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Online Bank Greendot offering 3% rate + 3% cashback + $50 signup bonus

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Online Bank Greendot is offering
  • 3% rate in high yield savings account
  • 3% cashback on online & in-app purchases
  • $50 signup bonus
FDIC insured.

https://www.greendot.com/
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Created 07-30-2019 at 06:19 AM by rmsh
in Finance (3)
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Last Edited by pootboy August 8, 2019 at 10:08 PM
it takes a YEAR to "qualify" for the $50 bonus, information i COULD HAVE USED BEFORE SIGNING UP, folks.

UPDATE:

I hate fees. Greendot has lots of hidden fees. Thanks to the power of the community. I stand corrected and DO NOT recommend this.

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#3
Max deposit for 3% savings account is 10k. Not a good option for most long-term, low yield savers.
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#4
Quote from AaronA7627
:
Max deposit for 3% savings account is 10k. Not a good option for most long-term, low yield savers.
I am not sure what you mean by long-term, low yield savers?

Don't you mean it is not a good option for people who have alot of $$$ ? LOL.

If I hadn't done the Marcus bonus 1%, I would be doing this. I don't have > $10K lying around at the moment.


What kills the GreenDot for me is the $7.95 montly fee.


.
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Last edited by ieee488 July 30, 2019 at 06:38 AM.
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#5
Green dot bank now has a savings account fdic insured at 3% apy cash back up to $10,000.

HOWEVER...
-only available with Unlimited Cash Back Bank Account (7.95/month fee, waived if you spend more than $1,000/month on your green dot debt card)
-debt card in store purchase fee $1.95 or less
-green dot debt card 3% cash back on online or in app orders
-yearly payout only (i think)

other limitations and FAQs https://www.greendot.com/product-...count-help

https://www.greendot.com
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Last edited by pcsurfer17 July 30, 2019 at 08:44 AM.
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#6
3% only up to $10,000. $7.95 monthly charge unless you spend $1000 each month with the card.
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#7
"Only" up to $10,000? Does that mean $10,000 interest? That would mean they would need over $300,000 base to reach $10,000. If someone has that much money, there are certainly better investment options than a bank at 3%

Also $8 monthly fee effectively kills any sort of smaller savings account deal. For reference, on a 10,000 account, that would be close to 1.5% annualized interest.
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#8
Quote from CoralApple8830
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"Only" up to $10,000? Does that mean $10,000 interest? That would mean they would need over $300,000 base to reach $10,000. If someone has that much money, there are certainly better investment options than a bank at 3%

Also $8 monthly fee effectively kills any sort of smaller savings account deal. For reference, on a 10,000 account, that would be close to 1.5% annualized interest.
No, it means only $10,000 is earning 3%. I can't find anything on their site saying what anything over the $10,000 makes. Never mind, it's 0%. On your anniversary date they take the average balance of what you had in your account with the max being $10,000. Then they give you that amount x 3%. Not a very good deal imo. Much better options out there if you have over $10,000 to move.
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Last edited by brettatk July 30, 2019 at 09:25 AM.
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#9
Quote from CoralApple8830
:
"Only" up to $10,000? Does that mean $10,000 interest? That would mean they would need over $300,000 base to reach $10,000. If someone has that much money, there are certainly better investment options than a bank at 3%

Also $8 monthly fee effectively kills any sort of smaller savings account deal. For reference, on a 10,000 account, that would be close to 1.5% annualized interest.
What in the world are you ranting on? You get 3% APY on a maximum of $10,000 in your savings account. Anything more in your savings will yield a much lower APY %.
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#10
Seems like they are also offering $50 just for signing up. But hitting 1k in spending each month stinks
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#11
The card spend requirement is a MUCH bigger issue than the max deposit (although the deposit would be enough in my case). I've got a significant amount of money in a couple of MMA's, but I'm not everybody and I didn't start out with that much. That card spend requirement is a killer, though.
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#12
Not much a deal.

Some online purchase might be classified as in store so you will get hit with fees.
the 7.95 a month if yiu dontspend over 1K per mmonth.so if you just park your money and take the 7.95 per month hit, your effective rate is 2.04% interest which is not that good compared to other banks.

Pass on this scam.
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#13
I think this has it's uses and is not being presented well. You just have to use it for what it's good for.

1) 3% unlimited cashback on all online and in-app purchases. I don't think there is anything else that offers this benefit. The best out there is most likely a 2% cashback everything card.

2) 3% APY savings up to 10K. This is not targeted at the high net worth individual with 100k in deposits. This is targeted folks who might keep 10k or less in their account and would help them earn a bit more interest vs the zero interest checking accounts out there. As LeviathanUltima pointed out, even if you take the monthly fee hit, it's still 2.04% which is decent. Since it is average daily balance over the year, you could move it around and go above and below 10k at times. like 40k in 3 months, then zero for 9 months would still be equal to 3% on the full amount. you can get creative, just like how all these APY offers or account opening offers are making you keep your money there for 3 months.

3) Currently a lot of banks charge a monthly fee so $7.95 is low. For folks with low balances, which I do sometimes on certain accounts I don't pay attention to, the fee can be $15. If you keep this card as your primary card, then $1k is easy to hit, so the monthly fee is avoided.

I think if you are able to satisfy all these criterias, eg spend $1000 a month in purchases (maybe all in online purchases) and keep $10k in there, you could get $660 plus the $50 sign up bonus for not much work.

If you spend a lot online shopping or in-app, then this could definitely work out. I think just because it doesn't suit everyone's spending patterns doesn't mean it's a bad deal. You just have to decide if it's right for you.
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#14
Quote from nnbadboy
:
Seems like they are also offering $50 just for signing up. But hitting 1k in spending each month stinks
AGREED, because it's ONLINE and APP only, so not valid for point of purchase. I could probably hit the 1k per month but why bother with another item to worry about all the time?
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#15
Quote from 308Sound
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AGREED, because it's ONLINE and APP only, so not valid for point of purchase. I could probably hit the 1k per month but why bother with another item to worry about all the time?
Actually, the $1k spend is for all purchases so its not difficult to hit. Only the 3% cashback is limited to online and app spend.
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