Netspend 5% interest up to $5000 - Who has one?

[momcpa]

Just looking for clarification.....1)you apply for the prepaid card.  2)when you get that, you activated it,  then you set up a savings account in relation to that.  3) then you deposit up to $5,000 to get the higher rate of interest.

Is the $5,000 deposited directly to the savings account, or does it go to the prepaid debit card and then get transferred to the savings account?

This sounds like something I will be interested in doing.  Thanks for any help in simplifying the process in my head.

[redbirdfan]

1. You apply for the prepaid card.  2. When you get it, activate it.  3. You link your bank account to the prepaid debit card (they will send you two small deposits to verify your account.  This takes a couple of days).  4. Once you link your bank account to the card, you can ACH the money from your bank account to your prepaid debit card.  5.  You move the money from your prepaid debit card to the savings account via the website or the app.  6.  You will be notified that you qualify for the premier account and you will receive the premier card in the mail.  You do not need to activate the premier card.  Make sure you stay on the pay as you go plan. 

*Set up an automatic $5 push from your banking account to the debit card for every >90 days to avoid the inactivity fee. 

[Zoot Allures]

I have a fairly new NetSpend savings account--and was psyched to see this morning that my 5% interest for Q1 has posted. It works, it works!

This is a great place to put a $5k emergency fund. The only wrinkle for me is that I can't seem to link my account directly to my primary bank account, so for transferring funds into and out of NetSpend I need to use Ally as an intermediary. Not a big deal though.

Note: you can have more than $5k in the savings account, but you only earn 5% interest on the first $5k. So I plan to skim off my interest earnings a couple times a year and leave the balance right at $5k.

Want to sign up? Here's my referral link: www.mynetspendcard.com?uref=3519522991

[HAPPYINAZ]

another problem! I finally got my husband's capitol one account connected the netspend account, transferred the money, and 2 days later, was contacted by capital one who said, they dont allow prepaid cards as external transfers so they were reversing the transfer. omg. so frustrating!

so I set up will ally, and it went thru. I use ally.com for mine, too. so hopefully its finally ok.

I use Captial one 360 with no problems.  Even have it set up to quarterly push and pull money to the account. 
I hope they don't change their mind, but if they do, I will set up an ally account, which I have been considering for awhile now anyway.

I read somewhere that you can create multiple Netspend accounts as long as the login name is different.  So I am trying that. 2nd netspend card should be here tomorrow.  I will let you know how that goes.  When I created the 2nd account, it seemed to automatically connect the same external accounts I had set up with my first Netspend account. 

[hownowbrowncow]

Just signed up ...here's my referral link!

http://www.mynetspendcard.com?uref=3644319863

[Rubic]

I read somewhere that you can create multiple Netspend accounts as long as the login name is different.  So I am trying that. 2nd netspend card should be here tomorrow.  I will let you know how that goes.  When I created the 2nd account, it seemed to automatically connect the same external accounts I had set up with my first Netspend account.

Why not just open up another account in the Netspend family, e.g. Brinks?  That strategy is known to work for up to 3 accounts.

[HAPPYINAZ]

I read somewhere that you can create multiple Netspend accounts as long as the login name is different.  So I am trying that. 2nd netspend card should be here tomorrow.  I will let you know how that goes.  When I created the 2nd account, it seemed to automatically connect the same external accounts I had set up with my first Netspend account.

Why not just open up another account in the Netspend family, e.g. Brinks?  That strategy is known to work for up to 3 accounts.

