Insight Card (APY 5%) full personal review

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BogleMelon
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Insight Card (APY 5%) full personal review

Post by BogleMelon » Mon Apr 02, 2018 9:10 am

Seeing a lot of posts asking about CD's, MM funds, Saving accounts..etc I decided why not trying these 5% saving accounts (have to have a prepaid card first) and then call it a day and stop chasing 1 percent extra here and half percent there?

I haven't seen any detailed post here giving detailed feedback. So I thought I may start one since I am now doing it.

My plan:
- Open as much cards as they let me for me and my wife.

I expect the limit will be 6 cards for both of us maximum ($30,000), that is $1500/yr in interest at FDIC account! Not bad at all for EF.

For those who are interested in how to get the card and what to watch out for, I found this article is a great one: https://financialpanther.com/insight-ca ... t-savings/

Now my feedback:
I went to the website: https://www.insightcards.com/ and clicked the "get a card" button. Filled my information, chose pay as you go plan to avoid fees. It asked about my SS number which I provided. It then asked me couple of personal questions to verify my identity. After that a page with something like "Your card is on the way" showed up. At this point I have nothing to do but to wait.

I tried to open another one to my wife, but the system refuses. Probably because we are sharing the same mailing address. I posted a question on one of the sites talking about the cards, and someone told me I have first to wait till I activate my own card and transfer money to it, and then retry again.

This morning I got a SMS that my card has been mailed and would arrive in 7 to 10 business days. I tried again to open a card for my wife, but it keeps telling me it is not possible and that I have to contact customer service. So I will wait till my card arrives..

To be continued..
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

BogleMelon
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Re: Insight Card (APY 5%) full personal review

Post by BogleMelon » Tue Apr 03, 2018 11:57 am

Recap: Ordered my first card with no issue. Tried to order one for my wife, the system doesnt allowed hers. My card is on its way by mail.

Today I tried to order second card for myself even before the first one arrives and before activating it. Surprisingly, the system allowed me and showed me the message that the card (the second one) is on the way. Tried again to apply for my wife, still getting this message: "We are sorry but we are unable to issue you an Insight Card at this time. Please visit any of our partner locations to apply for your Insight Card."
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

invstar
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Re: Insight Card (APY 5%) full personal review

Post by invstar » Tue Apr 03, 2018 12:54 pm

BogleMelon -

Does your wife have good credit history? Try calling them and order over phone. I had to do the same for my spouse.

When you ordered second card, did you provide the same exact information as the first one? I just added money to my first one and moving on to order the second one.

BogleMelon
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Re: Insight Card (APY 5%) full personal review

Post by BogleMelon » Tue Apr 03, 2018 12:58 pm

invstar wrote:
Tue Apr 03, 2018 12:54 pm
BogleMelon -

Does your wife have good credit history? Try calling them and order over phone. I had to do the same for my spouse.

When you ordered second card, did you provide the same exact information as the first one? I just added money to my first one and moving on to order the second one.
Credit history doesn't matter, they don't do hard inquiry. however, her score is even higher than me.

Yes I provided same exact information when ordering the second one.
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

ThrustVectoring
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Re: Insight Card (APY 5%) full personal review

Post by ThrustVectoring » Tue Apr 03, 2018 3:49 pm

It's likely a false positive on some anti-fraud alarm.

JDP
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Re: Insight Card (APY 5%) full personal review

Post by JDP » Tue Apr 03, 2018 4:38 pm

My first Insight card should be in the mail. Just need to get off work and pick it up. I followed the same article/tutorial and plan on applying for another card if all goes well with this one. The hoops for the 5% seem fairly easy. Good luck! :sharebeer

am
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Re: Insight Card (APY 5%) full personal review

Post by am » Wed Apr 04, 2018 3:11 pm

I have one for myself and one for wife. What’s the limit? Seems like the 5% won’t last too long as netspend limits it to 1k and I don’t know of any others.

