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Spending account & debit card basics

Gusto Cash Accounts 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 hidden fees1. That means no bank account fees, transfer fees, or minimum balance fees, and there are no restrictions on how frequently funds can be withdrawn or deposited to the spending account. 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 fee will be assessed by Gusto or its bank partner, nbkc bank, for overdrafting.

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 0.34% APY-- that’s 8x the national average2. 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. 

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®. Employees can check their account balances, initiate a transfer, review paystubs, request a Cashout, and route funds using the paycheck splitter. 

Gusto Wallet for Android™ is coming soon! In the meantime, Android users can log into the Wallet experience through Gusto.com on a mobile device.

Debit card capabilities 

  • Activating cards: Employees should receive their Gusto debit card within 5-7 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. 

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 wallet@gusto.com. 


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

2 - Based on the FDIC savings rate as of 10/1/20 available at fdic.gov/regulations/resources/rates/. Cash Account Annual Percentage Yield (APY) is 0.34%. Interest rates are variable and subject to change at our discretion, at any time without prior notice. No minimum balance required. 

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

*App Store is a trademark of Apple Inc., registered in the U.S. and other countries.

*Android is a trademark of Google Inc.


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