Gusto spending account and debit card

The Gusto spending account is an interest-bearing bank account designed to help employees seamlessly connect payday and banking, so they can access their hard-earned wages confidently and quickly.1

The spending account works like a traditional checking account, but better. If an employee chooses to set up direct deposit to their spending account, they can get paid up to 2 days faster.2 They can also receive incoming ACH deposits (like tax refunds), set up bill pay, and link external bank accounts to transfer funds in and out, and even transfer funds instantly from their spending account to one of their personal debit cards.3 And lastly, with an APY4 of 3.47%, employees earn interest on the money kept in their spending account. 

Once an employee activates their spending card, they can also access financial wellness tools right from their Gusto account. They can create monthly budgeting goals, have transactions automatically assigned to personalized budgeting categories, and review dynamic spending insights that inform them of their spending habits over time.  

Once an employee opens a spending account, they'll receive a Gusto debit card to access funds in their spending account. Gusto debit cards are mailed via USPS and should be received within 10-14 business days of opening the spending account.

 

1. The Gusto Cash Account, savings goals, spending account, and debit card program is issued by nbkc bank, Member FDIC.

2. Early access to direct deposit funds depends on the timing of payer’s submission of deposits. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

3. Funds are generally accessible immediately, however, network disruptions may delay availability, typically no longer than 30 minutes.

4. Cash Account Annual Percentage Yield (APY) as of 11/15/2022 is 3.47%. APY is variable and subject to change at our discretion, without prior notice. No minimum balance required. Based on the FDIC savings rate as of 10/17/2022  available at fdic.gov/regulations/resources/rates/.

5. There are no account or overdraft fees associated with the Gusto Cash Account spending account. The Gusto debit card can be used for free at over 37,000 ATMs in the MoneyPass Network. Gusto charges $2.50 when you use an out-of-network ATM in addition to any fees charged by the ATM or ATM operator. Please review the terms and conditions carefully.

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