Go2Bank vs Walmart MoneyCard

2 Mobile Banks Backed by GreenDot Bank

Both the Go2Bank and Walmart MoneyCard are both online mobile banks backed by GreenDot Bank. They offer many similar features but also have some differences that may lead you to pick one over the other. In this comparison, I will highlight these features and we will find out which is the better online bank.

What is Go2Bank?

Go2Bank is an online mobile bank that is backed by GreenDot Bank. They offer features that are typical in mobile banks like early access to payroll direct deposit by up to 2 days, up to $200 overdraft protection for up to 24 hours. They have a high yield savings account that pays 4.5% APY for up to $5,000 in deposits. Go2Bank charges a $5/month fee which will be waived if you set up either a payroll or government benefit direct deposit.

Go2Bank has in-network ATM machines where you can withdraw cash fee-free. They also offer a Go2Bank Secured Visa with no credit checks and no annual fee and with a minimum security deposit of only $100.

You can also use your Go2Bank Debit Visa card to purchase eGift Cards from merchant partners that will give you cash back as high as 7%.

What is Walmart MoneyCard?

The Walmart MoneyCard is also an online bank backed by GreenDot Bank. They also offer early access to paycheck by up to 2 days, up to $200 overdraft protection for up to 24 hours. Their high yield savings account pays 2% APY for up to $1,000 in depoists. There is a $5.95/month fee which will be waived if you set up a direct deposit of at least $500. The Walmart MoneyCard allows you to deposit and withdraw cash for free at Walmart stores.

The MoneyCard has a cash back program that pays 3% cash back on purchases made online at walmart.com or on the app, 2% at Walmart fuel stations and 1% at regular Walmart stores. You can earn up to $75 annually in cash back.

Similarities

No Monthly Fee with Eligible Direct Deposit

Both the Walmart MoneyCard and Go2Bank charge monthly fees though they can be waived if you set up "eligible direct deposits". For the Walmart Moneycard, you need to set up a direct deposit of at least $500 to get the $5.95 monthly fee waived. For Go2Bank, you need to set up either a payroll direct deposit or government benefit deposit to get the $5 monthly fee waived.

Up to $200 Overdraft Protection

Both Go2Bank and Walmart MoneyCard offer up to $200 in overdraft protection, which has to be topped up within 24 hours. Both require you to set up direct deposits to be eligible for this feature.

Early Access to Paycheck

Both allows you to access your paycheck up to 2 days early if you enroll in payroll direct deposit.

Both are backed by GreenDot Bank

Both the Walmart MoneyCard and Go2Bank are backed by GreenDot Bank. Go2Bank is actually part of GreenDot whereas Walmart has partnered with GreenDot for their MoneyCard.

Differences

Go2Bank has higher APY on their savings account

Both Go2Bank and the Walmart MoneyCard have high yield savings account. Go2Bank has a 4.50% APY on up to $5,000 in deposits. The Walmart MoneyCard has a 2% APY on up to $1,000 in deposits. So Go2Bank has the higher APY and also a higher limit where you can earn an interest.

Go2Bank has ATM network

Go2Bank has partnered with ATM networks where you you can withdraw cash fee-free. The Walmart MoneyCard does not have any ATM network partners so you will be charged a fee if you withdraw money from any ATM. Having said that, you can withdraw and deposit cash fee-free at Walmart.

Go2Bank offers a no credit check secured Visa card

Go2Bank offers their mobile bank customers a no credit check secured Visa with no annual fee. The only requirement is that you have had a direct deposit of at least $100 made the preceding 30 days prior to your application. The minimum security amount is also very low at $100. The Go2Bank Secured Visa reports to all three major credit bureaus and helps you to rebuild or build your credit.

The Walmart MoneyCard does not have any credit builder products.

Different Cash Back Program

Both the Walmart MoneyCard and Go2Bank Debit Visa have different cash back programs. Walmart's cash back program is centered on purchases made with Walmart. You will earn 3% cash back with online purchases at Walmart.com and their app, 2% at Walmart Fuel Stations and 1% at physical Walmart stores.

Go2Bank's cash back program is based on eGift Cards that can be purchased with the Go2Bank debit card that comes with your acount. Some merchant partners offer up to 7% cash back.

One is a Visa and the other a Mastercard

The Go2Bank's Debit Card is a Visa whereas the Walmart MoneyCard is a Mastercard. Both are the most widely accepted network.

Which is better? Walmart MoneyCard or Go2Bank

Both the Go2Bank and Walmart MoneyCard is backed by GreenDot and they share many similar features. For example, both offer early access to your payroll direct deposit for up to 2 days early, up to $200 overdraft protection for 24 hours and have cash back programs (though they are different).

However, I feel that the Go2Bank is better than the Walmart MoneyCard in a few areas. Firstly, they have a higher APY on their savings account (4.5% vs 2%) and you can earn interest on a higher deposit amount with Go2Bank ($5,000 vs $1,000 for the MoneyCard). Secondly, Go2Bank has partnered with ATM networks where you can withdraw cash fee-free at their in-network ATM machines. In contrast, Walmart MoneyCard has no ATM partners and you have to pay a fee if you withdraw cash from an ATM. Nevertheless, you can withdraw cash for free at Walmart stores. Another big difference is that Go2Bank offer their customers who enroll in direct deposit a no credit check, no annual fee secured Visa that only requires a minimum deposit of $100.

It is for the above reasons that I give the edge to Go2Bank over the Walmart MoneyCard. Having said that, those who shop at Walmart a lot may find that the MoneyCard is good enough for them and that would be a perfectly good reason to go with the Walmart MoneyCard.