Published : Tuesday, July 30, 2019 | 1:16 PM
[Updated] Green Dot Corporation, headquartered in East Pasadena, has launched what could be the highest-yielding bank account in the United States, with a three percent annual interest on savings, and three percent cash back on all debit card purchases.
The new product, called the Unlimited Cash Back Bank Account, integrates what is believed to be the richest cash back Visa debit card in America, a high-yield savings account and a tech-forward, branchless approach to banking, Green Dot said in a statement.
Bankrate.com says the average yield for savings accounts in the U.S. is 0.1 percent.
The company said the new product is intended to be the “best value bank account in America” for all consumers who appreciate convenience, extraordinary value and great mobile technology.
“Everyone knows that it’s smart and responsible to save up money for the future, but we also know that, for most people, saving up money is hard to do,” Green Dot Founder and CEO Steve Streit said. “The Unlimited Cash Back Bank Account by Green Dot Bank makes it possible to build up savings using the bank’s money, as the unlimited cash back bonus money can really add up fast as customers buy the things they would normally buy anyhow online and through apps. That’s why our slogan for this bank account is ‘Spend like normal and Save up like crazy.’”
Green Dot said the Unlimited Cash Back Bank Account pays customers a three percent cash back bonus on all online and in-app purchases and comes with a high-yield savings account that pays depositors a three-percent annual yield on savings up to $10,000.
Additionally, the account features a free ATM network, the ability to make free cash deposits at leading national retailers where Green Dot Bank products are featured, has no minimum deposit requirements, no overdraft, bounced check or penalty fees of any kind, and a low monthly fee that is easily waived, the statement said.
In addition to offering industry-leading value, Green Dot has designed the Unlimited mobile app and the linked Visa debit card to easily integrate into the lives of tech savvy customers. The app offers features that make the account easy to use, including mobile check deposit, an easy way to transfer money from other bank accounts, the ability to send money to friends and family with P2P, the ability to pay anyone with free electronic bill pay, and a fun and intuitive design that allows customers to easily track their spending, their savings, and the amount earned in cashback bonus money.
The Visa debit card that is linked to the account is EMV®-protected for security and ready to be set up for Apple Pay, Google Pay, and Samsung Pay.
With the Unlimited Cash Back Bank Account, Green Dot is using its vertically integrated operating platform to invent what it believes is the richest cash back debit card and the overall best bank account value in America.
“The rewards associated with the Unlimited Cash Back Bank Account rival those of the best credit cards, but this Visa card is a debit card; not a credit card,” Streit said. “As such, Green Dot doesn’t require a certain minimum credit score to open the account. Plus, consumers can benefit from the account’s rich cash back offer without needing to incur the risk of getting into credit card debt, which is a common concern associated with using credit cards.”
To learn more about the Unlimited Cash Back Bank Account, visit www.greendot.com or visit any of the 100,000 major national retailers that feature Green Dot Bank products.