BogleMelon
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Re: Insight Card (APY 5%) full personal review

Post by BogleMelon » Wed Apr 04, 2018 3:14 pm

am wrote:
Wed Apr 04, 2018 3:11 pm
I have one for myself and one for wife. What’s the limit? Seems like the 5% won’t last too long as netspend limits it to 1k and I don’t know of any others.
Currently the limit is $5000 per card
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

am
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Re: Insight Card (APY 5%) full personal review

Post by am » Wed Apr 04, 2018 3:25 pm

BogleMelon wrote:
Wed Apr 04, 2018 3:14 pm
am wrote:
Wed Apr 04, 2018 3:11 pm
I have one for myself and one for wife. What’s the limit? Seems like the 5% won’t last too long as netspend limits it to 1k and I don’t know of any others.
Currently the limit is $5000 per card
I’ve got total of 10k on 2 cards, can I get anymore cards?

BogleMelon
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Re: Insight Card (APY 5%) full personal review

Post by BogleMelon » Wed Apr 04, 2018 3:31 pm

am wrote:
Wed Apr 04, 2018 3:25 pm
BogleMelon wrote:
Wed Apr 04, 2018 3:14 pm
am wrote:
Wed Apr 04, 2018 3:11 pm
I have one for myself and one for wife. What’s the limit? Seems like the 5% won’t last too long as netspend limits it to 1k and I don’t know of any others.
Currently the limit is $5000 per card
I’ve got total of 10k on 2 cards, can I get anymore cards?
I guess you could try. The worst that could do is that they will deny your request to get another card. I have requested 2 for myself, and will try a third one soon. The 2 cards should be in the mailbox soon..
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

EJS22
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Re: Insight Card (APY 5%) full personal review

Post by EJS22 » Wed Apr 04, 2018 3:33 pm

Looks like an interesting option to get a good return! One concern I have as I like to play the rewards game is I know Chase has a 5/24 rule for rewards. Does this card count towards number of credit cards you have opened up ?

BogleMelon
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Re: Insight Card (APY 5%) full personal review

Post by BogleMelon » Wed Apr 04, 2018 3:36 pm

EJS22 wrote:
Wed Apr 04, 2018 3:33 pm
Looks like an interesting option to get a good return! One concern I have as I like to play the rewards game is I know Chase has a 5/24 rule for rewards. Does this card count towards number of credit cards you have opened up ?
I don't know about that rule but I dont think so it counts as a credit card. There is no hard inquiry involved. This is a prepaid card that gives you access to a saving account
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

MotoTrojan
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Re: Insight Card (APY 5%) full personal review

Post by MotoTrojan » Wed Apr 04, 2018 3:47 pm

Mine is on the way as well! Given decent sized taxable account and low expenses, I am pretty comfortable with a $5K EF and until finding this card have struggled with not getting the urge to invest it (currently in equities oops).

Maybe I'll try to add a 2nd at some point, but at-least even with just $5K my EF will be growing! For those that haven't done more research, someone on Reddit verified that while you can't deposit more after reaching $5K, the interest is still compounding at 5% as well.

Not bad at all.

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Re: Insight Card (APY 5%) full personal review

Post by LadyGeek » Wed Apr 04, 2018 3:56 pm

This thread is now in the Personal Finance (Not Investing) forum (credit card).
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denovo
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Re: Insight Card (APY 5%) full personal review

Post by denovo » Wed Apr 04, 2018 4:01 pm

5 percent is nice, but this sounds like a pain in the butt.
"Don't trust everything you read on the Internet"- Abraham Lincoln

MotoTrojan
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Re: Insight Card (APY 5%) full personal review

Post by MotoTrojan » Wed Apr 04, 2018 4:44 pm

denovo wrote:
Wed Apr 04, 2018 4:01 pm
5 percent is nice, but this sounds like a pain in the butt.
Depends on how much you are looking to have. I think for an emergency fund or investment that isn't touched, it is pretty straightforward.

invstar
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Re: Insight Card (APY 5%) full personal review

Post by invstar » Sat Apr 14, 2018 11:02 am

Hi BogleMelon - Did you try the third card and got it?
Checking to see before I try the third one for myself..
BogleMelon wrote:
Wed Apr 04, 2018 3:31 pm
am wrote:
Wed Apr 04, 2018 3:25 pm
BogleMelon wrote:
Wed Apr 04, 2018 3:14 pm
am wrote:
Wed Apr 04, 2018 3:11 pm
I have one for myself and one for wife. What’s the limit? Seems like the 5% won’t last too long as netspend limits it to 1k and I don’t know of any others.
Currently the limit is $5000 per card
I’ve got total of 10k on 2 cards, can I get anymore cards?
I guess you could try. The worst that could do is that they will deny your request to get another card. I have requested 2 for myself, and will try a third one soon. The 2 cards should be in the mailbox soon..

