Green Dot Bank

Green Dot Bank, an online bank offering competitive rates via its high-yield savings accounts and unlimited cashback rewards via the spending account, is called Green Dot Bank. Green Dot has been a part of the Green Dot Corporation since 1999.

Advantages

  • High Yield Savings Account with Competitive APY: Green Dot’s high-yield savings account earns a competitive 2% annual percentage yield (APY) on balances less than $10,000. This is very comparable to the best online savings accounts.
  • Earn 2% cashback on online and mobile purchases: The Unlimited Cashback Account earns 2% cashback on certain online purchases, as well as in-app purchases and other purchases via mobile devices. Cashback earnings are unlimited.
  • Green Dot’s ASAP Direct allows you to access your direct deposited paychecks up to two days before the deadline. Your employer’s payment processing will determine your eligibility for early access.
  • There are no overdraft fees. You can avoid fees of up to $200 on overdrafts. The transaction will be declined if you don’t have enough funds to pay for the purchase.

Disadvantages

  • Green Dot charges a $7.95 monthly fee if you do not meet the minimum spending requirement. If you spend $1,000 on your card in the past month, the fee will be waived. Spending doesn’t include bills or other purchases.
  • ATM fee: Although Green Dot has an ATM network, you will be charged a $3 fee if you need to use an ATM outside of the network.1
  • Joint accounts are not available: You do not have the option of a joint or custodial bank account.

For Whom Is Green Dot Bank Most Suitable?

Green Dot is ideal for those who bank online most of the time or via mobile access. This may be the right fit for you:

  •    Competitive interest rates on savings
  •    Unlimited 2% Cashback Rewards on All Purchases
  •    No minimum balance requirements
  •    No monthly fees for online shopping
  •    Cash deposits in retail stores

What does Green Dot Bank offer?

 Green Dot may not be a full-service bank online, but it offers debit cards with online banking services.

  Cash Back Account

The Cash Back Account allows you to earn rewards on your card purchases. Although it is not a checking account, it acts similarly.

You can earn unlimited 2% cashback on certain online purchases. Some purchases earn cashback but not all. These include airline tickets, gift certificates, and bill payments.

  Customers get access to services such as:

  •    No-cost cash deposits at selected retail locations
  •    No overdraft fees
  •    Mobile banking

 The $9.95 per month fee is a significant drawback to the Unlimited Cash Back Bank account.

High-Yield Savings Account

You can also open a spending account and get access to high-yield savings accounts. The account is free of monthly fees and earns 2% APR on less than $10,000. This is much more than the national average.

Interest is calculated differently from most banks, and only one time is applied to your account at the end of 12 months. The interest is calculated by multiplying the average daily balance in your savings account over the past 12 months by 2%.

Green Dot accounts are FDIC-insured, as is money in all banks covered by the Federal Deposit Insurance Corporation. Remember that the $250,000 applies to all accounts, even those you have with Green Dot Corporation or its subsidiaries.

Green Dot Bank Customer Service

Customers can reach us at 866-795-797 for assistance. You will need to complete a dispute form for disputes regarding unauthorized charges to accounts.

Green Dot does not have a physical branch, but customers can access their account online 24/7 or via its mobile app for iOS (3.5 stars) or Android (4.3 stars).

  How to bank with Green Dot

Green Dot offers two options to open an account: go to the website, download the app, and complete the application. You can also open an account in-store at participating retailers such as Walmart, 7-Eleven, and Rite Aid. To open an account, you’ll need personal information, such as your date of birth, telephone number, Social Security number, and mailing address.

Conclusion

Bill Payment USA provides comprehensive, impartial reviews of banks to help consumers make informed decisions. To help users make the best decisions for their banking and savings, we collected more than 20 data points from over 80 banks.

Green Dot Bank

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