Mango prepaid card - 4.8% (effective) APY

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Mango prepaid card - 4.8% (effective) APY

Postby boglestan » Wed Apr 04, 2012 12:28 pm

https://www.mangomoney.com/what-is-mango#savings

Looks like you must set up direct deposit of $50 or more per month to avoid the $5/mo maintenance fee, and you must "load" (different from direct deposit? not sure) $500 per month. Their "simple" fees sure seem like marketing doublespeak.

Nonetheless, it's risk-free $300/yr of interest on $5000, and FDIC insured.

You could even forego the fee-avoiding hassle, accept the $5/mo fee, plus the $10 fee to withdraw via check when you're done with the account, and you'd still be reaping almost 4.8% APY. But I guess you do have to direct deposit *some* money to qualify for the 6%.

I wonder how long it will last?

Update Aug 30 2012:

Instead of making every new reader read through the whole thread to figure out my gradual discovery of some tricks (and some changes made by Mango), I'll summarize them here:
  • You can bump the limit to $10k by having your spouse/partner open an account
  • You can actually open an arbitrary number of cards to further increase the limit, but each one needs a unique phone number.

Here's the general process for maximizing this account:

  • Sign up
  • Find your Mango routing+account numbers on the direct deposit "form" on their website
  • Use ING Person2Person or other ACH "push" function to put in $5005 (the account starts at negative $5 to cover the first month's fee)
  • In Mango, move the $5000 to the savings account. (We had to move $4090, and then $10, due to some weird glitch)
  • Set up monthly ACH push for $50 (I do it manually each month with ING Person2Person)
  • Each month, $5 will be debited for the monthly fee.
  • Each month, move the remaining money from the prepaid account into the savings account OR spend it with the card to avoid accumulating unwanted money in the account OR send it to another one of your Mango accounts that has room to spare. (the portion of the balance over $5000 in the savings account only earns 0.1%, so I try to keep each account at exactly $5000 or less.)
  • Open additional accounts to increase the amount of money that can earn 6% and repeat the above process for each. (Each account needs a unique phone number.)
Last edited by boglestan on Tue Nov 06, 2012 1:11 pm, edited 8 times in total.
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby boglestan » Wed Apr 04, 2012 5:41 pm

Does anyone know if there is any difference between direct deposit and a simple ACH push? If there is no real difference, then this would be much easier to deal with -- I could simply do a monthly ACH push from a bank account and not have to bother my employer with it.

edit: I guess google knows all. The answer is "maybe".

http://www.fatwallet.com/forums/finance/432086/

http://www.paydayloner.com/direct_deposit_ACH_push.html
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby livesoft » Wed Apr 04, 2012 5:54 pm

My employer will divide up paycheck and do direct deposit to multiple places.
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby boglestan » Wed Apr 04, 2012 5:57 pm

livesoft wrote:My employer will divide up paycheck and do direct deposit to multiple places.

I'm guessing mine will too, but I would feel like a nuisance if I do that, and then maybe add another one (the netspend card, which is similar), and then, say, one of those cards gets rid of their promo rate and I decide to cancel the direct deposit... etc. I would be much more comfortable if I could bear the brunt of the hassle without involving my (small) employer possibly several times.
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby boglestan » Wed May 02, 2012 5:32 pm

Update!

I've been depositing $50 every week or so via ACH push, hoping that they would consider it direct deposit. Since there is no technical difference between ACH push and direct deposit, I figured this might work, and... it did!

I got my first month's worth of interest, and after calculating the average daily balance, it looks like I'm getting 6%. It's a bit confusing because they don't come out and *tell* you which rate you're getting. It just silently happens and you have to figure it out yourself, if you're curious.

I should also get a $20 bonus for enrolling in direct deposit.

So, with the $5/mo fee (since I will not be depositing $500 every month) I'm effectively getting 4.8%. Going forward, I'll set up the ACH pushes to happen automatically once per month, for $50, and after putting in a lump sum to get it up to the max $5000, I'll just have to use the card to spend the extra $50 per month (because the balance above $5000 only earns 0.1% and I'd rather keep it right at $5000).

All in all, the work-to-reward ratio has been questionable, but hopefully others can benefit from my little investigation. :-)
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby boglestan » Tue Jul 17, 2012 4:48 pm

Another update:

I just discovered a way around the $5 monthly fee.

They'll only charge the fee if you actually have money in your prepaid account. If you have less than $5, then they'll take whatever you have and leave you with $0. They won't try to collect the rest of it at a later date, even if you add more money to the prepaid account.

