Author Topic: Mango and interest rate arbitrage  (Read 1504 times)

dantownehall

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Mango and interest rate arbitrage
« on: January 15, 2016, 07:30:02 AM »
When I first read about Mango's 6% on your first $5000 savings account, I immediately thought "I should park some cash there, that's a pretty good deal."

But then I thought, "I should park someone else's money there, that's an even better deal!"

Basically, I'd like to borrow $5000 at a lower interest rate, collect the $25/month interest, and make a return with no investment on my part (an infinity percent return).  I'm not used to borrowing money for anything besides houses however.

What would my best bet be for a low interest rate loan?  A personal loan from a bank?  I have good credit.

Thegoblinchief

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Re: Mango and interest rate arbitrage
« Reply #1 on: January 17, 2016, 08:09:34 AM »
Personal loans will be near that 6% or even higher at least most places I've casually looked.

A HELOC if you have one open would be a lowish interest rate typically.


Ohio Teacher

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Re: Mango and interest rate arbitrage
« Reply #2 on: January 17, 2016, 09:12:30 AM »
I have used balance transfer checks from a credit card to do this.  In the past, you could get them with no fee or 1%, but lately the best I have seen is a 2% fee for 18 months 0% interest, essentially 1.33% APR. 

purple monkey

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Re: Mango and interest rate arbitrage
« Reply #3 on: January 17, 2016, 11:01:27 AM »
Can you have husband and wife on both accounts and have each as a primary?

TIA.

tj

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Re: Mango and interest rate arbitrage
« Reply #4 on: January 18, 2016, 04:10:17 PM »
Allegedly you can have more than one mango. I haven't tried.