Founded in 1999, Green Dot Bank is a subsidiary of Green Dot Corporation, a Texas-based bank holding company. The online-only bank offers savings and checking services via debit cards, which you can use at over 90,000 retail and financial service centers across the United States. These cards allow you to make mobile deposits and transfers, online bill payments, and set some money aside while offering unlimited rewards on purchases and savings.
All rates and fees are current as of July 3, 2024, and are subject to change.
Green Dot Bank
| Cash Back: | Up to 7% |
| Monthly maintenance fee: | None or eligible for waiver |
| Savings account: | No monthly fee |
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Pros
- Early access to direct deposits
- Unlimited cash back and rewards on purchases
- Mobile and online access to accounts
- Up to $200 overdraft protection
Cons
- No physical branches
- Transaction and ATM fees on specific cards
- Checking and savings features are only available via Visa debit cards
- No high-yield savings account
Green Dot’s unlimited cash back and rewards make it a good option for those looking to make money from their purchases. Alongside the quick access to direct deposits made to your accounts and the opportunity to manage your account 24/7 from anywhere, Green Dot Bank is the best option for those who enjoy banking at their convenience.
If you’re looking for regular account features, such as paper deposits, paper checks, direct transfer of funds to any bank account, and the ability to run your account without a Visa card activation requirement, Green Dot won’t be a great pick.Green Dot offers limited banking products and services—no money market accounts (MMAs), certificates of deposits (CDs), or other banking services, such as home equity loans, which many banks offer. Its savings account also has a lower annual percentage yield (APY) than many online banks. So, consider another bank if you want to maximize your savings and run all your accounts with one bank.
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Green Dot Bank rates and products
Green Dot doesn’t offer traditional checking or savings accounts, but its Visa debit cards enable you to complete transactions and conduct activities like any regular account. The bank also allows you to set money aside via its savings accounts, which are available when you activate specific Green Dot Visa cards.
| Checking accounts | 2.00% APY |
| Savings accounts | 2.00% APY |
Checking accounts
Instead of traditional checking accounts, Green Dot offers an unlimited cash back account and Visa debit cards to enable day-to-day transactions. As with regular checking accounts, these cards allow you to complete purchases, bank transfers, and online bill payments and enjoy checking account benefits, such as mobile check deposits, early direct deposits, and overdraft protection.
Green Dot Unlimited cash back account features
| Account opening bonus | None |
| Minimum opening deposit | $0 |
| Monthly fees | $0 |
| Top APY | 2.00% |
| Cash deposit fee | $0 |
| Withdrawal fee | $0 |
| Overdraft protection | Up to $200 |
This account provides checking account features and benefits, allowing you to make deposits, pay bills, cash checks, and track your spending anytime. You’ll also earn 2% cash back on mobile and online purchases. This cash back serves as your APY and is paid into your account annually. Below are Green Dot’s Unlimited cash back account rates and fees.
More Green Dot Visa Debit Cards
Green Dot allows you to choose from multiple Visa Debit cards with various rates and fees. Each card has distinct benefits, including zero maintenance fees, free ATM use, access to more than 90,000 retailers, cash back, and rewards for specific activities.
- Green Dot Pay As You Go Visa Debit Card: This card allows you to run an account without worrying about maintaining a minimum balance. It’s a pay-per-use card, meaning you only pay a specified transfer rate whenever you use it (currently $1.50).
- Cash back Visa Debit Card: Green Dot customers who choose this debit card will earn 2% cash back on all online and mobile purchases if they maintain a balance of $10,000. You can also withdraw cash at the ATM for free.
- Green Dot Visa Debit Card: This card serves as the bank’s everyday banking account and requires a monthly service fee of $7.95, which can be avoided by having at least $500 deposited in your account during the previous month.
- GO2bank Visa Debit Card: This card offers an APY of 4.50%, paid quarterly on accounts with a minimum of $5,000. You’ll also earn 7% cash back on eGift card purchases via the GO2bank app.
Savings accounts
While the rates are currently low compared to other online banks’ rates, Green Dot offers its customers two savings account options that are accessible by purchasing and activating specific Visa debit cards. You won’t be able to transact with or withdraw from these cards but you can move funds to other accounts or cards.
Green Dot savings account features
| Minimum opening deposit | $0 |
| Monthly fees | $0 |
| Top APY | 2.00% |
Green Dot High-yield savings account
Green Dot offers tiered high-yield savings accounts, so your average daily balance (ADB) determines the returns and payout intervals you’ll get. The accounts are available via the Cash Back Visa Debit Card and Green Dot Visa Debit Card, which you can pick up at any financial service center that offers money transfers, cash checking, or payday loans.
- Monthly fee: $0
- APY: 1% for accounts with $5,000 and below; 2% for accounts above $5,000
- Interest rate: 2%
Money Vault Savings
Green Dot encourages saving by allowing you to set money aside for free. You can set up a money vault using the Pay As You Go or Green Dot Visa debit card. While you won’t be able to spend the money or withdraw cash from this card, the bank allows you to transfer money to other debit cards in an emergency.
Green Dot Bank savings rates compared to current top rates*
While Green Dot Bank is a great option for those looking to earn rewards on their expenses, some institutions offer higher interest rates. Compare the rates above to this list of competitors:
The Green Dot platform and customer support
Since Green Dot is an online bank, all its banking services are available anywhere and anytime. The bank allows customers to manage their accounts via its website and a mobile app for Android and Apple devices. You can make deposits or transfers, pay bills, and do more on your computer, phone, or iPad.
Green Dot’s customer service is available via phone, live chat, and direct mail to the bank’s post office box in Ohio. Customer service representatives can be reached between 5 a.m. and 9 p.m. Pacific Time (PT) seven days a week, but you must be a bank customer and log into your account to access the live chat option.
Compare Green Dot Bank alternatives
 Green Dot |  UFB Direct |  SoFi |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 2.00% | 5.15% | Up to 4.60%* |
| Top checking APY | Top checking APY | Top checking APY |
| 2.00% | 0.0% | Up to 0.50% |
| Top CD APY | Top CD APY | Top CD APY |
| N/A | N/A | N/A |
| Learn more | Learn more | Learn more |
| View offer at Fiona | View offer at Fiona | View offer at SoFi |
*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Is Green Dot Bank right for you?
Green Dot is a good option for those who want to bank from the comfort of their home. It’s most suitable for those who make a lot of online purchases and want to get unlimited cash back for their spending. This bank could work well for you if you’re okay with activating Visa cards to enjoy the benefits of checking and savings accounts. However, if you do not want to load up cards to perform daily transactions, you’re better off with another bank that offers its banking services through traditional means.
Frequently asked questions
Is Green Dot an actual bank?
Yes. Green Dot is an online bank, and its deposit accounts are Federal Deposit Insurance Corp. (FDIC)-insured.
Does Green Dot have a physical bank?
No. Green Dot does not have any physical bank locations.
How do I withdraw money from Green Dot without a card?
Funds in your account can be accessed using the Green Dot app to pick up cash at a local Walmart. Customers can visit the “Manage Card” section on the Green Dot app for more instructions.
What are common complaints against Green Dot Bank?
Some customers have complained about delays in receiving their cards and unlocking their locked accounts. However, the most common complaint is Green Dot’s unreliable customer service, which includes long wait times, unresolved issues, and irregular recommendations from agents to fix issues.