BogleMelon
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Re: Insight Card (APY 5%) full personal review

Post by BogleMelon » Sat Apr 14, 2018 11:09 am

invstar wrote:
Sat Apr 14, 2018 11:02 am
Hi BogleMelon - Did you try the third card and got it?
Checking to see before I try the third one for myself..
It has been more than more than 10 business days and I haven't even got the 2 cards that should have been mailed!! What a bad start! I think I will not go further with this! End of the line for me!
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

MotoTrojan
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Re: Insight Card (APY 5%) full personal review

Post by MotoTrojan » Sat Apr 14, 2018 11:23 am

Just got mine. For keeping account active can I have Ally push and pull the same $1 every other month?

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rhinopylon
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Re: Insight Card (APY 5%) full personal review

Post by rhinopylon » Sat Apr 14, 2018 2:07 pm

MotoTrojan wrote:
Sat Apr 14, 2018 11:23 am
Just got mine. For keeping account active can I have Ally push and pull the same $1 every other month?
Just push a dollar in every two months from Ally. Don't ever remove your interest gained either as it also earns 5% above the $5000 limit.

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rhinopylon
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Re: Insight Card (APY 5%) full personal review

Post by rhinopylon » Sat Apr 14, 2018 2:08 pm

BogleMelon wrote:
Sat Apr 14, 2018 11:09 am
invstar wrote:
Sat Apr 14, 2018 11:02 am
Hi BogleMelon - Did you try the third card and got it?
Checking to see before I try the third one for myself..
It has been more than more than 10 business days and I haven't even got the 2 cards that should have been mailed!! What a bad start! I think I will not go further with this! End of the line for me!
This happened to me once where they somehow had the wrong address. You just have to call in and they'll send it back out. Don't give up so easily, $10k earning 5% is worth a little bit of set up trouble.

BogleMelon
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Re: Insight Card (APY 5%) full personal review

Post by BogleMelon » Sat Apr 14, 2018 2:13 pm

rhinopylon wrote:
Sat Apr 14, 2018 2:08 pm
BogleMelon wrote:
Sat Apr 14, 2018 11:09 am
invstar wrote:
Sat Apr 14, 2018 11:02 am
Hi BogleMelon - Did you try the third card and got it?
Checking to see before I try the third one for myself..
It has been more than more than 10 business days and I haven't even got the 2 cards that should have been mailed!! What a bad start! I think I will not go further with this! End of the line for me!
This happened to me once where they somehow had the wrong address. You just have to call in and they'll send it back out. Don't give up so easily, $10k earning 5% is worth a little bit of set up trouble.
OK... I shot them an email, since phone tree didn't have option for people with no cards! Will see how it goes and post again here..
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

MotoTrojan
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Re: Insight Card (APY 5%) full personal review

Post by MotoTrojan » Sat Apr 14, 2018 3:32 pm

rhinopylon wrote:
Sat Apr 14, 2018 2:07 pm
MotoTrojan wrote:
Sat Apr 14, 2018 11:23 am
Just got mine. For keeping account active can I have Ally push and pull the same $1 every other month?
Just push a dollar in every two months from Ally. Don't ever remove your interest gained either as it also earns 5% above the $5000 limit.
It’s my understanding I can just leave the savings account as-is and just add the dollar to checking. Once savinda is over $5K I can’t add more (interest can increase it though). Seemed like adding and subtracting a dollar would be cleaner longterm since I rarely use my Ally checking (as-needed I’ll add funds).

