A recently announced cash back rewards program and high yield savings account that is perfect for those who do much of their shopping online.
What is it?
Green Dot is a web and app-based banking solution that recently announced an unlimited cash back bank account along with an industry-leading high yield savings account.
What do I need to know?
The cash back debit card offers 3% cash back on online and in-app purchases with no caps or limits. Alongside the cash back account is the high yield savings account that offers 3% interest on up to $10,000.
Is this legit?
Green Dot is member FDIC and has an A+ rating by the BBB. Green Dot has been around for awhile with prepaid cards and claim to have millions of customers. Nothing jumps out as sketchy even though the 3% cash back and 3% interest rate are eye-popping at first glance.
What’s the catch?
There’s a $7.95 monthly fee unless you spend $1000 in the prior month using the debit card account. On that note, you must make purchases using the debit card, which is less secure and offers fewer protections than using a credit card. Additionally, it looks like the cash back rewards and interest earned in the savings account can only be accessed after one year, on the anniversary date of account opening.
Who should sign up?
People who make at least $1000 in online or in-app purchases, so you can reap the 3% cash back rewards. Combining this benefit with a targeted rewards credit card, you would be able to maximize cash back rewards across your purchases.
Are there any current promotions?
Green Dot is currently offering a $50 bonus when you sign up for a new account. As previously noted, this cash back bonus cannot be accessed for one year – on the anniversary of account opening.
Summary
The Green Dot cash account offers an incredible 3% cash back on online and in-app purchases, and the high yield savings account pays an industry-leading 3% APY. This could be a great offering for those who spend at least $1000 per month in online and in-app purchases and want to maximize cash back rewards. This account definitely isn’t for everyone, and users will need to be mindful of the associated fees, such as ATM transaction fees and the monthly service fee if you didn’t spend at least $1000 in the prior month.
Check out Green Dot here, and check back soon for a full review of Green Dot’s cash and savings accounts.
Millennial Finance 