Just figured it made things less complicated.  Instead of telling my husband, we have two accounts at Netspend, two at Brinks, two at wherever else, I can just tell him we have several acounts at Netspend.  Seems a little simpler.  Especially since it seemed to autolink my bank accounts to make ACH easy.  Reduced the number of hoops to go through.  So I am giving it a go. 


update:  this does work!  I was able to create a second Netspend account with different login name and activate the card associated with this new account.  Originally I had trouble logging in and thought it wasn't working, but that was a mistake on my part typing in the password because I had written it down slightly wrong.  Once I realized the error, I was able to login fine.  5K was easily ACHd from capital one to the new netspend account and then immediately able to move that into savings and it's earning the 5% interest.  Yeah!     

here is my referral link in case anyone wants to use it.
https://mynetspendcard.com/prepaid-debit-card/applyNow.m?uref=8584198445

[jjface]

Be careful with some of the referral codes.  Some are showing as $5 and not $20.  Not sure if this is a change in policy or some of the posters finding their referral codes in a different place. 

[simplertimes]

update:  this does work!  I was able to create a second Netspend account with different login name and activate the card associated with this new account. 

I tried to create my second account but it says, "It looks like you have already requested a card. You should receive your card in 7-10 business days." Could this be because I tried to sign up for a 2nd card through a referral link?  Do I need to just request another card while logged into my account?

[HAPPYINAZ]

update:  this does work!  I was able to create a second Netspend account with different login name and activate the card associated with this new account. 

I tried to create my second account but it says, "It looks like you have already requested a card. You should receive your card in 7-10 business days." Could this be because I tried to sign up for a 2nd card through a referral link?  Do I need to just request another card while logged into my account?

My guess is the problem is because of using the referral link.  As far as I know you can't get the referral bonus for the multiple accounts unless they are opened like 6 months apart.  Someone else can comment if they know the exact time frame.  I didn't want to wait, so I just opened the 2nd account from the netspend website without a referral link. 

If you get a 2nd card from the first account (ie multiple cards on same account), I don't think you will get the 2nd savings account and therefore not be able to get the 5% on another 5K.  So just create a separate 2nd account. 

[Rubic]

Note you can only use one referral link every 6 months within the Netspend family of accounts (Netspend, Brinks, etc.)

[Brokefuturedoctor]

Y'all think this will still be around in 4-7 years when I have $5k to put into an account like this?

[Vanguards and Lentils]

Y'all think this will still be around in 4-7 years when I have $5k to put into an account like this?

It's been discussed at least since 2008 on fatwallet forums, so my guess is yes. You could always start putting money into it now, as opposed to $5000 all at once. I'm doing that currently to build up an emergency fund.

[hownowbrowncow]

Be careful with some of the referral codes.  Some are showing as $5 and not $20.  Not sure if this is a change in policy or some of the posters finding their referral codes in a different place. 

Fixed my link http://www.mynetspendcard.com?uref=3644319863


Thanks for the heads up!

[Joel]

I recently opened up a few Netspend accounts. I'm hoping it stays at 5% for the next several years as I save up for a house down payment.

Here's my referral link:
http://www.mynetspendcard.com?uref=8586754260

[Tremeroy]

I just signed up using someone else's referral code. Thank you very much!

Here is my link, for anyone else who is interested in signing up ($20 to you, $20 to me): www.mynetspendcard.com?uref=2413270549

Something that I found slightly surprising—on the first paycheck direct deposit, I actually had the portion sent to my Netspend account post on Thursday, while my normal direct deposit didn't post to my regular checking account until Friday. And my checking account is at the very bank where I work! Too funny.

[Brokefuturedoctor]

So for people who don't plan on setting up a direct deposit to a Netspend account is Brinks a better option? It has the same 5% APY and doesn't seem to require the direct deposit.

[cschx]

Any ACH transfer will work to satisfy the DD requirement.

[Tremeroy]

It has the same 5% APY and doesn't seem to require the direct deposit.

As I understand it, all of the Netspend cards (including Brinks, which is run on the Netspend platform) require DD to "switch on" the 5% savings account. After the account is opened, you can cancel the recurring direct deposit.

Personally, I plan on maintaining a small ($1) direct deposit. This is a low-thought way for me to stay out of the "90-day inactivity fee" range. When the account gets above $5,000, I'll sweep off enough $$ to leave room for my DD & interest to accumulate again.

