Mango prepaid card - 4.8% (effective) APY

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

Post by Ketawa »

You can open two Mango accounts using two phone numbers. I used my cell phone number and a Google Voice number. However, you need a separate login for each account.
achen9291
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Re: Mango prepaid card - 4.8% (effective) APY

Post by achen9291 »

I've been trying to open a mango account for awhile but keeps giving me errors telling me my info is wrong... but i've tried many times. :( are you guys entering social security with straight numbers or with dashes? xxx-xx-xxx? or xxxxxxxx? I don't have an official address right now but i use the one im staying at, i don't think it should affect anything. I tried calling them but it was no help.
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Re: Mango prepaid card - 4.8% (effective) APY

Post by stoptothink »

achen9291 wrote:I've been trying to open a mango account for awhile but keeps giving me errors telling me my info is wrong... but i've tried many times. :( are you guys entering social security with straight numbers or with dashes? xxx-xx-xxx? or xxxxxxxx? I don't have an official address right now but i use the one im staying at, i don't think it should affect anything. I tried calling them but it was no help.
We've had the same issue trying to open an account for my wife. We've just given up after several tries. At this point it is really worth it because we'll be pulling that cash out soon for a home downpayment anyways.
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Uncle Pennybags
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Uncle Pennybags »

achen9291 wrote:I don't have an official address right now but i use the one im staying at, i don't think it should affect anything.
What address does your credit report list? The amount of personal information that is stored and can be accessed by third parties is scary.
slbnoob
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Re: Mango prepaid card - 4.8% (effective) APY

Post by slbnoob »

stoptothink wrote:
achen9291 wrote:I've been trying to open a mango account for awhile but keeps giving me errors telling me my info is wrong... but i've tried many times. :( are you guys entering social security with straight numbers or with dashes? xxx-xx-xxx? or xxxxxxxx? I don't have an official address right now but i use the one im staying at, i don't think it should affect anything. I tried calling them but it was no help.
We've had the same issue trying to open an account for my wife. We've just given up after several tries. At this point it is really worth it because we'll be pulling that cash out soon for a home downpayment anyways.
Wow, I've had the same issue trying to sign up for my wife 2 times yesterday. I gave up and called CS this morning. The CSR suggested a few generic things, including trying a different browser. I think I'll do that today. I am guessing they are having a system-wide issue in signing up.
On a related note, I have been unable to sign up for NY Community Bank for a few days now since my mortgage is with them now. I keep getting errored out after a bunch of input and identity verification. These issues are frustrating to say the least!
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Re: Mango prepaid card - 4.8% (effective) APY

Post by LadyGeek »

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

Post by roflwaffle »

Ketawa wrote:You can open two Mango accounts using two phone numbers. I used my cell phone number and a Google Voice number. However, you need a separate login for each account.
Do you know if the same applies to the Union Plus account?
elchris
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Re: Mango prepaid card - 4.8% (effective) APY

Post by elchris »

achen9291 wrote:I've been trying to open a mango account for awhile but keeps giving me errors telling me my info is wrong... but i've tried many times. :( are you guys entering social security with straight numbers or with dashes? xxx-xx-xxx? or xxxxxxxx? I don't have an official address right now but i use the one im staying at, i don't think it should affect anything. I tried calling them but it was no help.
We tried for months, several times for my husband and we couldn't open an account - we have this up, CSR are no help and there is no way to know what is causing the issue. I had no problems on the other hand.
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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa »

roflwaffle wrote:
Ketawa wrote:You can open two Mango accounts using two phone numbers. I used my cell phone number and a Google Voice number. However, you need a separate login for each account.
Do you know if the same applies to the Union Plus account?
I don't know for sure, but someone in the fatwallet thread said he was restricted to 3 accounts for his household across Mango and Union Plus. Mango is better than Union Plus so I have two of it and one of Union Plus.
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Re: Mango prepaid card - 4.8% (effective) APY

Post by slbnoob »

Okay. So neither me nor my wife can create an account online. CSR says "there is not enough public record. try after 6 months". He seemed like this was a regular complaint. May be it is their way of preventing further sign-ups.
Guess I have to move onto NetSpend. [OT comments removed by admin LadyGeek]
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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved »

achen9291 wrote:I've been trying to open a mango account for awhile but keeps giving me errors telling me my info is wrong... but i've tried many times. :( are you guys entering social security with straight numbers or with dashes? xxx-xx-xxx? or xxxxxxxx? I don't have an official address right now but i use the one im staying at, i don't think it should affect anything. I tried calling them but it was no help.
I went and looked on some other blogs where folks reported problems trying to open an account with Mango and were getting verification errors. One guy who was using Safari browser changed to using Chrome and then was successful. Another who switched to Chrome still had problems. One person said he got it to work only after he entered his SS number with dashes and put apartment number on the same address line with the street address. Another said he was trying to use a PO Box which did not work, but got it to work when he changed it to a physical address. Some said try to use the same address that the credit bureau is using for you if you have recently moved. One comment was that perhaps your credit does not meet certain criteria, but the registration process will still only indicate a verification error, you will not get the real reason why it won't let you register.
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Re: Mango prepaid card - 4.8% (effective) APY

Post by slbnoob »

slbnoob wrote:Okay. So neither me nor my wife can create an account online. CSR says "there is not enough public record. try after 6 months". He seemed like this was a regular complaint. May be it is their way of preventing further sign-ups.
Guess I have to move onto NetSpend. Guess I have to move onto NetSpend. [OT comments removed by admin LadyGeek]
As a follow-up, I tried again this morning at work (work computer) and suddenly it worked for me. I might try my wife's later on if all goes well in this first experience.
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Re: Mango prepaid card - 4.8% (effective) APY

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

Post by millervt »

I've started the process, set up 2 mango accounts for myself (2 phone numbers) and one union one. Will get them up and going and see if the household limit is true or if I can get more accounts via different SS# (spouse), phone numbers, etc. going to use these for my emergency fund stash (or at least part of it), knowing that I can use a credit card for any true same-day emergencies and later get the cash out from here if need be.

