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- GoBank (Member FDIC) is an online-only bank that only offers a checking account.
- The GoBank Checking Account has early direct deposit, so you can receive your paycheck up to two days early and government benefits up to four days before benefits day.
- Not all online banks let you deposit cash, but GoBank allows you to deposit cash at Green Dot locations for a $4.95 fee.
- There are no overdraft fees, but GoBank also doesn’t provide overdraft protection; if your purchase would overdraw your account, then GoBank simply denies it.
- See Business Insider’s list of checking accounts with early direct deposit »
GoBank is a brand of Green Dot Bank (Member FDIC) that provides an online-only checking account. The GoBank Checking Account is pretty simple, but it might appeal to you if you either a) want to receive your paycheck early or b) want an online account that allows you to deposit cash.
There’s only a handful of banks that let you receive your paycheck early. With GoBank, you can receive your paycheck up to two days sooner than you would with another bank, and government benefits such as Social Security or unemployment checks up to four days before benefits day.
Not all online banks let you deposit cash. You can put cash in your GoBank Checking Account at retailers with Green Dot locations, but you’ll pay a $4.95 fee each time. Cash deposits are available in every state except Vermont.
Options trading Should you use GoBank?
You might like GoBank if you:
- Are comfortable banking digitally
- Are just looking for a simple checking account
- Want an online account that lets you deposit cash
- Want to receive direct deposits early
- Want paper checks
You might not like GoBank if you:
- Aren’t comfortable banking digitally
- Live in Vermont
- Want to open a savings account, money market account, or CD
- Want a checking account with more robust features, such as overdraft protection or interest paid
- Don’t qualify to waive the monthly service fee
Options trading GoBank Checking Account review
- Over 42,000 free ATMs nationwide
- Waive $8.95 monthly service fee by receiving $500/month as a paycheck or government benefits
- Cash deposits aren’t available in Vermont
- FDIC insured
- Get your paycheck up to 2 days early
- Get your government benefits up to 4 days early
- Mobile check deposit
- Online and paper checks available
- No overdraft fees
- Opening deposit must be between $20 and $500
- $8.95 monthly service fee
- $4.95 fee for depositing cash at a participating retailer
- $3 out-of-network ATM fee
The main perk of the GoBank Checking Account is that you can receive your money early. You could receive your paycheck up to two days early and your government benefits up to four days early.
Keep an eye out for fees. GoBank charges a $4.95 fee to deposit cash at Green Dot locations, a $3 fee for using a non-GoBank ATM, and an $8.95 monthly service fee. You may qualify to waive the monthly service fee.
GoBank doesn’t charge any overdraft fees, though. If you try to make a purchase that would overdraw your account, GoBank simply denies it. On the plus side, you won’t get surprised by overdraft fees. But on the downside, there are no overdraft protection options.
Options trading How GoBank compares
We’ve compared GoBank to two other online banking platforms that let you receive direct deposits early and deposit cash at Green Dot locations: Chime and Varo.
|Accounts||Checking||Checking, savings||Checking, savings|
|Opening deposits||$20 – $500||None||None|
|Monthly fees||$8.95, or $0||None||None|
GoBank review vs. Chime review
You may prefer Chime if you want to open both a checking and savings account, because GoBank doesn’t offer a savings account. But it’s worth noting that you must open a Chime Spending Account (Member FDIC) before you can open a Chime Savings Account (Member FDIC).
If you want overdraft protection, then you might like Chime. You can qualify to overdraw your account by up to $100 before Chime denies the purchase.
But if you like using paper checks, then you’ll probably prefer GoBank. Chime doesn’t send you paper checks.
GoBank review vs. Varo review
You’ll prefer Varo over GoBank if you’re looking for a savings account. Not only does Varo have a savings account, but the Varo Savings Account pays one of the highest interest rates in the industry.
Varo lets you overdraw by up to $50 before it denies your purchase, but GoBank doesn’t let you overdraw at all.
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Varo doesn’t send you a checkbook, though, so you’ll probably like GoBank if you use paper checks.
Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.
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