So basically, you add $50 per month, then spend it all before the 5th (when they charge the fee), and then you don't get charged the fee at all. If you have an odd amount left or you don't know what to spend it on, you can always buy an Amazon gift card for the exact amount remaining.

It's worth noting that the prepaid account is separate from the savings account. The former is where the fee is charged; the latter is where your ~$5000 sits. They will not deduct from the savings account in order to pay your monthly fee for the prepaid account.

My wife just signed up, so now we have $10k earning 6% -- and now it's really 6%, since we figured out how to avoid the monthly fee.

So, to simplify it a bit, here's what you do:

  • Sign up
  • Find your Mango routing+account numbers on the direct deposit "form" on their website
  • Use ING Person2Person or other ACH "push" function to put in $5000
  • In Mango, move the $5000 to the savings account. (We had to move $4090, and then $10, due to some weird glitch)
  • Set up monthly ACH push for $50
  • Each month, spend the $50 dollars
  • Make sure your balance is zero on the 5th of each month, to avoid the fee (no guarantees it'll continue to be on the 5th in the future, of course)
  • Enjoy your 6% APY.
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby Xanadu » Tue Jul 17, 2012 9:02 pm

Thanks for sharing. This seems too good to be true, but please keep us updated as you find out more. :happy
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby Bfwolf » Tue Jul 17, 2012 9:19 pm

Very clever. I agree the work to reward ratio is a bit questionable, but for somebody with a lot of time on their hands, 6% risk free is a nice deal.
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby thriftynick » Mon Aug 06, 2012 9:13 am

This looks like a great idea, and I don't mind the work for 6%. The major problem I see is getting your money out. Since it isn't a bank, you can't just withdrawal the savings. You'd have to use an ATM and incur even more fees, or spend the $5,000 from your credit card.

(FYI - ATM fee is $2 + any surcharges from the ATM. You can only withdrawal $600 every 24 hours.)
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby jin101 » Mon Aug 06, 2012 3:03 pm

I think the savings account is an actually bank account.
You can transfer the funds from the savings account straight to your checking account in another bank.
No need to use the prepaid card to spend the $5000.
Or am i missing something?
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby IS0LD0UT » Tue Aug 07, 2012 11:47 am

Thanks. I am going to give this a shot. I originally didn't think I could do ACH push from my banks, but found out I can, and they can be scheduled. That should eliminate some of the headache.
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby Live Free or Diehard » Tue Aug 07, 2012 2:07 pm

boglestan wrote:So, to simplify it a bit, here's what you do:

  • Sign up
  • Find your Mango routing+account numbers on the direct deposit "form" on their website
  • Use ING Person2Person or other ACH "push" function to put in $5000
  • In Mango, move the $5000 to the savings account. (We had to move $4090, and then $10, due to some weird glitch)
  • Set up monthly ACH push for $50
  • Each month, spend the $50 dollars
  • Make sure your balance is zero on the 5th of each month, to avoid the fee (no guarantees it'll continue to be on the 5th in the future, of course)
  • Enjoy your 6% APY.

Hmmm. Looking at the Mango website...under the "What it Mango?" tab, in the "Mango Savings" section it says you can transfer money from your prepaid card to your savings account with a simple text message. Then under the "Simple Fees" tab, it lists the fee for mobile phone transfers as $0.50.

Doesn't that mean you could ACH "push" $50 (or $500 for that matter) onto your prepaid card; then use a text message to transfer the entire amount to your savings account? Now you don't have to go through any of the hassle of spending the $50 that month (and it only cost you 50 cents). If you have a rewards credit card that pays at least 1% then you'll get the 50 cents back by using you rewards credit card to make purchases for the $50 you would have had to spend with the Mango prepaid card. Isn't that an easier workaround?
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby jin101 » Wed Aug 08, 2012 3:52 pm

I would like to correct myself.

I called Mango and found out that there is no way to transfer moeny from the savings account to another bank account.
You would have to transfer the moeny to the prepaid card and take it out in $600 increments. (but u can use bill pay to make a payment of any amount)
So if you are sure you wont need the $5,000 then this could work for you.
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby boglestan » Wed Aug 08, 2012 4:03 pm

Live Free or Diehard wrote:Doesn't that mean you could ACH "push" $50 (or $500 for that matter) onto your prepaid card; then use a text message to transfer the entire amount to your savings account? Now you don't have to go through any of the hassle of spending the $50 that month (and it only cost you 50 cents). If you have a rewards credit card that pays at least 1% then you'll get the 50 cents back by using you rewards credit card to make purchases for the $50 you would have had to spend with the Mango prepaid card. Isn't that an easier workaround?

