Author Topic: 6% Savings Account with mangomoney.com - All the details  (Read 57047 times)

tj

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #50 on: December 26, 2015, 01:01:19 PM »
Way too many hoops to jump through for a 5k limit.  No thanks.

The NetSpend/brinks is much less hoops to jump through than Mango. See the TheFinanceBuff link I posted two comments above.

Indexer

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #51 on: December 27, 2015, 06:09:02 PM »
Way too many hoops to jump through for a 5k limit.  No thanks.

Setting up an online account, changing $50 of your direct deposit to go to mango, and occasionally moving the interest back from mango to your main bank is too much work for $264/yr? (300-12X3)

Took me a few minutes to set it up, a few minutes to change my DD online, and a couple minutes once a month to move the money back to my primary bank.  So less than 1 hour a year to make $265. My job pays well, but it doesn't pay $264/hour. :D

subhobroto

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #52 on: December 27, 2015, 10:11:12 PM »
Way too many hoops to jump through for a 5k limit.  No thanks.

Setting up an online account, changing $50 of your direct deposit to go to mango, and occasionally moving the interest back from mango to your main bank is too much work for $264/yr? (300-12X3)

Took me a few minutes to set it up, a few minutes to change my DD online, and a couple minutes once a month to move the money back to my primary bank.  So less than 1 hour a year to make $265. My job pays well, but it doesn't pay $264/hour. :D

I automate this completely using ACH Push from Alliant of $500/mo on the 25th to the mango card and I ACH Pull $524/mo on the 5th after moving $24 from the mango card to savings when I check in to make sure everything's doing OK.

Thanks to tj's input, I'm thinking of going the NetSpend route as well.

RysChristensen

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #53 on: January 31, 2016, 04:25:51 PM »
NetSpend people:
Just to make sure I'm not horribly confused before I take the plunge- the ACH routing number and account number, does that work just like a regular bank account link would? Right now I have a business checking account, a personal checking account and a personal savings account earning a pittance. This sounds like it would be worth dumping the current savings account for, but I just wanted to make sure I'm clear on how to get the money out when I need to. It should link ok to my checking (according to the thefinancebuff link, as I have Santander). It sounds like I can also pull money out with the routing number/account number, for example to Vanguard or my health insurance company? Or do I have to bounce the money back into my checking account and transfer it from there? (I'm one of the paper-check people, mostly because my few bills that aren't on my credit card didn't allow ACH payments until recently).

tj

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #54 on: January 31, 2016, 04:58:06 PM »
NetSpend people:
Just to make sure I'm not horribly confused before I take the plunge- the ACH routing number and account number, does that work just like a regular bank account link would? Right now I have a business checking account, a personal checking account and a personal savings account earning a pittance. This sounds like it would be worth dumping the current savings account for, but I just wanted to make sure I'm clear on how to get the money out when I need to. It should link ok to my checking (according to the thefinancebuff link, as I have Santander). It sounds like I can also pull money out with the routing number/account number, for example to Vanguard or my health insurance company? Or do I have to bounce the money back into my checking account and transfer it from there? (I'm one of the paper-check people, mostly because my few bills that aren't on my credit card didn't allow ACH payments until recently).

i've never tried ACHing from netspend directly to a bill. The cards have routing and account numbers attached to them, so it would presumably work provided the payee acknowledges the backing bank for NetSpend (MetaBank or BofI Federal, depending on the card). I like to have lal my bills come out of my main checking account, so I'd ACH any needed funds from the card to my main account.

Rubic

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #55 on: January 31, 2016, 07:01:57 PM »
NetSpend people:
Just to make sure I'm not horribly confused before I take the plunge- the ACH routing number and account number, does that work just like a regular bank account link would? Right now I have a business checking account, a personal checking account and a personal savings account earning a pittance. This sounds like it would be worth dumping the current savings account for, but I just wanted to make sure I'm clear on how to get the money out when I need to. It should link ok to my checking (according to the thefinancebuff link, as I have Santander). It sounds like I can also pull money out with the routing number/account number, for example to Vanguard or my health insurance company? Or do I have to bounce the money back into my checking account and transfer it from there? (I'm one of the paper-check people, mostly because my few bills that aren't on my credit card didn't allow ACH payments until recently).

Please see my related post here:

http://forum.mrmoneymustache.com/ask-a-mustachian/best-place-to-keep-emergency-fund/msg959679/#msg959679

The only additional comment I would have to add to your query is to expect 3 business days for any transfers to occur between Netspend and your regular checking account.

RysChristensen

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #56 on: January 31, 2016, 08:41:36 PM »
Thanks! Looks like everything should work just fine, then. (Frankly a few days to transfer money is probably still faster and easier than trying to find the checkbook, envelopes and stamps all at the same time... )

Rubic

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #57 on: May 30, 2016, 05:47:39 PM »
NetSpend, Western Union, and Brinks come with a $20 bonus once you deposit your first $40 on the card.  Ace Elite is $10.  I don't believe Mango currently has the bonus for the referee, only the referrer.

