Money Moves

5 Key Factors of a GO2bank Savings Vault

Let the saving begin: 5 key factors of a GO2bank savings vault

Saving money can often feel like one of those “next week” goals. When you’ve got a job to do, chores to cross off your list, groceries to buy, and rent to pay, you might find yourself saying, “I’ll start saving more next week.” Since starting and maintaining better saving habits can feel super hard, we made our high-yield savings vaults as easy, and helpful, as possible. Here are 5 key factors that make a GO2bank savings vault ^*^*Interest paid quarterly on the average daily balance of all savings during the quarter up to a $5,000 average daily balance and if the account is in good standing. Fees on your primary deposit account may reduce earnings on your savings account. APY and interest rate may change before or after you open an account. See Deposit Account Agreement (PDF) for terms and conditions. The national deposit rate for savings accounts is used when stating GO2bank savings accounts “Earn well over the national savings rate average”. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more. your new go-to for saving.

The right price

Some banks charge you fees to open or maintain a savings account. Maybe it’s just us, but we think it’s kind of hard to save money when you’re being charged money to save that money. Rather than try and make that make sense, we just don’t charge you any additional fees to open or use a savings vault when you set up direct deposit with your GO2bank account and receive eligible direct deposits^*^*Monthly fee waived whenever you receive a payroll or government benefits direct deposit in the previous monthly statement period. Otherwise, $5 per month.. The best part? You can open up to 5 vaults at a time, all at no charge to you!

A great rate

Saving money is great, but wouldn’t it be nice if that money actually did something for you while it was just sitting there? That’s where interest comes in. You’ll earn 4.50% APY (Annual Percentage Yield) on each vault you open, paid quarterly up to a combined balance of $5,000. Not only is that well over the national savings rate average, but that means you can watch your savings add interest every 3 months. So, the more you add to a savings vault, the more you can watch it grow!

Easy transfer

Some banks also charge you fees to transfer money into and out of a savings account. We hate to sound like a broken record, but how is that supposed to help you save money? With GO2bank, there’s never a fee to transfer money in and out of your vaults and there are no limits to how many times you can make transfers. When it’s time to spend the money in your savings vault or close a savings vault, all you have to do is transfer that saved money back to your available balance, which you can do for free whenever you want.

Helpful goal setting

Keeping up your savings habits can be a little easier when you know what you’re saving for. Maybe you need a new car, a serious vaycay, or have a baby on the way. Setting your sights on savings is easier than you think. When you open a savings vault, you can choose a name and icon for your new vault, set a savings goal, then choose a date you want to reach that goal. As you keep transferring money to your savings vaults, you can see the percentage increase on how close you are to reaching your goal. Keep your eyes on the prize!

Peace of mind

Sure, saving money for a rainy-day fund, emergencies, or ways treat to yourself is great, but so is that victorious peace of mind you get when you know you’re adding money to your savings, setting goals, and watching your savings collect interest. Adulting never feels as good as adding money back to your wallet. Plus, your GO2bank account is FDIC-insured, meaning all of your money, regardless of whether it’s in a savings vault or not, is always protected up to the maximum allowable FDIC limit and won’t ever be held by a third party bank.

Think you’re ready to start setting money aside? Today’s always a great day to let the saving begin! Get started with as a little or as much as you want to add to your vault.

The views and opinions expressed here may not represent the views and opinions of GO2bank, Green Dot Corporation, or its affiliates. It is presented for general informational purposes only and does not constitute tax, legal, or business advice.

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The views and opinions expressed here may not represent the views and opinions of Green Dot Corporation or its affiliates. It is presented for general informational purposes only and does not constitute tax, legal or business advice.

The GO2bank Blog may contain hyperlinks to sites that are not operated by Green Dot. The Green Dot Privacy Policy does not apply to the linked sites, and you should consult the Privacy Policies on those sites for further information. Green Dot does not provide and is not responsible for the product, service or overall content on those sites.

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