Yeah, but then the balance in your Mango savings account will increase beyond the $5000 after a while, and the excess over $5000 will 1) be somewhat locked up at Mango, and 2) will only earn 0.1%, which sucks compared to elsewhere.
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby boglestan » Wed Aug 08, 2012 4:07 pm

thriftynick wrote:This looks like a great idea, and I don't mind the work for 6%. The major problem I see is getting your money out. Since it isn't a bank, you can't just withdrawal the savings. You'd have to use an ATM and incur even more fees, or spend the $5,000 from your credit card.

(FYI - ATM fee is $2 + any surcharges from the ATM. You can only withdrawal $600 every 24 hours.)

You can cash out the whole thing for a $10 fee.

"Check Request to Close Account - Delivery of net available funds via check at account closure. - $10

See https://www.mangomoney.com/simple-fees .

I plan on never using the card at an ATM. I spend down the excess balance for free (although I forfeit 50 cents for every $50 that I could have earned in CC rewards on another card), and then when I'm done with it I'll get the check.
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby boglestan » Fri Aug 24, 2012 6:27 pm

I just went through the Mango customer agreement and I couldn't find anything stating that an individual can only have one account, so, on a whim, I tried signing up for a second account. I used an alias for my same email address, so I can differentiate the emails they send me, and the form required that I use a unique phone number, so I used another phone number I have, and voila... new account opened. The new card is in the mail. (Strangely, though it required a unique phone number, it didn't care that my name/address/DOB/SSN were not unique.)

So it looks like you might be able to get around the $5k limit by just opening multiple cards. The proof will be in the pudding after I add some money and get a regular ACH transfer set up.

Also, since you can easily send money to another Mango account, you could just send the excess $50 each month to another account to earn 6%, instead of figuring out how to spend it.
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby IS0LD0UT » Mon Aug 27, 2012 12:23 pm

boglestan wrote:I just went through the Mango customer agreement and I couldn't find anything stating that an individual can only have one account, so, on a whim, I tried signing up for a second account. I used an alias for my same email address, so I can differentiate the emails they send me, and the form required that I use a unique phone number, so I used another phone number I have, and voila... new account opened. The new card is in the mail. (Strangely, though it required a unique phone number, it didn't care that my name/address/DOB/SSN were not unique.)

So it looks like you might be able to get around the $5k limit by just opening multiple cards. The proof will be in the pudding after I add some money and get a regular ACH transfer set up.

Also, since you can easily send money to another Mango account, you could just send the excess $50 each month to another account to earn 6%, instead of figuring out how to spend it.



Thanks for the info, this has been very helpful. I setup my regular $50 transfers and I am currently waiting for the interest to post to see if my ACH transfers count as direct deposit. The only issue I had so far was that my bank pushes and pulls money to the account to verify the ACH link. Since the initial balance was already negative for the $5 monthly fee it did not work. What I did was link my paypal to it to first push some money (Paypal just does 2 pushes). The whole process took about a week. If the transfers work for the 6%, I will be opening an account for my wife. I suspect I can just transfer money to her account from my mango to get an initial balance and make it much quicker.
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby ryoung » Mon Aug 27, 2012 2:31 pm

So, looking at this:

If I transfer in $5000, and then just setup a $50 DD every month to the savings... and then just take the hit on the lower savings interest -

The difference in my ING rate and the .10% rate I'll get (assuming the $600 was in the whole year, which it isn't) would equal out to $4.20 that I would lose. Versus having to figure out how to get that $50 out every month. (I wish I could just charge it on my AMEX or Discover payments)

Then spend $10 every year to get your $600 out (if it lasts that long).
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby boglestan » Mon Aug 27, 2012 2:51 pm

ryoung wrote:So, looking at this:

If I transfer in $5000, and then just setup a $50 DD every month to the savings... and then just take the hit on the lower savings interest -

The difference in my ING rate and the .10% rate I'll get (assuming the $600 was in the whole year, which it isn't) would equal out to $4.20 that I would lose. Versus having to figure out how to get that $50 out every month. (I wish I could just charge it on my AMEX or Discover payments)

Then spend $10 every year to get your $600 out (if it lasts that long).


The only part that won't work is the last sentence. The $10 check means you close the account and take all the money out. On the bright side, you can spend ~$4 and take out the $600 through an ATM ($2 fee from Mango, plus whatever the ATM charges).

