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GO2Bank Review, Highest APY Available Today

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By : Mr Credit Card


GO2bank Highlights

  • Get your pay up to 2 days early with ASAP Direct DepositTM
  • Overdraft protection up to $200 with opt-in and eligible direct deposit*
  • No monthly fees with eligible direct deposit, otherwise $5 per month
  • Earn up to 7% cash back when you buy eGift Cards in the app
  • Earn over 10x the national savings rate average High-yield savings account, 1% APY paid quarterly on savings up to $5,000**



GO2bank has a high APY and a route to a secured credit card

GO2bank is a mobile banking account that has a few unique features that will appeal to those who do not mind having a mobile banking account with no branches. They have a checking account that is paired with a high yield savings account. At this moment, GO2bank Vaults (or high yield savings accounts) have the highest APY (presently at 1%) whereas the average APY nationwide for high yield savings account is 0.60%. Furthermore, having a GO2bank account allows you to apply for their secured credit card once you have set up a recurring direct deposit and deposited $100 into your account. Their secured credit card is attractive for credit rebuilders because there is no credit check. and you will definitely be approved. There is also no annual fee and the initial minimum is very low at $100.



Fees of GO2bank

GO2bank Checking Account

APY N.A. - Checking Account
Minimum Balance None
Minimum Deposit to Open Account None
Monthly Maintenance Fee $0 with Eligible Direct Deposit - if not $5
ATM Access
  • Free access to over 19,000 Allpoint ATM network nationwide
  • $3 fee plus additional ATM fees for out-of-network ATMs
  • Up to $500 daily withdrawal
Transactions per month No limit on debit card transactions
FDIC Insured Yes

GO2bank High Yield Savings Account (Vaults)

APY 1%
Minimum Balance None - but earn 1% up to $5,000 in deposits
Minimum Deposit to Open Account None
Monthly Maintenance Fee None
ATM Access No ATM access for your Vault accounts. These funds can only be transferred to and from your GO2bank checking account (where you can access through ATMs)
Transactions per month No limit on transactions between your Vault and Checking account
FDIC Insured Yes

Other GO2bank Common Fees and Features

Overdraft Fee $0 - But $15 if account is not returned to at least $0 balance within 24 hours or if account was overdrawn for less than $10.
Stop Payment Fee $0
ACH Transfer Fee $0 for transfers from linked bank account to GO2bank account. You cannot transfer from your GO2bank account to your linked account
ACH Incoming Wire Service Not Available
ACH Outgoing Wire Service Not Available



GO2bank Compared to other online banks

Savings Account APY
Go2Bank 1%
Aspiration Plus 1%
Axos 0.60%
Marcus 0.50%
Vio Bank 0.61%
Comenity Direct 0.55%
National Average 0.6%

At this moment, GO2bank High Yield Savings Account (called Vaults) have the highest interest rate at 1%. The national average is 0.60%. As you can see in the table above, only the Aspiration Plus savings account matches GO2bank savings vault with a 1% APY. However, the Aspiration Plus has a monthly fee which offsets their higher APY. The next closest is AXOS at 0.6%. Though Axos has a lower APY, it is better in other ways than GO2bank in that you can withdraw money from their account besides only using an ATM. Other issuers fall between 0.40% and 0.5%. And these include well-known high yield accounts like Marcus, Citi and American Express.



What We Like About GO2bank

  • No Monthly Fee if you have eligible direct deposit - The monthly fee will be waived whenever you recei e a payroll or government benefits direct deposit the previous monthly statement. Otherwise you will be charged $5 a month.

  • Early Paycheck - If you set up an eligible direct deposit, you will automatically qualify to get you paycheck 2 days early and government benefits 4 days early.

  • High Yield Savings Accounts - The GO2bank checking account comes with a High Yielding savings account. You are given 5 vaults and you can transfer money back and forth between your checking and savings account. At this moment (July 2021), the interest rate is 1.0%, which is higher than the national average of 0.06%.

  • 7% Cash Back from eGift Cards - You can buy eGift Cards from over 100 merchants like Amazon from your mobile app and earn 7% cash back. After you have made those purchases, the 7% cash back will be deposited into your account (which you could then use).