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rhinopylon
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Re: Insight Card (APY 5%) full personal review

Post by rhinopylon » Sat Apr 14, 2018 3:54 pm

MotoTrojan wrote:
Sat Apr 14, 2018 3:32 pm
rhinopylon wrote:
Sat Apr 14, 2018 2:07 pm
MotoTrojan wrote:
Sat Apr 14, 2018 11:23 am
Just got mine. For keeping account active can I have Ally push and pull the same $1 every other month?
Just push a dollar in every two months from Ally. Don't ever remove your interest gained either as it also earns 5% above the $5000 limit.
It’s my understanding I can just leave the savings account as-is and just add the dollar to checking. Once savinda is over $5K I can’t add more (interest can increase it though). Seemed like adding and subtracting a dollar would be cleaner longterm since I rarely use my Ally checking (as-needed I’ll add funds).
Yeah that's certainly valid. You're correct, the $1 transfer would go into the checking side of Insight so you could easily pull it back out. I have a couple hundred in my Ally account handling all the various $1 ACHs I have queued up. I think it'll need to be replenished in a couple years :mrgreen:

RetiredNewbie
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Re: Insight Card (APY 5%) full personal review

Post by RetiredNewbie » Sat Apr 14, 2018 8:02 pm

denovo wrote:
Wed Apr 04, 2018 4:01 pm
5 percent is nice, but this sounds like a pain in the butt.
Yes, it does. And what if you jump through all those hoops and then Insight changes the rules to something like 5% on the first $1,000 (like Netspend), and 0.01% on everything above $1,000? Or what if they start charging a $10/mo fee if you don't make five purchases per month with the card, even if you select the pay as you go option? Or what if they remove the pay as you go option, and subject your account to all those fees? There is nothing to stop them from doing that at any time. I'm not excited about getting involved with a company whose product already has so many fees and hoops in the first place. The interest rate is so outrageously above what all other savings accounts are offering, I detect a "too good to be true (for much longer)" scent. Especially with a business model that has to print and mail so many cards and keep up with all of those accounts that they don't make a dime off of.
Your attitude about risk changes significantly when the bear begins to maul you.

BogleMelon
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Re: Insight Card (APY 5%) full personal review

Post by BogleMelon » Sat Apr 14, 2018 8:19 pm

OP here
So my cards never arrived. Decided to give it one more shot, may be it is a small clerical error after all (based on rhinopylon advice above). So I called the customer service, then automated message wanted me to enter my 16 digit card number (which I don't have it of course) or else press 1 if my card is stolen and I am reporting it.
I hanged up, sent them email instead, they advised that I call the number, I emailed them back that i did but no customer service agent I can reach. They responded that I recall again, listen to the full message then press # so the message will be repeated but the next time it would have the option "for customer service press 9"- :shock: Seriously?! A hack is needed to reach an agent?!!
Anyways, I did what they emailed, but nothing happened that prompt me to speak to an agent. I emailed them, and mentioned that if they want my business they who call me, otherwise I am leaving. They replied while repeated themselves with the same hack and said this is the only way I can speak to a real human "as if I am dump and I can't follow the instructions from the first time". So I was done with emailing.

I tried one more thing, is to report the card as stolen, so I went that route using their phone navigation tree, they asked for my SSN in case i dont remember the card number, so I did that, the bot said I don't have an active card in the system, then the bot said again that the card was reported lost!!! Then the bot asked me to enter my phone number which I did, then it said "all calls is recorded, please hold"!!! (I didn't pressed anything to speak to an agent!!) I was then put on hold forever. I hanged up with no intention to return back again.
If the cards arrived at a later point (which i doubt) I would shred them. Life is too short for this.

Good bye Insight! Won't try again even with a 15% interest on $100,000!
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

need403bhelp
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Re: Insight Card (APY 5%) full personal review

Post by need403bhelp » Sat Apr 14, 2018 9:58 pm

In case it is helpful to anyone, I've had an Insight card or more for more than a year now.

I think the issue with mailing the cards is that the apartment number somehow gets dropped off the address by the system automatically (it may actually be the entire 2nd address line). This happened on my last Insight card (I have 3 now, but actually had 4 as the 1st was an Axiom-backed card before they switched banks) which had no apartment number on it but still eventually made it to my mailbox (I have a unique name). My wife, for whom we requested a first card in January, was not so lucky.

What we did for my wife tonight is call the toll free number and "report the card lost." Unlikely the OP, we got connected with a customer service representative promptly, and he added the apartment number and said that another card was mailed out for my wife. Hopefully, we'll get this one in 7-10 business days.