You can also transfer excess money to another account (owned by your spouse/partner, or owned by you [but a different phone number is needed]) and have it earn 6% there (see my last post).
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby ryoung » Mon Aug 27, 2012 2:53 pm

yeah I'm trying to figure out the simplest way.... just loading it with $5000 and transferring $50 in every month, and moving that the savings account as well.
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby IS0LD0UT » Wed Aug 29, 2012 11:38 am

When did you know what your ach transfer was treated as a direct deposit? Did you get the $20 bonus first or just see the interest was 6%?

Is the first statement date 30 days after the account is opened?
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby boglestan » Wed Aug 29, 2012 12:26 pm

IS0LD0UT wrote:When did you know what your ach transfer was treated as a direct deposit? Did you get the $20 bonus first or just see the interest was 6%?

I never got the $20 bonus. I got my first interest payment and calculated the average daily balance and the interest came to 6%. Interest is paid on the last day of each month.

Is the first statement date 30 days after the account is opened?

I don't know, monthly statements are anachronistic to me. I look at the account online.
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby IS0LD0UT » Wed Aug 29, 2012 12:38 pm

I guess I'll know on the 31st what my interest rate is.
Looking at the $20 fine print "Each recurring direct deposit must be $50 or more, and must be from a paycheck or benefits check.". I wonder if they count the ACH push eligible for the 6% but not for the bonus?

boglestan wrote:
IS0LD0UT wrote:When did you know what your ach transfer was treated as a direct deposit? Did you get the $20 bonus first or just see the interest was 6%?

I never got the $20 bonus. I got my first interest payment and calculated the average daily balance and the interest came to 6%. Interest is paid on the last day of each month.

Is the first statement date 30 days after the account is opened?

I don't know, monthly statements are anachronistic to me. I look at the account online.
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Re: Mango prepaid card - 6% APY

Postby boglestan » Tue Sep 25, 2012 3:48 pm

I just learned that they don't charge the $5 fee on the 5th of every month. They charge it on whichever day is the anniversary of you opening that account.

I've updated the first post to reflect this.
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Re: Mango prepaid card - 6% APY

Postby funktuna » Thu Sep 27, 2012 12:40 am

Has anyone successfully done an ACH with Ally Bank? It tells me that the routing number isn't valid. I just typed it in from my direct deposit page.
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Re: Mango prepaid card - 6% APY

Postby boglestan » Thu Sep 27, 2012 4:58 pm

funktuna wrote:Has anyone successfully done an ACH with Ally Bank? It tells me that the routing number isn't valid. I just typed it in from my direct deposit page.

Did you try removing the hyphens?
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Re: Mango prepaid card - 6% APY

Postby funktuna » Thu Sep 27, 2012 5:09 pm

boglestan wrote:
funktuna wrote:Has anyone successfully done an ACH with Ally Bank? It tells me that the routing number isn't valid. I just typed it in from my direct deposit page.

Did you try removing the hyphens?


Yes, I did it without the hyphens. It sees it as a debit card and a link can't be made. I even tried with INGdirect, but same deal. I'm going to try the ING p2p and see if that works.
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Re: Mango prepaid card - 6% APY

Postby boglestan » Tue Nov 06, 2012 1:06 pm

Sadly, they seem to have caught on to the monthly fee avoidance trick. They're now debiting the monthly fee regardless of my prepaid balance, and the prepaid account just sits at negative $5 until more money is transferred in. So it's now effectively 4.8% interest, if you have a $5000 balance.
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Re: Mango prepaid card - 4.8% (effective) APY

Postby positiveR8 » Wed Nov 21, 2012 3:30 pm

Has anyone figured out how to make ACH push work with Ally bank?
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Re: Mango prepaid card - 6% APY

Postby skr5e » Fri Nov 30, 2012 9:45 pm

boglestan wrote:Sadly, they seem to have caught on to the monthly fee avoidance trick. They're now debiting the monthly fee regardless of my prepaid balance, and the prepaid account just sits at negative $5 until more money is transferred in. So it's now effectively 4.8% interest, if you have a $5000 balance.



If this is the case, would I be using the account to its full potential by just depositing $5000 and letting it accrue interest?
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Re: Mango prepaid card - 6% APY

Postby boglestan » Sat Dec 01, 2012 10:44 pm

skr5e wrote:
boglestan wrote:Sadly, they seem to have caught on to the monthly fee avoidance trick. They're now debiting the monthly fee regardless of my prepaid balance, and the prepaid account just sits at negative $5 until more money is transferred in. So it's now effectively 4.8% interest, if you have a $5000 balance.



