Alternatively, you can buy a GO2bank debit card at a participating retailer, which requires you to pay a fee and make a deposit between $20 and $500. You can open an account online without paying a fee or making a minimum deposit. However, the $5,000 cap limits how much savers with a higher balance can earn. This rate is competitive with the best savings accounts and far higher than the national average savings rate, according to the FDIC. The checking account doesn’t pay interest, but you can set up a subaccount called a “vault” for your savings, and that pays a 4.50% APY on the first $5,000. Eligible direct deposits include payroll or government benefit checks. GO2bank charges a $5 monthly service fee unless you receive ongoing direct deposits. A Go2bank Account is a mobile bank account that combines a checking account and a high-yield savings account.
