If you cash a check, you have to wait up to 10 days for the check to clear unless you pay a fee to expedite it. You can deposit money into your account by setting up direct deposit, transferring funds from another bank or cashing a check through the app. Once you’ve opened and funded your GO2bank account, you can launch the app and create a savings vault to start earning interest. 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.
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