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GO2bank review: is it trustworthy?
GO2bank offers an excellent way for you to save money and build credit. This post will tell you how it works.
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by Danilo Pereira
This bank offers convenient savings accounts and credit-building cards
This review will show you that GO2bank is a financial technology company that works 100% online and offers both checking and savings accounts, as well as a secured credit card that helps you build credit.
How to open your account with GO2bank?
Check this post if you'd like to start banking with GO2 bank. It will show you how to open your account.
The bank does not require any credit check in order for you to get their credit card, and you can get a Visa debit card at retailers such as Walmart. Also, applying for an account is easy and totally online.
If you’re interested in what this bank has to offer, keep reading this GO2bank review.
- Financial products offered: Checking account, Savings Account, Debit Card, Credit card
- Fee: $5 a month, waived if you receive direct deposits from an employer or government benefit
- Minimum balance: No minimum balance is required
How is banking with GO2bank?
GO2bank offers a digital bank account which makes it easy to handle cash. Also, if you don’t intend to save over $5,000, it yields 1% a year on that money.
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Significant benefits and disadvantages you may find
There are a number of reasons why you should or should not open an account with GO2bank, and we’ll show you them in this review. It all depends on what you are looking for.
To help you to get a clear picture of what this bank is about, we have put together a list of benefits and disadvantages for you. Have a look.
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Benefits
- Create up to 5 savings vaults for different savings goals
- Get 1% interest on your savings
- 19,000 ATMs nationwide free of fees
- 100% online
Disadvantages
- Only the first $5,000 in savings get the 1% yield
- Transfers to external accounts are not allowed
- $5 monthly fee if you do not receive direct deposits
- Waiting for 10 days to receive check deposits for free
Why should you choose GO2bank?
GO2bank can be an excellent pick for those just starting out on their financial journey.
Their savings account does not yield interest for deposits over $5,000. This means the 1% yield they offer will earn you only $50 a year.
However, you have access to 5 different vaults, which are essentially separate savings accounts. You can use each one of them to save money for a different purpose.
Also, make no mistake: 1% may not seem like a lot, but it is a good yield compared to what you usually find on the market.
It is just that, at this point in your life, you do not have a lot of money, so you will not make a lot of money unless you incur some significant risk.
How to start banking with GO2bank: application process review
As we have previously mentioned in this review, GO2bank works 100% online, so opening a bank account with them is done through their website.
If you would like a complete walkthrough of the application process, we have prepared one for you. Just hit the link below.
How to open your account with GO2bank?
Check this post if you'd like to start banking with GO2 bank. It will show you how to open your account.
About the author / Danilo Pereira
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