As far as my 3 cards with them, my experience overall has been positive in terms of getting the 5% APR on up to $5,000 per card. There was a roughly 2 week period when their website went haywire (it happened to be around when I activated my last card), and it was pretty much impossible to do anything with the cards. My general advice would be to expect that your money may be tied up for 3 months and not use these for a "first" tier of an emergency fund (this is pretty conservative and I haven't had such an experience). Interestingly enough, during their website malfunction, I was actually able to see the account number for the SAVINGS account (not the card-linked account) and was able to directly link the SAVINGS account as well as to ACH in and out small deposits from Ally.

am
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Re: Insight Card (APY 5%) full personal review

Post by am » Sat Apr 14, 2018 10:14 pm

RetiredNewbie wrote:
Sat Apr 14, 2018 8:02 pm
denovo wrote:
Wed Apr 04, 2018 4:01 pm
5 percent is nice, but this sounds like a pain in the butt.
Yes, it does. And what if you jump through all those hoops and then Insight changes the rules to something like 5% on the first $1,000 (like Netspend), and 0.01% on everything above $1,000? Or what if they start charging a $10/mo fee if you don't make five purchases per month with the card, even if you select the pay as you go option? Or what if they remove the pay as you go option, and subject your account to all those fees? There is nothing to stop them from doing that at any time. I'm not excited about getting involved with a company whose product already has so many fees and hoops in the first place. The interest rate is so outrageously above what all other savings accounts are offering, I detect a "too good to be true (for much longer)" scent. Especially with a business model that has to print and mail so many cards and keep up with all of those accounts that they don't make a dime off of.
We’ve had 2 insight for years and have had no problems, I also wonder how they could afford this? And how much longer it will last?

I am hesitant to apply for additional cards because I don’t want to go through all the work only to have the rates reduced or fees increased. I also worry about security and customer support. I don’t like that it adds complexity.

I also feel like the benefit is decreasing as rates go up and TEY for muni mm is 2.43 and for int. Muni fund is 4.1%. Of the 5%, I lose 2% to taxes.

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rhinopylon
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Re: Insight Card (APY 5%) full personal review

Post by rhinopylon » Sun Apr 15, 2018 10:27 am

need403bhelp wrote:
Sat Apr 14, 2018 9:58 pm
I think the issue with mailing the cards is that the apartment number somehow gets dropped off the address by the system automatically (it may actually be the entire 2nd address line). This happened on my last Insight card (I have 3 now, but actually had 4 as the 1st was an Axiom-backed card before they switched banks) which had no apartment number on it but still eventually made it to my mailbox (I have a unique name). My wife, for whom we requested a first card in January, was not so lucky.
Yeah, that is definitely what happened with my initial sign up. I forgot it was due to the apartment number. I had the same experience as you though - called in, talked to a rep, got a card sent out with the correct address.

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rhinopylon
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Re: Insight Card (APY 5%) full personal review

Post by rhinopylon » Sun Apr 15, 2018 10:33 am

RetiredNewbie wrote:
Sat Apr 14, 2018 8:02 pm
denovo wrote:
Wed Apr 04, 2018 4:01 pm
5 percent is nice, but this sounds like a pain in the butt.
Yes, it does. And what if you jump through all those hoops and then Insight changes the rules to something like 5% on the first $1,000 (like Netspend), and 0.01% on everything above $1,000? Or what if they start charging a $10/mo fee if you don't make five purchases per month with the card, even if you select the pay as you go option? Or what if they remove the pay as you go option, and subject your account to all those fees? There is nothing to stop them from doing that at any time. I'm not excited about getting involved with a company whose product already has so many fees and hoops in the first place. The interest rate is so outrageously above what all other savings accounts are offering, I detect a "too good to be true (for much longer)" scent. Especially with a business model that has to print and mail so many cards and keep up with all of those accounts that they don't make a dime off of.
It’s definitely not the kind of account that most people will be attracted to. It’s a hassle to set up and their only redeeming feature is the interest rate. The website, customer service, everything is really lacking. But, they’ve been offering this interest rate for quite some time and I’ll continue making $250 a year on each of my fdic inspired accounts. If they decrease rates, increase fees, require purchases, etc... I’ll just ach the funds out and close it.

