Go2Bank Review: Legit App for a Real Bank Experience (2024)

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If you want a simple, no-frills banking experience, Go2Bank might be a great fit.

Go2Bank is an all-digital banking option aimed at people who need bare-bones banking services. You manage your money on your phone through the Go2Bank app and can deposit cash through the company’s network of retail partners.

Even though Go2Bank is an online-only bank, it is a legit banking app with FDIC-insured deposits.

In this Go2Bank review, I’ll tell you what I think of the company, discuss how it compares to other popular neobanks, and help you decide if Go2Bank is the right online bank for you.

The Bottom Line: Is Go2Bank Legit + Worth it in 2024?

Overall rating: 3.8 out of 5.0

Go2Bank is a good option for some people, but you need to make sure you understand the fine print before you sign up.

If you get monthly direct deposits, don’t need to transfer money out of your account, and don’t mind depositing cash at retailers like Walmart, Go2Bank will work well for you.

If you don’t get regular direct deposits or if you often need to transfer money out of your accounts, you’re better off going with an alternative bank like Chime or Varo.

Go2Bank Review

I spent some time reviewing Go2Bank, including its policies, products and services, and other customer reviews.

The following sections provide a broad overview of Go2Bank, answer some of the questions I get asked most often about Go2Bank, and give my overall opinion of the company as a whole.

What is Go2Bank?

So, what is Go2Bank? It is a neobank that operates entirely online. You can purchase prepaid Go2Bank cards — which are Visa debit cards — or deposit cash at participating retailers like Walmart.

Go2Bank also offers a checking account with savings buckets as separate subaccounts. These savings subaccounts offer 4.50% APY up to balances of $5,000 — well above the national average.

Unfortunately, anything amounting over $5,000 accrues no interest, so the APY on funds above that is 0%.

The best way to use Go2Bank, in my opinion, is as a way to easily manage direct deposits and store small amounts of money — less than $5,000 — to take full advantage of the high APY the company offers.

Is Go2Bank a Real Bank?

Let’s get this out of the way: Is Go2Bank legit? Yes. Go2Bank is 100% a real bank.

People who ask “is Go2Bank a real bank” are probably not used to online banks, so they feel uncomfortable using a bank that doesn’t have physical locations or its own ATMs.

Even though Go2Bank doesn’t have branches, it’s still a real bank, complete with FDIC backing up to $250,000.

How Does Go2Bank Work?

Go2Bank uses retailers throughout the country to handle cash deposits and sell Visa debit cards. Other than that, using Go2Bank is very similar to using any other bank.

Managing your Go2Bank account happens entirely through the Go2Bank app. You can manage your account, create savings buckets, and see nearby ATMs right on your phone.

Account Types

Unlike many other online banks, Go2Bank only offers one account type, a hybrid checking/savings account.

Hybrid Checking/Savings Account

Go2Bank offers a checking account with savings subaccounts it calls vaults. You can create five separate savings vaults to keep track of the money you save and earn an impressive 4.50% interest on the first $5,000 you deposit.

I want to make sure you understand something. Even if you separate your money into different vaults, you still only earn 4.50% on the first $5,000 you deposit. If you have five vaults, each with $5,000 in it, you still only earn $125 for the year (4.50% of $5,000 is $125).

Secured Credit Card

Go2Bank offers a secured credit card that you can use to build your credit. A secured credit card differs from a normal credit card in that you can only spend as much money as you have in your account, so it’s not really a credit card at all.

Nonetheless, using a Go2Bank “credit” card will help you build credit. It also gives you access to credit tracking through VantageScore, a credit score service backed by Equifax.

Go2Bank Features

Go2Bank has a lot of nice features for a mobile-focused bank. The main highlights that stand out to me are:

• Early direct deposit
• Excellent rates up to $5,000
• No monthly fees (as long as you get direct deposit)
• $200 overdraft protection
• Security features like chip cards, fraud alerts, and ability to lock your card
• Secured credit card to build credit with no credit check

Go2Bank Review: Important Considerations

Some of the above features are self-explanatory, but I want to elaborate on a few points.

• First, one not-so-great part about using Go2Bank is that the high APYs you see advertised only apply to the first $5,000 in your savings account. Go2Bank’s HYSA offers 4.50%, which is great, but since it only applies to the first $5,000 in your account, you’re limited to earning $125 per year.

• Second, Go2Bank charges a monthly account maintenance fee of $5 unless you receive at least one direct deposit per month. That means that I really only recommend using Go2Bank if you’re getting regular direct deposits.

• Finally, the features Go2Bank doesn’t offer are just as important as the features it does offer. The biggest gap in Go2Bank’s service for me is that you can’t transfer money out of your account. That might sound crazy to you in 2024, but it’s true. The only way to get money out of your Go2Bank account is to withdraw it from an ATM.

