GoBank (owned by Green Dot) is one of the newer competitors on the checking account frontier.  And if you’re like me, you like when the new kid on the block challenges the status quo.

In this case, brick and mortar banking.

Mobile Banking

GoBank wants you to bank on the go.  The handy mobile app?  That’s your bank.  They’ve managed to change the game in this regard because let’s face it, we all have busy lives and I don’t look forward to making a trip down to my bank to conduct transactions I can easily do from home.  Allowing me to bank from home is a major game changer.

No Fees Attached

With 42,000 ATMS in their network nationwide, you’ll have no trouble finding an ATM to withdraw your cash without any fees attached.  Get this, there’s also no minimum balance requirement and no overdraft fee which triggers fees at the larger brick and mortar banks.  Want to add cash and avoid related fees?  You can do this at participating Walmart stores and avoid the fee altogether.  We like this because it means keeping more of your cash instead of wasting it on fees, fees and more fees!  We hate fees.

But What About The Fees?

Well, there are some fees, but not as much as you’d like to think compared to other banks.

  • $2.95 for a starter kit + start your account for as little as $20, up to $500 at participating Walmart stores OR sign up online or on the app ($50 minimum deposit).
  • $8.95 monthly fee, but FREE in any month that you make qualifying direct deposits totaling at least $500
  • $2.50 at out-of-network ATMs and bank tellers, plus any fee that the ATM owner or bank may charge

Stashing The Cash
Your money is FDIC insured, so there’s no need to worry.  If you have direct deposit then setting it up through GoBank means that you may get your paycheck up to two days sooner.  Speaking of paychecks, you can also deposit checks with your phone.  One more way you avoid the trip to the bank.


Other neat features include the ability to send checks – free of charge to you.  For evample, If you need to snail-mail a check to someone then GoBank will do this for you with no additional cost. They will actually mail a physical check out for you.

Did you forget your wallet at dinner?  Easily pay your friends or family members as GoBank will notify them via email or text of the pending payment.

Is GoBank For You?

Maybe.  If you’re a woman on the go?  Yes.  If you’re tied to speaking a live person in front of you to ask questions about your money then maybe not.  But even if you’re tied to having a live person in front of you there maybe times when you simply don’t have the time and this is where GoBank makes it easier in that regard.

Personally, I’d use this as a way to stash cash for a vacation (stateside).  I don’t like using my main debit card while on vacation so this is one way I can see loading up a specific amount and then sticking to it without the fear of losing my main debit card while at the beach.

Other ways I’d use this card is a way to stash savings for a specific reason or a rainy day.  The account limit is $50,000 so that would cover my living expenses and it would be a separate account away from my day to day spending.

How would you use GoBank?