The way they make money is because they target these accounts towards low income people without bank accounts. All these people paying $2 atm access fees and $3 monthly fees and all their other nickel and dime fees pays for my measly $250 interest and their profits.

MotoTrojan
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Re: Insight Card (APY 5%) full personal review

Post by MotoTrojan » Sun Apr 15, 2018 11:22 am

rhinopylon wrote:
Sun Apr 15, 2018 10:33 am
RetiredNewbie wrote:
Sat Apr 14, 2018 8:02 pm
denovo wrote:
Wed Apr 04, 2018 4:01 pm
5 percent is nice, but this sounds like a pain in the butt.
Yes, it does. And what if you jump through all those hoops and then Insight changes the rules to something like 5% on the first $1,000 (like Netspend), and 0.01% on everything above $1,000? Or what if they start charging a $10/mo fee if you don't make five purchases per month with the card, even if you select the pay as you go option? Or what if they remove the pay as you go option, and subject your account to all those fees? There is nothing to stop them from doing that at any time. I'm not excited about getting involved with a company whose product already has so many fees and hoops in the first place. The interest rate is so outrageously above what all other savings accounts are offering, I detect a "too good to be true (for much longer)" scent. Especially with a business model that has to print and mail so many cards and keep up with all of those accounts that they don't make a dime off of.
It’s definitely not the kind of account that most people will be attracted to. It’s a hassle to set up and their only redeeming feature is the interest rate. The website, customer service, everything is really lacking. But, they’ve been offering this interest rate for quite some time and I’ll continue making $250 a year on each of my fdic inspired accounts. If they decrease rates, increase fees, require purchases, etc... I’ll just ach the funds out and close it.

The way they make money is because they target these accounts towards low income people without bank accounts. All these people paying $2 atm access fees and $3 monthly fees and all their other nickel and dime fees pays for my measly $250 interest and their profits.
Is it that hard for a low income individual to get a major brick and mortar checking/savings account? That is what I’m lost on. That would be fee free.

I do see that they claim your payroll arrives 2 days sooner. Maybe that’s the selling point.

uberdoc
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Re: Insight Card (APY 5%) full personal review

Post by uberdoc » Mon Apr 23, 2018 7:53 pm

So I applied and received 4 insight cards total for two of us. However, I do not see any information about linking my regular account to insight card. Only way to deposit money is via direct deposit from employer. I am hesitant to activate the card until I am sure ach transfer is still possible.
Any suggestions?
Thanks.

need403bhelp
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Re: Insight Card (APY 5%) full personal review

Post by need403bhelp » Mon Apr 23, 2018 7:56 pm

uberdoc wrote:
Mon Apr 23, 2018 7:53 pm
So I applied and received 4 insight cards total for two of us. However, I do not see any information about linking my regular account to insight card. Only way to deposit money is via direct deposit from employer. I am hesitant to activate the card until I am sure ach transfer is still possible.
Any suggestions?
Thanks.
Works fine for me from Ally.

Note that when you link from Ally using routing and account number, Insight will show the two test deposits but the transaction to pull the deposits back to Ally will fail. I’ve never had problems with this, but if I recall correctly some others on doctorofcredit did.

The solution would be to use another bank if this happens or to “push” a dollar first (using one of the person to person payment methods that I believe Ally supports, maybe co360 and setting up a second email to receive the money that you link to Insight with routing and account number).

barreg
Posts: 80
Joined: Wed Feb 27, 2013 1:49 pm

Re: Insight Card (APY 5%) full personal review

Post by barreg » Fri May 11, 2018 3:45 pm

My wife and I each have 2 Insight cards and we were able to link to/ACH from both Ally and Discover checking accounts. We're using Ally to avoid inactivity fees, since they'll allow scheduled $1 ACH transactions, where Discover has a minimum of $25 for scheduled ACH transactions.

MotoTrojan
Posts: 2110
Joined: Wed Feb 01, 2017 8:39 pm

Re: Insight Card (APY 5%) full personal review

Post by MotoTrojan » Thu May 17, 2018 10:47 pm

Mint seamlessly synced with Insight, now I feel better about it being kept track of. Shows checking AND savings. I wonder how it would handle a 2nd card??? I’m debating getting one and transferring the interest from the 1st over so I can allow it to compound and still maintain full liquidity.

