Author Topic: Mango: How are you withdrawing money over the $5k limit when it stops earning 6%?  (Read 10007 times)

Acg

  • Stubble
  • **
  • Posts: 102
I have a mango savings account with about $5,700 in it.  I want to withdraw money out of this and get it back down to the $5,000 limit where it stops earning the 6%.  However, I know it's tough to get money out of there without experiencing a fee.  How are you guys getting money out of your account without paying a fee?  Also, how big is your monthly deposit?  I'm doing $25 right now and I'm wondering if I can drop this down at all but still keep my account active.  That way it won't accumulate cash as fast.  Thanks.

jda1984

  • Stubble
  • **
  • Posts: 179
I hadn't heard of Mango before.  I'm curious now.  I'll be watching this thread to see if someone else has insight for you.  According to their website it says they don't charge a fee for a bank transfer, but the bank might.

energyguy

  • 5 O'Clock Shadow
  • *
  • Posts: 3
  • Location: Colorado
What if you just spent the $700 on your Mango card, as your next shopping expenses come up? You might "lose" 1% or whatever your cash-back credit card gives you, but you'd avoid any transfer fees.

So I don't have mango at the moment, but will be opening two accounts to shift emergency savings for my fiance and I. Even with the monthly fee it'll net us $500 a year pre-tax. Seems worth the 1-2 hour investment of time.

Frugal_NYC

  • 5 O'Clock Shadow
  • *
  • Posts: 77
I'm in process of setting the account up - I plan to only send $5 each month (per this article: http://thefinancebuff.com/mango-prepaid-card-6-apy-savings-account-a-hidden-gem.html) and then don't worry about it

You could also withdraw from ATM ($2 fee)

PayPal transfer
« Last Edit: June 09, 2015, 02:39:01 PM by Frugal_NYC »

Acg

  • Stubble
  • **
  • Posts: 102
I'm in process of setting the account up - I plan to only send $5 each month (per this article: http://thefinancebuff.com/mango-prepaid-card-6-apy-savings-account-a-hidden-gem.html) and then don't worry about it

You could also withdraw from ATM ($2 fee)

PayPal transfer

Thanks.  Can anyone that currently uses mango confirm that you can drop the direct deposit down to $5 per month and still get the 6% interest?  Thanks.

Indexer

  • Handlebar Stache
  • *****
  • Posts: 1463
There is no fee for bank transfers....

Let the direct deposit go in.  Once a month transfer any extra over 5k back into your bank account, or Ally account, or Vanguard account.

Acg

  • Stubble
  • **
  • Posts: 102
There is no fee for bank transfers....

Let the direct deposit go in.  Once a month transfer any extra over 5k back into your bank account, or Ally account, or Vanguard account.

How do you make an external transfer? Their website is very shady and I only see options to transfer it within my mango account or to other Mango users.  Thanks.

Making Cents

  • Stubble
  • **
  • Posts: 135
Ever since learning about Mango on this forum last week, I've been interested in transferring my 5k emergency fund to them and perhaps doubling it by enrolling my husband at that rate, but I haven't been able to sign up due to some website glitch. I called and emailed their tech support and they are definitely aware (since the weekend) that there is currently no way for someone to start a new account, but have not fixed it yet. I'm a little alarmed by that.

BlueBeard

  • 5 O'Clock Shadow
  • *
  • Posts: 47
I typically let the interest stack up for 4 months or so then do a ach pull from my funding account.

Indexer

  • Handlebar Stache
  • *****
  • Posts: 1463
There is no fee for bank transfers....

Let the direct deposit go in.  Once a month transfer any extra over 5k back into your bank account, or Ally account, or Vanguard account.

How do you make an external transfer? Their website is very shady and I only see options to transfer it within my mango account or to other Mango users.  Thanks.

You do any transfers from Mango to your bank or vice versa using your bank's transfer feature.  Your bank's ACH system treats the mango card like it is an external checking account so you can transfer back and forth.

Acg

  • Stubble
  • **
  • Posts: 102
There is no fee for bank transfers....

Let the direct deposit go in.  Once a month transfer any extra over 5k back into your bank account, or Ally account, or Vanguard account.

How do you make an external transfer? Their website is very shady and I only see options to transfer it within my mango account or to other Mango users.  Thanks.

