Overview

GO2bank is a neobank by Green Dot, a financial technology company with the rare benefit of having a banking license to provide federal deposit insurance. Like the firm’s first banking enterprise.

GO2bank has a checking account with separate savings subaccounts called vaults. The mobile-focused bank’s biggest perks are the high savings rate (on up to $5,000) and the ability to deposit cash at certain retailers. However, there are other neobanks where accounts earn interest on higher savings balances, allow cash deposits and have no monthly fee.

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Pros:

• Large, free, nationwide ATM network.
• Savings subaccounts to manage goals.

Cons:

• Monthly fees (though they are avoidable).
• Cannot transfer money to another bank account.
• Limit on amount that earns high savings rate.

Best For

The main perk of the GO2bank™ Account is that you can receive your money early. You could receive your paycheck up to two days early and your government benefits up to four days early.

Bottom Line

GO2bank is a worthwhile option if want a checking account with early direct deposit. The best checking accounts also have no monthly fees or ATM fees, though. You also might like the 4.50% APY (Annual Percentage Yield) if you'd like to earn a competitive interest rate on a balance of up to $5,000.

If you tend to keep a higher savings balance, however, there are other high-yield savings accounts that may be more suitable.

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