Are both on the same login?

fantasytensai
Posts: 468
Joined: Fri Sep 30, 2016 3:30 pm

Re: Insight Card (APY 5%) full personal review

Post by fantasytensai » Fri May 18, 2018 12:44 pm

Just as a FYI since there are some conflicting reporting here, the 5% you earn is ONLY on the $5000. Any interest that you earn will stay in the $5000 saving account, but WILL NOT earn 5% interest on top.

BogleMelon
Posts: 1406
Joined: Mon Feb 01, 2016 11:49 am

Re: Insight Card (APY 5%) full personal review

Post by BogleMelon » Fri May 18, 2018 12:46 pm

fantasytensai wrote:
Fri May 18, 2018 12:44 pm
Just as a FYI since there are some conflicting reporting here, the 5% you earn is ONLY on the $5000. Any interest that you earn will stay in the $5000 saving account, but WILL NOT earn 5% interest on top.
There is a reddit post that assure that the interest stays there earn interest. Some people did the math and posted it. But I am out anyways
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

fantasytensai
Posts: 468
Joined: Fri Sep 30, 2016 3:30 pm

Re: Insight Card (APY 5%) full personal review

Post by fantasytensai » Fri May 18, 2018 1:10 pm

BogleMelon wrote:
Fri May 18, 2018 12:46 pm
fantasytensai wrote:
Fri May 18, 2018 12:44 pm
Just as a FYI since there are some conflicting reporting here, the 5% you earn is ONLY on the $5000. Any interest that you earn will stay in the $5000 saving account, but WILL NOT earn 5% interest on top.
There is a reddit post that assure that the interest stays there earn interest. Some people did the math and posted it. But I am out anyways
It doesn't. Do your own math and you will see.

BogleMelon
Posts: 1406
Joined: Mon Feb 01, 2016 11:49 am

Re: Insight Card (APY 5%) full personal review

Post by BogleMelon » Fri May 18, 2018 1:20 pm

fantasytensai wrote:
Fri May 18, 2018 1:10 pm
BogleMelon wrote:
Fri May 18, 2018 12:46 pm
fantasytensai wrote:
Fri May 18, 2018 12:44 pm
Just as a FYI since there are some conflicting reporting here, the 5% you earn is ONLY on the $5000. Any interest that you earn will stay in the $5000 saving account, but WILL NOT earn 5% interest on top.
There is a reddit post that assure that the interest stays there earn interest. Some people did the math and posted it. But I am out anyways
It doesn't. Do your own math and you will see.
This is the post: https://www.reddit.com/r/churning/comme ... 5000_math/
I dont and wont have an account, so I can never proof it myself.
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

MotoTrojan
Posts: 2110
Joined: Wed Feb 01, 2017 8:39 pm

Re: Insight Card (APY 5%) full personal review

Post by MotoTrojan » Fri May 18, 2018 1:22 pm

Hmm not what I heard but all the more reason to transfer the interest into a 2nd account.

achen9291
Posts: 298
Joined: Mon May 12, 2014 10:11 pm

Re: Insight Card (APY 5%) full personal review

Post by achen9291 » Fri May 18, 2018 6:36 pm

How many cards can one person have on insight?

am
Posts: 2702
Joined: Sun Sep 30, 2007 9:55 am

Re: Insight Card (APY 5%) full personal review

Post by am » Sat May 19, 2018 3:08 pm

BogleMelon wrote:
Fri May 18, 2018 1:20 pm
fantasytensai wrote:
Fri May 18, 2018 1:10 pm
BogleMelon wrote:
Fri May 18, 2018 12:46 pm
fantasytensai wrote:
Fri May 18, 2018 12:44 pm
Just as a FYI since there are some conflicting reporting here, the 5% you earn is ONLY on the $5000. Any interest that you earn will stay in the $5000 saving account, but WILL NOT earn 5% interest on top.
There is a reddit post that assure that the interest stays there earn interest. Some people did the math and posted it. But I am out anyways
It doesn't. Do your own math and you will see.
This is the post: https://www.reddit.com/r/churning/comme ... 5000_math/
I dont and wont have an account, so I can never proof it myself.
I empty out the netspends and insights every quarter and invest it in the markets. Hope to get a better return than 5% pre tax.