You do any transfers from Mango to your bank or vice versa using your bank's transfer feature.  Your bank's ACH system treats the mango card like it is an external checking account so you can transfer back and forth
I'm feeling very stupid right now but I've never done an ACH pull from my bank before.  Can anyone shed some light onto how this is done through Schwab? Thanks.

kpd905

  • Handlebar Stache
  • *****
  • Posts: 1841

I'm feeling very stupid right now but I've never done an ACH pull from my bank before.  Can anyone shed some light onto how this is done through Schwab? Thanks.

Look for anywhere in your account mentioning external accounts. You should be able to link another account to your Schwab checking by putting in the account and routing numbers.  Then they'll be set up to transfer between them.

BarkyardBQ

  • Pencil Stache
  • ****
  • Posts: 667
Does the monthly direct deposit have to be a payroll deposit or just a monthly deposit from another bank?

Ricky

  • Pencil Stache
  • ****
  • Posts: 842
I'm just curious - why is this account for anyone worthwhile to keep up with? $300 a year that's taxed very inefficiently?

kpd905

  • Handlebar Stache
  • *****
  • Posts: 1841
I'm just curious - why is this account for anyone worthwhile to keep up with? $300 a year that's taxed very inefficiently?

There is no risk of the principal dropping, and it is a higher rate than savings accounts and I-bonds.

racevedo

  • 5 O'Clock Shadow
  • *
  • Posts: 12
I can't get a account, maybe they are not accepting new people?

Making Cents

  • Stubble
  • **
  • Posts: 135
Customer service told me that this is no longer available. It's weird that their website still advertises it, but with no sign up option.

Union Plus and Netspend are still available so far, but apparently many similar prepaid debits have shut down their linked high yield savings over the spring.

Acg

  • Stubble
  • **
  • Posts: 102
I don't know how it is but there's also Momentum as well...

Making Cents

  • Stubble
  • **
  • Posts: 135
Is Momentum still available? Their website says "savings coming soon."

Acg

  • Stubble
  • **
  • Posts: 102
Is Momentum still available? Their website says "savings coming soon."

My fault, I thought they had already started it.  They're a new prepaid company and they've had that message on their website for awhile.

Indexer

  • Handlebar Stache
  • *****
  • Posts: 1463
I'm just curious - why is this account for anyone worthwhile to keep up with? $300 a year that's taxed very inefficiently?

Emergency fund.....   You aren't getting 6% on safe liquid money anywhere else.

Quote
I'm feeling very stupid right now but I've never done an ACH pull from my bank before.  Can anyone shed some light onto how this is done through Schwab? Thanks.

However you normally do external transfers with other banks.  They work both ways.
« Last Edit: June 13, 2015, 01:13:46 PM by Indexer »

racevedo

  • 5 O'Clock Shadow
  • *
  • Posts: 12
Someone is using netspend? They got 5% apy saving.

Making Cents

  • Stubble
  • **
  • Posts: 135
Someone is using netspend? They got 5% apy saving.

Yes, I just signed up for this one since Mango is no longer an option. Then I referred my husband to get $20 for each of us and increase to $10k limit at this 5% rate. I'm still waiting for micro-deposits to clear from my bank account, so haven't completed the set up yet, but I'm following these steps to (hopefully) avoid any fees:

http://www.fatwallet.com/forums/finance/1432026/?start=0

racevedo

  • 5 O'Clock Shadow
  • *
  • Posts: 12
Someone is using netspend? They got 5% apy saving.

Yes, I just signed up for this one since Mango is no longer an option. Then I referred my husband to get $20 for each of us and increase to $10k limit at this 5% rate. I'm still waiting for micro-deposits to clear from my bank account, so haven't completed the set up yet, but I'm following these steps to (hopefully) avoid any fees:

http://www.fatwallet.com/forums/finance/1432026/?start=0
thank you for the link I just signed up.

dkb140

  • 5 O'Clock Shadow
  • *
  • Posts: 6
This is the only post I was able to find on Mango, please let me know if there is a newer one I missed.

Mango is still offering 6% on up to $5000 in savings (and 2% up to the $10000 limit). While the $3/mo card fee and a $800/mo Direct Deposit requirement (net of ACH transfers) seem annoying, this 6% APY still seems attractive.

It looks like if I:
  • Start with $5000
  • Direct Deposit $400 bi-weekly
  • Load $800-1300 onto my Serve once a month (or $2500 every 12 weeks)
I can earn around 5.4-5.5% after fees.

If you are familiar with Mango Money, do you see any issues with this plan?

Is there an easier way to earn > 5% on a $5000 - $10,000 emergency fund?
« Last Edit: August 13, 2018, 03:07:49 PM by dkb140 »