  • Can apply for GO2bank secured credit card - GO2bank also offers their checking account holders a secured credit card. There is no credit checks done when you apply* and you will definitely be approved. You need to have a direct deposit of $100 before you can get the secured credit card. It has $0 annual fee and reports to the three major credit bureaus. The minimum deposit is $100 which is much less than the usual $200 that most secured credit cards require.

  • Offers $200 Overdraft Protection - GO2bank offers up to $200 in overdraft protection.

  • Can Deposit Cash at Retailers like Walmart, CVS, Walgreens - Doing so does incur a $4.95 fee.



What We Do Not Like About GO2bank

  • Have to top up overdraft within 24 hours to avoid fee - Though GO2bank offers overdraft protection of up to $200, you have to top up your overdraft within 24 hours or you will incur a $15 fee.

  • Mobile Check Cashing May Take Up to 10 days to clear - While it is great that GO2bank offers mobile check deposits, you may have to wait up to 10 days for the check to clear in your account. Most banks take 1-2 business days. There is an option where you the check will clear in a few minutes but you have to pay a fee.

  • No outgoing ACH transfers - While GO2bank allows ACH transfers from a linked account, you cannot do a ACH transfer from GO2bank to the linked account. You also cannot do an incoming or outgoing ACH transfer.



GO2bank - Highest APY Available

The GO2bank checking account comes with 5 high yield savings accounts called Vaults. These vaults allow you to transfer money from your checking account and save up for different things. Having 5 vaults in one account will appeal to those of you who like to split up your savings for different things in different accounts. At present, the APY of 1% is the highest available. Those of you who do not mind mobile banking (no branches) and are sensitive to how much you can earn will find GO2bank attractive.

Another reason to get the GO2bank account is their secured credit card, which they offer to those with an account. You do have to set up recurring direct deposit and deposit at least $100 before you can apply for it. But there is no credit checks, no annual fee and the minimum deposit is only $100. Rebuilders who have been denied credit cards will find this very appealing.

There are a couple of things you have to be aware of. Firstly, to avoid paying any monthly fees, you have to set up a recurring direct deposit. Secondly, though you can withdraw cash from ATMs, you cannot write a check or wire money out of your account. In fact, you can only do ACH transfers from a linked bank account. If you are OK with these restrictions and are either looking for the highest yielding savings account or want to get their secured credit card, then I would recommend that you go for it and open a GO2bank account.



How to Apply?

go2bank application go2bank application go2bank application go2bank application go2bank application

The screenshot above shows the GO2bank website. To open a GO2bank account, simply click on the “Open an account” button. You then enter an email address you want to use for your account. After you press get started, you will be prompted to fill in your name, address, phone number, date of birth, and Social Security number to finish creating your account.

Once you have finished setting up your account, you can fund your account via the following ways:

  • Depositing cash at retailers like Walmart, Walgreens, and CVS (a fee of up to $4.95 may apply)
  • Setting up direct deposit
  • Cashing a check with the GO2bank app
  • Transferring money from a linked bank account - Your first transfer from a linked bank account must be more than $1 and less than $100. After your first transfer, you will be able to transfer up to $1,000 per day and $3,000 in any given 30-day time period.
  • Transferring money from a linked debit card


As GO2bank doesn’t have in-person branches, you have to contact them via the following ways:

The GO2bank website has an online chat feature in the bottom right corner of most pages where a specialist can help answer your questions.

Phone: (855) 459-1334.

Mail: GO2bank, P.O. Box 5100, Pasadena, CA 91117

*Terms and conditions apply. Cards issued by GO2bank, Member FDIC, pursuant to a license from Visa U.S.A., Inc. Overdraft fees may apply. Click Apply Now to learn more.
**1% Annual Percentage Yield (APY) paid quarterly on savings, of up to a $5,000 balance. APY as of March 2021, and may change anytime. National savings average based on FDIC-published rates as of 4/1/21 on the $2,500 product tier of insured depository institutions for which data is available.