Amphian
Posts: 123
Joined: Tue Jan 30, 2018 9:37 pm

Re: Insight Card (APY 5%) full personal review

Post by Amphian » Tue May 22, 2018 11:35 pm

It sounds like Insight has stopped new 5% accounts and may be shutting down the existing ones. News is on Doctor of Credit and Reddit.

MotoTrojan
Posts: 2110
Joined: Wed Feb 01, 2017 8:39 pm

Re: Insight Card (APY 5%) full personal review

Post by MotoTrojan » Wed May 23, 2018 11:30 am

Amphian wrote:
Tue May 22, 2018 11:35 pm
It sounds like Insight has stopped new 5% accounts and may be shutting down the existing ones. News is on Doctor of Credit and Reddit.
Bummer. Will be hard to not invest this $5K now :).

MotoTrojan
Posts: 2110
Joined: Wed Feb 01, 2017 8:39 pm

Re: Insight Card (APY 5%) full personal review

Post by MotoTrojan » Sat May 26, 2018 3:29 pm

Anyone know how to cancel the account? Currently liquidated and don't want to come back in a few years to a negative balance and a bunch of fees.

am
Posts: 2702
Joined: Sun Sep 30, 2007 9:55 am

Re: Insight Card (APY 5%) full personal review

Post by am » Sat May 26, 2018 3:49 pm

MotoTrojan wrote:
Sat May 26, 2018 3:29 pm
Anyone know how to cancel the account? Currently liquidated and don't want to come back in a few years to a negative balance and a bunch of fees.
Do you know for sure that existing account holders will be discontinued as well? As far as closing, calling would be a sure bet.

MotoTrojan
Posts: 2110
Joined: Wed Feb 01, 2017 8:39 pm

Re: Insight Card (APY 5%) full personal review

Post by MotoTrojan » Sat May 26, 2018 3:54 pm

am wrote:
Sat May 26, 2018 3:49 pm
MotoTrojan wrote:
Sat May 26, 2018 3:29 pm
Anyone know how to cancel the account? Currently liquidated and don't want to come back in a few years to a negative balance and a bunch of fees.
Do you know for sure that existing account holders will be discontinued as well? As far as closing, calling would be a sure bet.
I have not seen firm confirmation but at this point I'm just not convinced it is stable enough to stick around.

am
Posts: 2702
Joined: Sun Sep 30, 2007 9:55 am

Re: Insight Card (APY 5%) full personal review

Post by am » Sat May 26, 2018 4:01 pm

MotoTrojan wrote:
Sat May 26, 2018 3:54 pm
am wrote:
Sat May 26, 2018 3:49 pm
MotoTrojan wrote:
Sat May 26, 2018 3:29 pm
Anyone know how to cancel the account? Currently liquidated and don't want to come back in a few years to a negative balance and a bunch of fees.
Do you know for sure that existing account holders will be discontinued as well? As far as closing, calling would be a sure bet.
I have not seen firm confirmation but at this point I'm just not convinced it is stable enough to stick around.
If you wait til July 1st, you’ll get this quarters interest. But not sure what will happen if there is a mad rush to withdraw money once they announce the end of the accounts,

invstar
Posts: 93
Joined: Tue Apr 25, 2017 1:20 pm

Re: Insight Card (APY 5%) full personal review

Post by invstar » Sun Jul 01, 2018 10:45 am

I just checked and they have deposited the quarter's interest payment but haven't moved the money from savings into the card yet. I will wait until tomorrow and start an ACH transfer once the money is available in the card. RIP 5% savings account :( ..

enterobacter
Posts: 7
Joined: Thu Nov 28, 2013 10:51 pm

Re: Insight Card (APY 5%) full personal review

Post by enterobacter » Sun Jul 01, 2018 12:20 pm

Anyone having issues with Insight login? I also tried updating passwords, and it still won't log in. Also, there's no direct customer service rep through the phone lines today (hoping it's because it's the weekend).

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