Youll Need A Go2bank Account To Apply
Applicants are required to have a GO2bank deposit account with direct deposits of at least $100, 30 days before card application. U.S. citizens and permanent residents who are 18 years or older can apply for a GO2bank deposit account online.
While the GO2bank Secured Credit Card is relatively easier to qualify for than conventional credit cards, its banking requirements may make it difficult for some consumers to get approved. There are alternative credit card options that offer more flexible eligibility requirements. The OpenSky® Secured Visa® Credit Card, for example, doesnt require a bank account, which makes it accessible to individuals who are unbanked. Cardholders can pay their security deposit with a money order or a Western Union payment. The card does charge an annual fee of $35, however, which makes it more costly to carry than the GO2bank Secured Credit Card.
Add And Transfer Funds
You can cash a check using the GO2 Bank mobile banking app. There is a fee if you wish to cash the check immediately.
Your bank account will get funded, and you can use the money with the GO2 Bank debit card. This fee is waived if you get your funds in 10 days to allow for the check to be approved.
Deposit Cash at Stores
You can also make cash deposits at retail stores nationwide. O2 Bank has partnered with almost 90,000 stores, including Walmart, Walgreens, Dollar General, and CVS Pharmacy.
To add money, all you have to do is bring your cash to a participating retailer, along with your debit card. You give your money to the cashier and swipe your debit card. The money should then appear in your bank account within a few minutes.
Transfer from another Bank
Even if you use another financial institution, you can transfer money from there to your GO2 Bank account. Theres no fee to transfer money from a linked bank account.
Transfer from another Debit Card
Another way you can add funds to your bank account is by funding it through a linked debit card that you have on file.
Go2bank Review 202: Mobile Banking With Overdraft Protection
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According to the FDIC, The “unbanked” in America represent 7.1 million households. These are people who do not have access to a checking or savings account.
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Is It Worth It
If you don’t have a traditional checking account and want access to banking features, such as check cashing or direct deposits, GO2bank is an excellent and free option. It can also be a great way to build credit, especially if you’re willing to set up direct deposit into your GO2bank account to avoid the monthly fee.
If you want to compare GO2bank’s benefits and fees with other banking alternatives, check out our top online banks in 2021.
What Is Go2 Bank
GO2 Bank is a division of Green Dot Bank and services as part of their digital banking initiatives. It has the full backing of Green Dot Corporation, so customers receive up to $250,000 of FDIC insurance on their money.
The mobile banking service was launched in January 2021, making it one of their newer financial products. Green Dot Corporation has another brand called GOBank, which should not be confused with this offering.
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You Wont Earn Any Rewards
When you’re trying to build credit with a secured card, earning rewards shouldn’t be a prime concern, especially since you typically won’t spend enough to accumulate a significant amount.
However, if earning rewards is a priority for you, other secured cards do offer them. For example, the $0-annual-feeDiscover it® Secured Credit Card earns 2% back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, and 1% back on all other spending. The card does require a $200 minimum deposit to open an account, which is higher than that of the GO2bank Secured Credit Card.
Should You Apply For The Go2bank Secured Visa Credit Card
The GO2bank Secured Visa Credit Card is a versatile secured credit card with a lot going for it. No annual fee, low minimum deposit requirements, and free VantageScore updates are all excellent features. The helpful mobile app is another enjoyable part of the cards lure.
While the fixed-rate APR on purchases is higher than average, it is not punishingly so, meaning it wont destroy your finances to carry a balance. The card also allows balance transfers, but since the initial deposit is so low, there are no concerns here, as the advance limit is likely minuscule. Ultimately, the card is a solid competitor for other secured cards.
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Compare Earnings With Go2bank Vs Traditional Savings Account
The primary bank account with GO2bank is a checking account, but you have the option to store money in a savings account attached to it. If you compare a checking vs. savings account, its often the savings account that has better earning opportunities on the money you keep there.
Weve created a table to give you an idea of how much interest you can earn with a GO2bank savings account compared to a traditional savings account. For this example, well use the available interest rates for each type of savings account, start with a $5,000 initial deposit, and calculate the amount of interest earned over one year, three years, and 10 years.
Keep in mind that you cant earn interest on more than $5,000 total in your GO2bank savings account. So with a starting $5,000 balance, youll earn the same amount of interest each year instead of earning interest one year and then earning interest on that interest, called compound interest, the next year.
Traditional savings account
How To Open An Account
Like some other secured credit cards, the GO2bank Secured Visa requires an associated GO2bank banking account to open. To open a GO2bank online account, you will need the following information:
- Social Security Number
Once GO2bank verifies your identity, you can set up a direct deposit through ASAP Direct Deposit. You can also deposit money through the GO2bank mobile banking app or at any local retailer that allows Green Dot Prepaid reloads.
Once the account receives direct deposits of at least $100 within the first 30 days, the account holder can open a GO2bank Secured Credit Card. The minimum refundable deposit is $100.
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How Do I Deposit Money To My Green Dot Card
- There is a deposit charge that can go up to $4.95.
Cash Back On Egift Card Purchases
When you purchase an eGift Card through your GO2bank app, youll automatically earn up to 7% cash back on the purchase4.
