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Spending account & debit card basics

Gusto Cash Accounts1 allow employees to create two different types of accounts: spending and savings. The spending account is a checking account with a unique account number. After opening a spending account, an employee can request a Gusto debit card, enabled with tap-to-pay functionality. Employees can also set up direct deposit or link to an external bank account to move funds in and out of their spending account.

Transferring funds

An employee can link an external bank account to their Gusto spending account to transfer funds between accounts. Transferring funds from a spending account to an external bank account usually takes 3-5 business days.

Alternatively, an employee can transfer funds between Gusto Cash Accounts, including their spending account and savings goals, instantly.


Gusto spending accounts have no account fees, transfer fees, or minimum balance fees, and there are no restrictions on how frequently funds can be withdrawn or deposited to the spending account2. Additionally, Gusto does not allow employees to overdraft their spending account. Any transfer or transaction that exceeds the accounts’ current balance should be declined. No fees will be assessed for overdrafting by Gusto or nbkc bank, Member FDIC3

With the Gusto debit card, employees have fee-free access to 32,000 ATMs nationwide and employees can request replacement cards for free.

If an employee uses their Gusto debit card at an ATM that is out of network, Gusto will charge a fee of $2.50 in addition to the ATM fee that may be charged by the third-party ATM operator. 

Interest rate (APY)

Gusto spending accounts earn 0.05% APY4. Interest earnings are added to the account balance at the end of each month. Monthly statements are available to review and download from the Wallet tab of the Gusto employee dashboard or the Gusto Wallet mobile app. If an employee earns $10 or more of interest in a given tax year, Gusto Wallet will generate a 1099 statement to reflect the amount of interest earned.

Gusto Wallet mobile app 

Gusto spending accounts and debit cards can be managed on-the-go from the Gusto Wallet mobile app, available in the App Store® and Google Play® store5. Employees can check their account balances, initiate a transfer, review paystubs, request a Cashout, and route funds using the paycheck splitter.

Debit card capabilities 

  • Activating cards: Employees should receive their Gusto debit card within 7-10 business days after opening their spending account. Once they’ve received the debit card, they can activate it by following the instructions on the debit card or logging in to their Gusto account. 
  • Lost or stolen cards: If an employee’s debit card is lost or stolen, they can choose to lock the card to prevent unauthorized transactions. Employees can then request a replacement card for free. 

Instant Cashout  

Instant Cashout6 is available to employees who are eligible for both Cashout and a Gusto spending account. When an employee requests an Instant Cashout, the funds are immediately deposited into their Gusto spending account and can be used to make a purchase with the Gusto debit card. The Gusto spending account must be active to receive the Instant Cashout. All other Cashout eligibility criteria, accrual calculations, and repayment processes remain the same.

Closing an account 

To close a Gusto spending account, an employee needs to bring the account balance to $0 by moving remaining funds to another Gusto Cash Account or transferring to an external bank account. Then, the employee will need to remove the spending account they would like to close from their listed direct deposit bank accounts in the paycheck splitter. Then, they can request to close the account by emailing our team at [email protected] 


1. Gusto Cash Accounts, including savings goals and spending accounts, are issued and insured by nbkc bank, Member FDIC.

2. Some fees, such as out-of-network ATM and foreign transactions fees, may apply. Please review the terms and conditions carefully.

3. Gusto is a payroll services company, not a bank. Banking services provided by nbkc bank, Member FDIC.

4. Cash Account Annual Percentage Yield (APY) as of 10/1/21 is .05%. 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 9/20/21 available at 

5. App Store is a service mark of Apple Inc., registered in the U.S. and other countries. Google Play is a trademark of Google LLC.

6. The Cashout program is issued by Sunrise Banks, N.A., Member FDIC.



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