Green Dot has enlisted Temenos to build and power the digital bank and banking platform services.

What’s happening: Green Dot’s technology stack will be powered by Temenos’ Banking Cloud, enabling the BaaS provider’s partners to embed credit, payment, lending, DDA accounts and other features into their ecosystems. The same technology will also support Green Dot’s 33 million-plus customers across its retail and direct-to-consumer digital banking channels. 

Scaling its banking as a service platform: Earlier this year, Tearsheet caught up with Green Dot’s Amit Parikh. Hailing from Apple and Green dot bank loans, Amit joined Green Dot to run its banking as a service platform. His mandate: scaling. It’s likely that Green Dot’s aging tech stack needed an overhaul if it wants to support banking products for brands like Uber, Intuit, and Stash.

“We selected Temenos as our platform partner because of their hyper-efficient and secure open-cloud capabilities, which align with and support our goals to provide exceptional, scalable solutions to our customers and green dot bank loans said Dan Henry, President and CEO of Green Dot. “This is a critical component of our mission to seamlessly connect people to their money, both directly through our digital bank and products like GO2bank, and through our valued partners.” 

While Banking as a Service has seen quite a few new entrants, few can scale clients like Green Dot can, with Q2 BaaS the exception. Many of the new platforms like Unit and Bond are focused on startups and will scale along with their clients. As Green Dot’s embedded platform expands, it itself needs to scale up its tech stack and modernize.

Green Dot is one of the biggest players in the prepaid debit card market, and it is expanding into more traditional banking with an online account that features some eye-catching numbers: A 3% interest rate, and 3% cash back on online purchases.

Deposit account interest rates are still low by historical standards: As Money.com's "Dollar Scholar" Julia Glum recently noted, many savings accounts pay next to nothing in interest, and any account with an interest rate of 2% or higher is considered quite good nowadays.

A new savings account from Betterment has one of the highest yield in the market lately, and it pays 2.69% interest. (Pro tip: Since online bank accounts have less overhead and can often offer higher interest rates, parking your savings in one of them can earn you a higher yield than a savings account at a traditional brick-and-mortar bank.)

In other words, that 3% APR on the new Green Dot account — officially called the Unlimited by Green Dot — is sure to attract attention. Plus its purchase-rewards earnings rate of 3% is higher than you can get with a typical cash back rewards credit card for day-in, day-out transactions.

But like so green dot bank loans online relationships these days, the new Green Dot product is more complicated than we'd hope. A perusal of the fine print for the Unlimited by Green Dot uncovers some important caveats that you should consider when determining if this new account and Unlimited Cash Back Bank Account Visa Debit Card that it comes with are right for you.

For starters, this is an account you’ll have to commit to: You can’t actually collect on that 3% cash back or the interest you’ve earned until you’ve kept the account in good standing for a full year. (With other cards and accounts, you can get your cash back monthly.) What’s more, while this probably isn’t an issue for most people, the 3% APR on deposited funds only is applicable to the first $10,000 in an green dot bank loans that (at minimum) year-long commitment might be more expensive than you think too, because, like many other prepaid debit accounts, Green Dot comes with its share of fees.

Most importantly, if you don’t use the Green Dot debit card to make $1,000 or more in qualifying purchases each month, you’ll get dinged with a $7.95 account maintenance fee every month — which Green Dot execs told CNBC is one way the company plans to turn a profit on this new offering.

Another key piece of information is that only qualifying online and in-app purchases count toward the $1,000 minimum. So standard in-person purchases involving a physical swipe of the card — say, at the supermarket, or Starbucks, or a restaurant — do not count.

Even if you do much of your shopping online, as many of us do these days, you might be surprised at the fine-print list of what else *doesn’t* count towards that spending threshold.

Green Dot says electronic purchases made via retailer websites or apps (think Amazon, Target, Netflix, etc.) using the card or account will count towards the $1,000 monthly spend requirement and accrue cash back. But you won't get cash back for using the Green Dot debit card for paying your regular monthly bills online. Green Dot may tout the convenience of its site and mobile app for paying bills, but neither desktop nor mobile bill payments made on the Green Dot platform count towards your monthly spend or qualify for that 3% cash back. Green Dot also stipulates that airline purchases aren’t eligible to earn cash back.

Depending on your shopping habits, these caveats could make it hard to accrue that $1,000 in spending every month to avoid the $7.95 fee.

That said, a 3% yield is considerably higher than we've seen recently how to activate walmart prepaid debit card for an online checking account, especially for small balances. (Yes, the new Green Dot account offers checking, though you have to pay $5.95 for a pack of 12 checks.) ,

People who buy everything from groceries to gadgets online and make frequent use of digital services like entertainment streaming (and who make sure to pay through that vendor's own platform) could conceivably hit that $1,000 in monthly spend without their wallets breaking a sweat. But it pays to evaluate your spending habits and do some math before you jump in with both feet.

* Other SaberEsPoder products, services, and discounts are not provided by Green Dot.

** See Deposit Account Agreement for fees and additional details.

*** ASAP Direct Deposit™ - Early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period.

**** Fee-free ATM access applies to in-network ATMs only

PODERcard account opening is subject to identity verification by Green Dot Bank. Banking services provided by and PODERcard Visa® Debit Card is issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa International Service Association. Green Dot Bank operates under the following registered trade names: GoBank, Green Dot Bank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green dot bank loans Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage. Green Dot is a registered trademark of Green Dot Corporation ©2020 Green Dot Corporation. All rights reserved.

Can I get a loan from Green Dot Bank?

Green Dot Money doesn’t provide loans directly. Instead, it’s a loan-connection service that can connect you to lenders willing to offer amounts and terms you specify in its simple online application.

Does Green Dot offer cash advances?

What’s the usual Green Dot cash advance limit? The Green Dot Secured cash advance limit will be a portion of your entire credit limit. You can consult it either from your monthly statement or by calling (866) 291-0818.

Does Green Dot do cash advances?

You can get a Green Dot cash advance at any ATM, by using the PIN that was mailed with your card. You can also ask for a PIN by calling the number on the back of your card. If you absolutely need a cash advance, it’s important to know that the interest rate will be 19.99% and it will begin accruing immediately.

Are there any fees with a Green Dot debit card?

Green Dot provides the following fee schedule and limits on its website, but you may incur more depending on your card usage: If you’re looking for a debit card you can use internationally, you’ll want to keep looking. As always, compare your options when choosing a debit card. How do I open a Green Dot 5% Cash Back Visa Debit Card account?

How does Green Dot loan work for payday loans?

Once this process is complete with your service provider, they will deposit your payday loan electronically right into your checking or savings account in next day. Why Choose Us? Bad Credit OK!!! “GreenDotMoneyLoans.Com Cash really means what they say.

Why is the Green Dot prepaid visa so popular?

One of the reasons so many people use the Green Dot Prepaid Visa® card is because of its convenient and easy to understand fee structure. It isn’t the cheapest prepaid card green dot bank loans there, but its simplicity is often more valued than a lower monthly fee.

Is there a Green Dot prepaid card in Vermont?

Google, Android and Google Play are trademarks of Google Inc., registered in the U.S. and other countries. Prepaid cards are not available to Vermont residents. Cards provided by Green Dot Corporation. The MasterCard Card is issued by Green Dot Bank pursuant to a license from MasterCard International Incorporated.