Egift Card cash back rates and merchants vary, Amazon eGift Cards currently earn 3% cash back, and there are over 100 other popular national and online merchants from where you can choose to get eCift Cards.
The eGift Cards are kept in your GO2bank wallet for use at any time, or you can gift them to other GO2bank account holders.
The cash bank percentage you earn from your eGift Card purchases is instantly available in your GO2bank balance after the purchase is complete.
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The Required Security Deposit Is Relatively Low
As with most secured credit cards, this one requires a refundable security deposit that will be equal to your credit limit. In this case, a minimum deposit of $100 from your GO2bank deposit account is required when youre approved for the card. That’s lower than what many secured cards typically ask for .
While you wont have much wiggle room as far as how much credit is available to you, putting small recurring charges on your card and paying your bill in full can make a positive difference in your credit within a few months.
If you can afford to, consider putting down a higher deposit, as this can make it easier to remain below a
Cardholders can also apply for a credit limit increase at any time by transferring money from a GO2bank account into a security deposit account. To do this, the card account has to be in good standing, and cardholders will have to complete an ability-to-pay questionnaire.
Where Can I Deposit Cash To My Go2bank Account
At any of the hundreds of participating retailers around the country, such as 7-Eleven, ACE Cash Express, CVS Pharmacy®, Dollar General, Family Dollar, Kroger, Rite Aid, Walgreens, or Walmart, you may use your card to add cash to your account. You can visit a retail store near you or use the GO2bank app to get the location of the closest cash deposit facility.
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Go2 Bank Customer Service 4/5
GO2 Bank has a Help Center that helps answer their top questions, has quick help guides, and FAQs. This is the fastest option to receive support.
You can reach a customer service agent by phone seven days a week, from 5am to 9pm PT. Their customer service number is 855-459-1334.
Customer service reps can also be reached via live chat that GO2 Bank has available for customers who are logged into their website. The chat icon is located on the bottom right of your screen.
If you wish to mail GO2 Bank, you can by sending snail mail to the following address: GO2bank, P.O. Box 5100, Pasadena, CA 9117
Con: Mobile Check Deposit Could Be Improved
Using the GO2 Bank mobile app, you can remotely cash your checks. However, it takes a long time before you can access your money.
If you can wait 10 days, you can get access to your money for free. This is a whole lot longer than it takes on a traditional checking account to clear a check.
Major banks will typically take one to two business days for a check to clear as a comparison.
You almost have to pay the fee to get access to your funds immediately because it is probably a hassle to wait longer than that.
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How Is The Go2bank Secured Credit Card Different From Prepaid Or Debit Cards
The GO2bank Secured Credit Card can help build your credit history with responsible use over time as we report activity such as on-time payments, late payments, purchases, credit limit changes, and balances owed every month to the three main credit bureaus.
Unlike a debit card, the purchases you make using the GO2bank Secured Credit Card will need to be paid back by the payment due date. You can find the payment due date after you log into your account on the Secured Credit Card section and on the monthly statements. The security deposit you had set aside at the beginning when you set your credit limit will not be used to make those payments every month, but will be returned to you at the time of account closure after we deduct any balance owed, including fees and interest.
Complete on-time payments and other good behaviors like keeping your balance low can help build a positive credit file over time. Conversely, not making your payments on time each month and other negative behaviors like consistently spending to the credit limit can damage your credit.
Con: No Physical Locations
As an online bank, you wont have access to any physical branch locations with GO2 Bank. T eir ATM network is available through their partnerships.
There are well over 19,000 free ATM locations that you can visit. But if you make out of network withdrawals, for instance, youll be paying extra charges.
If you dont wish to completely manage your account online, want a base ATM network, or want to open an account for more traditional financial products, GO2 Bank might not be your answer.
What Do They Offer
GO2bank has the full backing of Green Dot Bank, which serves 33 million customers through its retail and direct-to-consumer debit card products. GO2bank aims to serve people who don’t have a checking or savings account, which was about 5.4% of households in 2019.
Instead of being forced to utilize expensive check cashing options, they can turn to GO2bank. While GO2bank is not free, it’s less expensive than some of the other non-bank alternatives. Applying to GO2bank doesnt require a credit check or a .
Go2 Bank Vault Savings Account
- APY: 1% Annual Percentage Yield
- Minimum blanace for APY: No minimum balance, however you only earn interest on up to $5,000
- Minimum deposit to open: No minimum amount required
- Monthly maintenance fees: No monthly fees
- ATM access: You cant access your Vault accounts directly through ATMs funds can be access through your GO2 Bank linked checking account
- Transactions per month: Unlimited transfers between your checking account and vaults
- Member FDIC insured: Yes
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Where Can I Load Cash Onto My Go2bank Card
- GO2bank is Green Dots primary digital bank.
Can I Deposit Cash At An Atm With Go2bank
It is not feasible to add funds to a GO2bank account by using an automated teller machine . However, you are able to make cash deposits via the app at physical retail locations. Alternately, you may use your GO2bank debit card to make a cash deposit at a retail location. There is a retail service cost, and there are restrictions.
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Go2bank Secured Credit Card Reviews
Best debit card Ive had period helps build my credit and good overdraft fees. Not a big hassle, billing is ok an they tell u what u need to do to build up your credit thanks GO2bank for giving me a second chance
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