GoBank review: A simple online checking account that lets you deposit cash for a fee and receive early direct deposit

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  • GoBank (Member FDIC) is an online-only bank that only offers a checking account.
  • The GoBank Checking Account lets you receive your paycheck and government benefits early.
  • There are no overdraft fees; if your purchase would overdraw your account, 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.

Is GoBank a good match?

You might like GoBank if you:You might not 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
  • 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

The bottom line: GoBank is a worthwhile option who want a simple checking account and want to receive paychecks before payday.

GoBank Checking Account review

GoBank Checking Account

GoBank GoBank Checking Account

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.

Is GoBank trustworthy?

GoBank is a brand of Green Dot. The Better Business Bureau has given Green Dot an NR (No Rating) in trustworthiness, because it’s investigating complaints about the company.

Are you uncomfortable keeping your money with GoBank because of its BBB rating? Consider opening a checking account at a bank with a strong BBB score, such as Discover, Axos, or Capital One 360.

How GoBank compares to similar banks

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.

GoBank

Chime
Varo

Accounts

Checking

Accounts

Checking, savings

Accounts

Checking, savings

Minimum opening deposits

$20 – $500

Minimum opening deposits

None

Minimum opening deposits

None

Monthly fees

$8.95, or $0

Monthly fees

None

Monthly fees

None

Open an account

Open an account

Open an account

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 before you can open a Chime Savings Account.

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.

Varo doesn’t send you a checkbook, though, so you’ll probably like GoBank if you use paper checks.

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