Go2Bank Card Costs: Fees and Minimums

• Go2Bank doesn’t have a fee for opening an account online, and it doesn’t charge a monthly fee as long as you receive at least one direct deposit per month.
• The maintenance fee is $5 per month if you don’t have a direct deposit during the month.
• Depositing cash at a retailer like Walmart or CVS comes with a pretty hefty fee of $4.95, so I recommend depositing cash sparingly. The fee applies no matter how much cash you want to deposit, but it hurts less if you hold onto your money so you can deposit a larger sum.

One nice aspect of Go2Bank is that you get access to free ATM withdrawals as long as you use an ATM in Go2Bank’s network. You can see in-network ATMs right in the Go2Bank app. The fee for taking money out of an out-of-network ATM is pretty steep at $3 per withdrawal.

There is no minimum deposit required to open a Go2Bank account online.

Go2Bank Reviews: What are Customers Saying?

Go2Bank gets mixed reviews online, mostly because some people don’t understand what the company offers.

• Trustpilot: 1.3 out of 5.0
• Google reviews: 4.5 out of 5.0
• WalletHub: 3.5 out of 5.0

The Trustpilot score stands out as being particularly low, but many of the negative reviews on other sites mention similar problems. The most common complaints I’ve seen are about receiving poor customer service and unexpected fees.

I should mention that some people leave negative reviews when they realize they can’t transfer money out of their account, which isn’t Go2Bank’s fault. As long as you understand what you’re getting when you sign up with Go2Bank, you shouldn’t have a problem.

Is Go2Bank Safe?

Go2Bank is safe to use, yes. The funds you deposit with Go2Bank are FDIC-insured, which means your money is safe up to $250,000.

That should be more than enough for anyone considering opening a Go2Bank account since only your first $5,000 accrues interest in a Go2Bank savings vault.

Contacting Go2Bank: Customer Service Options

The easiest way to get help from Go2Bank is through the Go2Bank app. The company offers 24/7 live chat support for simple issues. If you run into a more serious problem or need to have your card locked, you can also get in touch with Go2Bank via phone.

Go2Bank has a bunch of helpful support articles on its website, including a page of top questionsand a series of quick help guides.

How to Use Go2Bank: Steps to Sign up For an Account

So, how do you actually sign up for a Go2Bank account? I’m glad you asked! Here are the steps you need to take to open an account:

1. Download the Go2Bank app. The easiest way to open a Go2Bank account is via the company’s mobile app. You can also open an account on the Go2Bank website.
2. Enter your personal info. Go2Bank requires your name, date of birth, address, social security number, and phone number.
3. Verify your identity. You will also have to submit a picture of a valid government-issued ID (like a driver’s license) before you can finish creating an account.
4. Deposit money. Once your account is verified, you can add money to it via direct deposit, by transferring money from another bank, or by depositing cash at one of the more than 90,000 retail locations across the country that partner with Go2Bank.

Go2Bank: Pros and Cons

Here’s a handy table summarizing the main pros and cons of Go2Bank:

Go2Bank Alternatives

If you need to transfer money out of your account or need a more full-featured banking experience, here are some of my favorite alternatives.

Go2Bank vs. Chime

Chimeis another fintech company that has fewer fees and gotchas than Go2Bank. It’s my go-to recommendation for people looking for an online all-in-one financial solution.

• Go2Bank is better for people who don’t need all the bells and whistles Chime provides and are content with capping their savings accounts at $5,000. Of course, you can put more than $5,000 in your Go2Bank savings account; it just won’t accrue interest.

• Chime is best for anyone who doesn’t want to worry about making sure they get a direct deposit every month to dodge fees. Chime also offers early paycheck deposits, doesn’t have any monthly maintenance fees, has a credit-building program, and more. It’s my top pick for the best digital bank for most people.

Go2Bank vs. Varo

Another solid option is Varo. Unlike Go2Bank, Varo has a bunch of built-in benefits for travelers, like no foreign transaction fees and no currency exchange fees. Using your Go2Bank card abroad comes with a 3% transaction fee, and the company doesn’t offer exchange services.

• Go2Bank is best for people who don’t plan on saving more than $5,000 and who don’t need to use their card while traveling.
  
• Varo is best for people who travel a lot and want an easy way to spend their money while they’re away without worrying about fees.

Go2Bank vs. Green Dot

Choosing between Go2Bank and Green Dot is somewhat of a false dichotomy because Green Dot owns Go2Bank. However, Green Dot offers different features than Go2Bank, so you might find that one suits you better than the other.

Go2Bank is best for anyone who only needs limited direct deposit functionality and won’t be affected by savings interest cutting off at $5,000.

Green Dot is better for people who are specifically looking for prepaid cards to manage their money. Green Dot doesn’t offer a savings account, not even a limited one like Go2Bank.

One similarity between Green Dot and Go2Bank is that both offer opt-in overdraft protection up to $200, as long as you have eligible direct deposits.

Final Word:

To sum up my Go2Bank review?

As long as you make regular direct deposits every month and aren’t looking to park more than $5,000 in a savings account, Go2Bank is a good choice.

But that’s not everyone. While Go2Bank is a good option for some people, you should make sure you fit the target demographic before you sign up. Otherwise, consider another option with more features like Chime or Varo.

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