What Can You Expect When Banking With GoBank?

Kelly Hernandez
A man holding his smartphone in one hand and a credit card in the other.

Table of Contents

What Is GoBank?

GoBank is an online bank that allows account holders to access their accounts and perform transactions entirely online or through the bank’s mobile app. Consumers can open bank accounts with GoBank to store their money, pay bills, and save.

The online financial institution doesn’t offer a variety of bank account types, which some consumers may find refreshing. While there aren’t any physical banking locations, GoBank does have an extensive network of ATMs that customers can use without incurring fees. If you’re looking for a simple online bank account, review the features of GoBank to decide if it’s the right choice for you.

GoBank Services

GoBank customers use online and mobile banking platforms when accessing their accounts. The bank offers an extensive mobile app that makes it easy to complete transactions from anywhere.

A network of ATMs and retailers that allow for cash deposits also help customers to complete transactions involving their accounts. However, GoBank customers can’t visit bank branches to complete transactions since there aren’t any physical locations available.

There are only two different account options with the financial institution so consumers must be satisfied with the account features provided before deciding to sign up with GoBank. The bank’s simple online checking account and Money Vault account offer both pros and cons to account holders.

Online Checking Account


  • You can have your paycheck directly deposited into your account and if you qualify for ASAP Direct Deposit, you can receive your paycheck two days before payday.
  • You can withdraw cash from your account for free from any in-network ATM.
  • You can deposit cash into your account by visiting participating major retailers, including Walmart.
  • There’s no minimum balance you must keep in your online checking account.
  • There are no overdraft fees due to no overdraft protection, so transactions are denied if you don’t have enough money in your account.
  • You can open your checking account online and manage your money through the website or mobile app.
  • GoBank doesn’t check your credit or use your credit score to determine eligibility.
  • Your money is safe in the bank because GoBank is FDIC insured.
  • There’s no monthly fee if you make at least $500 in qualifying deposits each month.
  • You can pay bills online or through the mobile app and set up recurring payments to vendors.
  • GoBank sends paper checks for free to vendors who don’t accept electronic payment.
  • You can send or receive money with friends and family members directly from your account using the mobile app.


  • While you can deposit cash through participating retailers, you’re charged a fee for each deposit, which may be as high as $4.95.
  • If you don’t make at least $500 in qualifying direct deposits, you’re charged an $8.95 monthly membership fee.
  • There’s a cash deposit limit of $2,500 per day and $3,000 per month.
  • Your account balance cannot exceed $50,000.
  • If you use an out-of-network ATM, you’re charged $3 per transaction, plus any additional fees the ATM owner charges.
  • It costs $5.95 for a pack of 12 checks.
  • You’ll pay a 3% transaction fee for purchases involving foreign websites or retailers.
  • If you sign up for an account through a participating retailer instead of online, you may be required to buy a starter kit for a maximum of $2.95 and you must fund your account with at least a $20 deposit.

Money Vault


  • Money Vault is a type of savings account that allows you to move money to and from your GoBank online checking account quickly.
  • When you separate your funds using the Money Vault account, it’s easier to keep track of your finances.
  • You can set savings goals in your Money Vault account and transfer funds back when you’re ready to use them.
  • Complete unlimited free transfers between the GoBank Money Vault and another online checking account.
  • Transfer funds between both accounts at any time using the mobile app or by logging into your account on the GoBank website.
  • There’s no minimum balance for the Money Vault account.
  • There are no fees associated with the account.


  • The Money Vault account doesn’t allow you to earn interest on your money like most other savings accounts.
  • You must have an online checking account with GoBank to qualify for a Money Vault account.
  • You can’t withdraw cash or make payments from your Money Vault account.

GoBank ATM Locations

GoBank has an extensive number of ATMs in its network and the bank claims to continually add new ATMs. To search for an ATM in your area, you must log in to your GoBank account or open the mobile app and request ATM locations.

When you complete transactions at an in-network ATM, you’re not charged any fees. However, if you withdraw cash from an ATM that isn’t in the GoBank network, you’re charged $3 for the transaction. The ATM owner or outside financial institution may charge you additional fees for using their service.

Benefits of Banking With GoBank

  • Extensive mobile app: The GoBank mobile app helps you to manage your accounts and offers budgeting tools, such as Fortune Teller, which allows you to see how a purchase will affect your account balance before completing it.
  • No credit check: Unlike some financial institutions, GoBank doesn’t qualify you for an account based on your credit score or history.
  • Easy to open accounts: You can open an account through the mobile app or website in a few minutes.

Drawbacks of Banking With GoBank

  • No interest earned: Both the online checking account and Money Vault account don’t allow you to earn interest.
  • High monthly fees: If you don’t qualify to have your monthly membership fee waived, you’ll pay $8.95 every month.
  • Cash deposit fees: When you deposit cash with a participating retailer, you’re charged a maximum fee of $4.95.

How to Apply for a GoBank Account

You can apply for a GoBank account on the bank’s website by providing your information. Once you’re approved, you can manage your account by logging in on the bank’s website or downloading the mobile app. You’ll receive a debit card in the mail but you must activate your card before using it.

If you’re looking for the right bank, only consider GoBank if you’re satisfied with one checking account choice and online or mobile banking. Without a credit check, it’s easy to open an account but it’s important to review the monthly and out-of-network ATM charges before signing up.

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