It has a large free ATM network and interest on savings.
Chanelle Bessette
By Chanelle Bessette 

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Overall bank rating

  • Savings
  • Checking
  • Banking experience
  • Overdraft fees


NerdWallet rating 
The bottom line:

Greenwood is an online-only nonbank financial institution. It partners with Coastal Community Bank to provide its services and Federal Deposit Insurance Corp. insurance of up to $250,000 per depositor, which means your money is protected with Greenwood. Greenwood is a Black-owned financial institution and supports the Black and Latino communities by fighting food insecurity, giving money to Black- and Latino-owned businesses and donating to community organizations.

Best for: Those who want to keep their money at an online-only financial institution, earn interest on savings and support minority communities.


  • No monthly fees.
  • Solid interest rate on savings.
  • Early paycheck access with direct deposit.
  • Large ATM network.


  • No overdraft protection program.
  • Withdrawal fee applies to out-of-network ATMs.
  • Cash deposits come with a third-party retailer fee.

Full review

Greenwood Savings Account
Greenwood Savings Account


Deposits are FDIC Insured


 NerdWallet rating 
With $0.01 min. balance for APY

Solid interest rate. Greenwood customers earn 4.15% annual percentage yield on their savings balances.

No monthly fee or minimum balance. There is no fee to maintain a Greenwood Savings Account and no minimum balance requirement to open an account.

Greenwood Spending Account
Greenwood Spending Account


Deposits are FDIC Insured


 NerdWallet rating 
Monthly fee

No monthly fee or minimum balance. There is no minimum balance to open a Greenwood Spending Account nor a monthly fee to maintain the account.

No interest. Unlike the Greenwood Savings Account, the Spending Account does not earn interest.

Early paycheck with direct deposit. Customers can receive their paychecks up to two days early if they sign up for direct deposit.

Large free ATM network. Customers can access more than 100,000 fee-free ATMs with the Allpoint, MoneyPass, Wells Fargo and PNC networks. Withdrawals at Allpoint ATMs in the United Kingdom, Australia, Mexico and Canada are also fee-free.

Fees charged for cash deposits and out-of-network ATM withdrawals. To deposit cash into your Greenwood account, you have to use a Green Dot retail location, such as Walgreens, CVS or Walmart. These retailers charge up to $4.95 per cash deposit. If you use a domestic ATM that’s outside Greenwood’s network, Greenwood will charge a $2.50 fee per withdrawal, in addition to whatever the ATM operator charges. If you use an international out-of-network ATM, Greenwood charges $5. There is also a $2 fee for checking your balance at an out-of-network ATM.

Banking experience


NerdWallet rating 

What to know about neobanks: Neobanks can be solid options for consumers who prefer online-only banking. Funds deposited in these accounts are usually FDIC-insured through partner banks, which will also typically receive customers’ money if a neobank closes, so customer funds are safe. Neobank accounts often have low monthly fees and earn strong rates. However, they may also lack traditional banking features, including in-person customer service and access to personal or cashier’s checks (often required for large purchases, such as buying a home) or wire transfers. (Learn more about neobanks and what they offer.) Consider these details before opening an account.

Online-only customer service. Greenwood doesn’t have branches, so customers need to be comfortable with remote customer service, such as by phone, email or Greenwood’s online contact form. Greenwood’s phone support is available from 10:30 a.m. to 7:30 p.m. Eastern time weekdays and from 10 a.m. to 5 p.m. ET on Saturdays.

No online chat. Greenwood doesn’t offer an online chat feature.

Mixed mobile app ratings. Greenwood’s mobile app has high ratings from the Apple app store, but its ratings are average for the Google Play store.

Overdraft fees


NerdWallet rating 

No overdraft fees and no overdraft protection program. Greenwood doesn’t allow overdrafts, so customers aren’t charged overdraft fees. However, this also means that if you try to make a purchase or transaction without enough funds in your account, you might be in a tough situation if you don’t have another way to pay for it.


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.