Note that both you and the person who uses your referral code will only receive one $20 bonus in the NetSpend family (NetSpend, Western Union, Brinks) regardless of how many accounts are activated.  FYI.



johnny847

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #58 on: May 31, 2016, 12:15:05 PM »
Quote
Netspend is lowering the amount that earns a 5% APY rate on all of their prepaid cards from $5,000 to $1,000. The change will take effect on July 1, 2016, and it applies to all Netspend cards, including Netspend, Brinks, Western Union, HEB, Control, and Ace Elite and probably the Paypal Prepaid too.

http://www.doctorofcredit.com/netspend-neuters-5-apy-savings-account-effective-july-1/

Rubic

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #59 on: May 31, 2016, 01:01:24 PM »
Quote
Netspend is lowering the amount that earns a 5% APY rate on all of their prepaid cards from $5,000 to $1,000. The change will take effect on July 1, 2016, and it applies to all Netspend cards, including Netspend, Brinks, Western Union, HEB, Control, and Ace Elite and probably the Paypal Prepaid too.

http://www.doctorofcredit.com/netspend-neuters-5-apy-savings-account-effective-july-1/

Ah, well.  It was nice while it lasted.

It won't be worthwhile for anyone to open a new account, but I may leave $2000 ($1000 each in NetSpend and Brinks) for an easy $100/year on a portion of my emergency stash.


Zoot Allures

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #60 on: May 31, 2016, 01:05:44 PM »
Quote
Netspend is lowering the amount that earns a 5% APY rate on all of their prepaid cards from $5,000 to $1,000. The change will take effect on July 1, 2016, and it applies to all Netspend cards, including Netspend, Brinks, Western Union, HEB, Control, and Ace Elite and probably the Paypal Prepaid too.

http://www.doctorofcredit.com/netspend-neuters-5-apy-savings-account-effective-july-1/

Bummer! But not surprising, I guess. I wish I'd at least gotten a full year out of it.

billatq

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #61 on: June 07, 2016, 07:40:58 PM »
I literally had my account open (netspend) for a day before getting that mail. Oh well, free 5% on $1k

MVal

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #62 on: August 10, 2016, 08:38:59 PM »
So, does anyone know if things have changed at all with Mango? Since all these other high interest online accounts seem to be changing their tune lately, I was wondering. I can't tell from their website, but I thought I had heard you have to have a minimum number of debits on your prepaid card per month in addition to the direct deposit to the savings to qualify for the now 6% interest. Is that true?

johnny847

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #63 on: August 10, 2016, 09:17:15 PM »
So, does anyone know if things have changed at all with Mango? Since all these other high interest online accounts seem to be changing their tune lately, I was wondering. I can't tell from their website, but I thought I had heard you have to have a minimum number of debits on your prepaid card per month in addition to the direct deposit to the savings to qualify for the now 6% interest. Is that true?

Yes. Now it has to be a net $800 a month DD/ACH. You can't ACH push $800 into the account and then ACH pull $800 out of the account in the same month and get the 6% interest.

ETA: You could alternate months of DD/ACH push $800, and then ACH pull $800, but that's fairly annoying and effectively halves your APY.

http://www.doctorofcredit.com/major-negative-changes-mango-6-apy-prepaid-account/


MVal

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #64 on: August 11, 2016, 12:17:25 PM »
So, does anyone know if things have changed at all with Mango? Since all these other high interest online accounts seem to be changing their tune lately, I was wondering. I can't tell from their website, but I thought I had heard you have to have a minimum number of debits on your prepaid card per month in addition to the direct deposit to the savings to qualify for the now 6% interest. Is that true?

Yes. Now it has to be a net $800 a month DD/ACH. You can't ACH push $800 into the account and then ACH pull $800 out of the account in the same month and get the 6% interest.

ETA: You could alternate months of DD/ACH push $800, and then ACH pull $800, but that's fairly annoying and effectively halves your APY.

http://www.doctorofcredit.com/major-negative-changes-mango-6-apy-prepaid-account/

Ugh, I didn't realize it was net! Yeah, considering just one of my paychecks minus my huge chunk to the 401K is actually slightly less than $800, it would be difficult to maintain that monthly net amount. I did see they will at least give 2% on balances that don't meet the DD requirement.

Well, that stinks. I guess I stick with my Ally.com savings until I figure out a better plan.

kitkat

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #65 on: August 11, 2016, 12:39:29 PM »
To the OP (or mod?): It would be helpful if in the subject line or first post of this thread an edit was added that said up front that the service has changed/ended. Now that the post is getting activity, us newbies may waste a good 10-15 minutes reading the entire thread before getting to the part where we learn this is no longer a thing :)

Thanks!

arebelspy

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #66 on: August 11, 2016, 02:34:15 PM »
To the OP (or mod?): It would be helpful if in the subject line or first post of this thread an edit was added that said up front that the service has changed/ended. Now that the post is getting activity, us newbies may waste a good 10-15 minutes reading the entire thread before getting to the part where we learn this is no longer a thing :)

Thanks!

MOD NOTE: Good idea. Done!
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Indexer

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #67 on: August 11, 2016, 05:34:01 PM »
Thanks for the update!  I have an account there and didn't even get notification of this change. I'll be moving everything out now.

Elle 8

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Re: 6% Savings Account with mangomoney.com - All the details
« Reply #68 on: August 13, 2016, 04:54:38 AM »
I didn't get the notification either.  Even checked my spam folder; nothing.

I'm thinking to try to jump through the hoops to get the 6% for most of the year.  Here's my plan:  change my direct deposit from $125/wk to $200/wk, do this for two months, on the third month, stop the direct deposit and transfer the $1600 out, on the fourth month start up the $200/wk dd again and repeat.  That would get me 6% for 8 months and 2% for 4 months without too much work.  But then I'd have up to $1600 sitting on the debit card not making anything.

Hell, maybe this is the kick in the butt I need to finally open a Vanguard account.