If this is the case, would I be using the account to its full potential by just depositing $5000 and letting it accrue interest?

Yes. You're still earning about 4.8% which is very good. It's not as nice as 6%, but oh well.
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Re: Mango prepaid card - 6% APY

Postby jasonv » Sun Dec 02, 2012 12:34 am

boglestan wrote:
skr5e wrote:
boglestan wrote:Sadly, they seem to have caught on to the monthly fee avoidance trick. They're now debiting the monthly fee regardless of my prepaid balance, and the prepaid account just sits at negative $5 until more money is transferred in. So it's now effectively 4.8% interest, if you have a $5000 balance.



If this is the case, would I be using the account to its full potential by just depositing $5000 and letting it accrue interest?

Yes. You're still earning about 4.8% which is very good. It's not as nice as 6%, but oh well.


I thought a $50 or more monthly direct deposit was required to maintain the 6% rate, and a $500 monthly direct deposit was required to avoid the monthly fee. Has anyone had any experience with this?
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Re: Mango prepaid card - 4.8% (effective) APY

Postby tj » Sun Dec 02, 2012 1:06 am

It says on the main page:

Active customers that are not enrolled in Direct Deposit will be able to open a Mango Savings Account with a rate of 2% APY a rate 15 times the industry average†, reinforcing our commitment to help everyone save more.


So does it drop to 2% if there's nothing recurring ?
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Re: Mango prepaid card - 4.8% (effective) APY

Postby tfb » Sun Dec 02, 2012 1:18 am

tj wrote:So does it drop to 2% if there's nothing recurring ?

Don't let it drop. Schedule a monthly recurring $50 push from bank account.
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Re: Mango prepaid card - 4.8% (effective) APY

Postby khh » Sun Dec 02, 2012 1:34 am

Let's say you have a zero balance on your Mango card and don't use it anymore. Would they try to collect the monthly fees that accumulate or would they simply cancel the card?

I've switched to using the Perkstreet prepaid card, which has no monthly fees if you use the card a single time during the month. It gives a 1% cashback for all credit transactions and has various 'power perks'. For example, last week you could have gotten a one time $10 addition to your balance if you made a $40 purchase at Pet Supplies Plus. Which I did.
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Re: Mango prepaid card - 4.8% (effective) APY

Postby tfb » Sun Dec 02, 2012 1:53 am

If you want to stuff another $5000 in a clone by the same company under a different brand, this card's savings account pays 5.1% APY but the monthly fee is only $2. Effective yield is slightly less at 4.6%.

http://www.unionplus.org/money-credit/p ... debit-card
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Re: Mango prepaid card - 4.8% (effective) APY

Postby Phineas J. Whoopee » Sun Dec 02, 2012 8:34 pm

positiveR8 wrote:Has anyone figured out how to make ACH push work with Ally bank?

Hi positiveR8,

I have a savings account at Ally Bank. I've had no difficulty setting it up for pushes and pulls. I think I might have had to call customer service to ask about the routing number.
[Edit - I remember now. I asked using their online chat feature without being logged in.]

Are you encountering a specific problem?

PJW
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Re: Mango prepaid card - 4.8% (effective) APY

Postby Mrxyz » Sun Dec 02, 2012 10:20 pm

Hi

Is there a wiki or another reliable source for high interest prepaid cards listings?
Thanks
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Re: Mango prepaid card - 4.8% (effective) APY

Postby jmorgans » Wed Dec 05, 2012 11:12 pm

Anyone been able to do ACH push from Chase? I followed their usual procedure- Chase sends the two small deposits, I go to Chase and verify the amounts and get the following error:

We were unable to process your request. Unknown Error (50005)

Chase is pretty much unhelpful, only suggesting that I try again. Have gone through the whole procedure twice already with no joy.
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Re: Mango prepaid card - 4.8% (effective) APY

Postby jasonv » Thu Dec 06, 2012 12:59 am

jmorgans wrote:Anyone been able to do ACH push from Chase? I followed their usual procedure- Chase sends the two small deposits, I go to Chase and verify the amounts and get the following error:

We were unable to process your request. Unknown Error (50005)

Chase is pretty much unhelpful, only suggesting that I try again. Have gone through the whole procedure twice already with no joy.