[Vanguards and Lentils]

As I understand it, all of the Netspend cards (including Brinks, which is run on the Netspend platform) require DD to "switch on" the 5% savings account. After the account is opened, you can cancel the recurring direct deposit.

Personally, I plan on maintaining a small ($1) direct deposit. This is a low-thought way for me to stay out of the "90-day inactivity fee" range. When the account gets above $5,000, I'll sweep off enough $$ to leave room for my DD & interest to accumulate again.

Can confirm that you don't need any actual direct deposit. I've opened three accounts, one for myself and two for other people, without direct deposit, and the 5% savings was available as soon the account was set up.

[Brokefuturedoctor]

Oh I see, I was thinking DD as in it goes from my work to an account, but in reality it is really just a transfer to the new account. Got it, thanks!

[nanu]

If memory serves, they actually changed it recently and you need a real direct deposit (not just any ACH) initially.

If anyone wants to sign up, this is my referral link (we both get $20): http://www.mynetspendcard.com?uref=4842667916

[HAPPYINAZ]

I have set up several recently and the ACH transfers work just fine to allow the 5% savings acct....no need for actual direct deposit. 

[Joel]

I have set up several recently and the ACH transfers work just fine to allow the 5% savings acct....no need for actual direct deposit.

Same here.

[katsiki]

Something that I found slightly surprising—on the first paycheck direct deposit, I actually had the portion sent to my Netspend account post on Thursday, while my normal direct deposit didn't post to my regular checking account until Friday. And my checking account is at the very bank where I work! Too funny.

Many of the prepaid cards and many credit unions do this.  Apparently, they credit the ACH once it is sent.  I think it is a gimmick but perhaps it is useful to others.

[hownowbrowncow]

[/quote]

That link helped.  I have a Chase account and have been finding conflicting things about being able to ACH the netspend savings account back in into a Chase checking account.  Well here's to trying it in a week :)
[/quote]


I actually just did that last week (Net Spend -> Chase) - no problems.  Entered transfer of $20 referral bonus on Wed, it was in my Chase checking on Friday.

[simplertimes]

Ok so I finally have my second account set up and wanted to warn others about getting locked out of their accounts.  Because I created a new account for my husband, and then ten minutes later created my own new account from the same computer, both of the accounts became locked and I could not log in!

My husband and I had to call NetSpend separately to verify our security questions to have the accounts unlocked.  They even locked my original account as well, which had the $5K already loaded into the savings.

Just a word of warning to others planning to open multiple accounts!  I confirmed with them that it is allowed, but their system freaked out when I tried to create too many accounts at once.  It was scary being unable to log into the account with the 5K in it and seeing the message "There is a problem with your account.  Please call customer service"!

____________
My NetSpend $20 referral code:  http://www.mynetspendcard.com?uref=5388874494

[Brokefuturedoctor]

Thanks for all the good info everyone; I just setup my own account!

Referral link for the next person perhaps? http://www.mynetspendcard.com/?uref=3535605963

[Elle 8]

Bad news.  Looks like this deal is coming to an end...

Sorry I know there's a thread around here somewhere but can't find it with the search function.  Anyway, the 5% on balances up to $5k per account is being reduced to $1k starting June 1st.

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

:(

Thanks for letting us know Curbside Prophet.

[Joel]

The change is effective July 1, not June 1.

[flashpacker]

We still have $6K in this.  Spouse and I each have $1K in Netspend regular version, WU Netspend, and Ace Elite Netspend.  You just need to watch the inactivity fee but it's not onerous.

[Rubic]

We still have $6K in this.  Spouse and I each have $1K in Netspend regular version, WU Netspend, and Ace Elite Netspend.  You just need to watch the inactivity fee but it's not onerous.

I have automated $5 ACH transfers from my checking account every other month
to NetSpend and Brinks so the accounts are kept active.

[Joel]

Has anyone received their 1099 from NetSpend or Brinks yet?

[Elle 8]

I have not.  But I can see my 2016 interest by viewing my Q4 2016 statements.  It will not delay me doing my taxes.