Walmart and Green Dot’s Moneycard Resembles Neobank Offering

Walmart and Green Dot first partnered in 2006 with the Walmart Moneycard, this January they extended that partnership another seven years; the Moneycard has also received an update that the partners believe is just as compelling as any neobank offering in the market; “The feature functionality is on par with what you would get from any other digital bank account these days,” said Mike Keeslar, General Manager of Consumer Products at Green Dot, to American Banker. “And that was really the guiding light for us and for Walmart as we thought about … what customers need today and how they’re using banking instruments.”; Moneycard has a 2 percent interest rate on their savings feature, a rate that is significantly higher than most firms in this low rate environment; the recent changes has also seen a higher clientele starting to use the product, though they still cater to households that make under $75,000 a year. American Banker

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