Was there a debit posted to your Mango account equal to the sum I the two small deposits? I received that same error until after I had deposited funds using Paypal to ensure the Mango account balance was positive (it starts out with a $5 deficit), and then my second attempt in which both the deposits and the debit posted worked without a problem.
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Re: Mango prepaid card - 4.8% (effective) APY

Postby Rainier » Thu Dec 06, 2012 6:45 pm

Do I have to have their prepaid card to have the savings account? Do I have to keep money on the card?
- Bill
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Re: Mango prepaid card - 4.8% (effective) APY

Postby jasonv » Fri Dec 07, 2012 1:09 am

Rainier wrote:Do I have to have their prepaid card to have the savings account? Do I have to keep money on the card?


It is worth keeping the prepaid card, because without direct deposit to the card, the savings account is not eligible for the 6% promo rate. The balance on the card can be kept at zero. Mango will just continue to charge monthly fees to the prepaid card (causing a negative balance) and they'll get their fee the next time funds are deposited to the prepaid card.
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Re: Mango prepaid card - 4.8% (effective) APY

Postby TheOscarGuy » Fri Dec 07, 2012 7:53 am

I have not been able to do ACH push. When I give the Mango routing number to other banks (for the ACH push) they go bonkers with the routing number stating "no such banking institution exists".
I have tried Ally, BoA, Discover and all have the exact same issue....anyone successfully did ACH push from one of these banks?
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Re: Mango prepaid card - 4.8% (effective) APY

Postby luv2save12 » Mon Dec 10, 2012 8:35 pm

I have been able to do an ACH push from Alliant CU to Mango but I have yet been able to setup a Popmoney push because I am also getting an invalid routing number. I am not sure the ACH push counts as DD but I was hoping the Popmoney push would. I have read that ING Person2Person counts as a DD. I do not have an ING account so I was hoping to use Popmoney for a DD.

I am looking for a way to get a DD myself and am not having luck because of the invalid routing number.

Please let me know if anyone has been able to find a way to get a DD besides going through your employer or ING.
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Re: Mango prepaid card - 4.8% (effective) APY

Postby tfb » Mon Dec 10, 2012 10:22 pm

luv2save12 wrote:I have been able to do an ACH push from Alliant CU to Mango ... I am not sure the ACH push counts as DD

It does.
Harry Sit, taking a break from the forums.
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Re: Mango prepaid card - 4.8% (effective) APY

Postby pradador » Tue Dec 11, 2012 10:50 pm

For those having trouble with the routing number, taking out the dashes worked for me using ING P2P. I figured, on the homepage footer they list Inter National Bank as the issuer of the prepaid and savings accounts. Searching routingnumbers.org for the routing number they give you without the dashes, the same bank name comes up. Hope this helps.
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Re: Just heard about this prepaid card - 6% APY on first $50

Postby IS0LD0UT » Fri Jan 11, 2013 3:44 pm

boglestan wrote:I just went through the Mango customer agreement and I couldn't find anything stating that an individual can only have one account, so, on a whim, I tried signing up for a second account. I used an alias for my same email address, so I can differentiate the emails they send me, and the form required that I use a unique phone number, so I used another phone number I have, and voila... new account opened. The new card is in the mail. (Strangely, though it required a unique phone number, it didn't care that my name/address/DOB/SSN were not unique.)

So it looks like you might be able to get around the $5k limit by just opening multiple cards. The proof will be in the pudding after I add some money and get a regular ACH transfer set up.

Also, since you can easily send money to another Mango account, you could just send the excess $50 each month to another account to earn 6%, instead of figuring out how to spend it.


How is that second account going?
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Re: Mango prepaid card - 4.8% (effective) APY

Postby Fairylady » Sat Jan 12, 2013 1:38 pm

Anyone had luck with setting up deposits from discover or citi?
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Re: Mango prepaid card - 4.8% (effective) APY

Postby Mrxyz » Sat Jan 19, 2013 5:06 am

Hi
So if I just place $5000 in the account and let it sit, what interest rate do I get?
Thanks
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Re: Mango prepaid card - 4.8% (effective) APY

Postby chemeng » Mon Jan 28, 2013 5:53 pm

I see that the Mango webpage has an option to transfer funds from Paypal to the Prepaid Mango Card. As far as I can tell, Paypal does not have an option to set up recurring withdrawals to the Mango card. Can anyone confirm this?

Also, if it is the case that you cannot set up recurring withdrawals from Paypal to the Mango Card, would doing manual monthly transfers from Paypal count as "ACH push"? Or does it have to be automatic?
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