Unfortunately i'm in vermont where strict rules led to people like paypal not offering their prepaid cards with high interest, so I appear to be limited to these 2.
na2013
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Re: Mango prepaid card - 4.8% (effective) APY

Post by na2013 »

I had trouble signing up for an account for a week and the following steps resolved my problem

1. Switched browser from Google Chrome to Firefox
2. If you have Form Autofill enabled, make sure the state field (in your address is selected). I noticed my state was blank.

I'm unsure what fixed the identity verification problem (possibly empty state in previous submissions, as I didnt pay close attention to the address) or if switching to Firefox.

Hope this helps someone...

Happy saving!!
achen9291
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Re: Mango prepaid card - 4.8% (effective) APY

Post by achen9291 »

when you do the direct deposit, it has to come from directly your paycheck at work? or can you just automate money to come to the mango account from ally checking or something?
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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa »

You can use an ACH push from another checking account. I use USAA and it works, and I think I have also used NFCU in the past.

FWIW Santander no longer recognizes ACH push from some banks/CUs as a direct deposit. I have closed my Santander account.
achen9291
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Re: Mango prepaid card - 4.8% (effective) APY

Post by achen9291 »

Ketawa wrote:You can use an ACH push from another checking account. I use USAA and it works, and I think I have also used NFCU in the past.

FWIW Santander no longer recognizes ACH push from some banks/CUs as a direct deposit. I have closed my Santander account.
Oh I see okay thanks... whats the diff between ACH push and pull? do you think I can do it with ally checking?
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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa »

ACH push - send money from X to Y, using X account to initiate the transaction. You're pushing the money from X to Y.
ACH pull - send money from X to Y, using Y account to initiate the transaction. You're pulling the money from X to Y.

I would say most checking accounts let you ACH push, but not all let you ACH pull. It's not like I've researched it or anything; I just know that NFCU lets me ACH push only while USAA can do both. I don't know what Ally lets you do. ACH pull is the most convenient, low-cost way to get money off prepaid cards like Mango, Union Plus, and NetSpend.
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Re: Mango prepaid card - 4.8% (effective) APY

Post by achen9291 »

Ketawa wrote:ACH push - send money from X to Y, using X account to initiate the transaction. You're pushing the money from X to Y.
ACH pull - send money from X to Y, using Y account to initiate the transaction. You're pulling the money from X to Y.

I would say most checking accounts let you ACH push, but not all let you ACH pull. It's not like I've researched it or anything; I just know that NFCU lets me ACH push only while USAA can do both. I don't know what Ally lets you do. ACH pull is the most convenient, low-cost way to get money off prepaid cards like Mango, Union Plus, and NetSpend.
ah okay, is there any difference between mango, union, netspend? I'd like to have multiple accounts to get most out of the interest, but trying to keep things simple.
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Re: Mango prepaid card - 4.8% (effective) APY

Post by slbnoob »

I have an Ally Savings and it allows both ACH Push and Pull for free. The number of transactions are limited to 6 per month though. I am not sure exactly which transactions are counted towards that limit as I am still at 1 in spite of 4 push/pulls transferring from my CU - Ally - Mango and back.
I am yet to see it for myself if Ally Push counts as DD. It shows up on Mango as EFT Load. However searching elsewhere on other forums, there are data points that it works. Guess I will know this month.
achen9291
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Re: Mango prepaid card - 4.8% (effective) APY

Post by achen9291 »

How much are you guys pushing in the ACH? Is there a minimum that has to be deposited every month for it to work? Say $50? Or could I do $3 just to cover the fees?
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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa »

achen9291 wrote:ah okay, is there any difference between mango, union, netspend? I'd like to have multiple accounts to get most out of the interest, but trying to keep things simple.
achen9291 wrote:How much are you guys pushing in the ACH? Is there a minimum that has to be deposited every month for it to work? Say $50? Or could I do $3 just to cover the fees?
Maybe you should read the various product web sites, learn the terms, and develop your plan. I have already posted all of what I do in this very thread.
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Re: Mango prepaid card - 4.8% (effective) APY

Post by achen9291 »

Ketawa wrote:
achen9291 wrote:ah okay, is there any difference between mango, union, netspend? I'd like to have multiple accounts to get most out of the interest, but trying to keep things simple.
achen9291 wrote:How much are you guys pushing in the ACH? Is there a minimum that has to be deposited every month for it to work? Say $50? Or could I do $3 just to cover the fees?
Maybe you should read the various product web sites, learn the terms, and develop your plan. I have already posted all of what I do in this very thread.
I just got done reading all of it and found the answers before coming back down to read this post, thanks lol.
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Re: Mango prepaid card - 4.8% (effective) APY

Post by fr33b13 »

I keep getting the following error when trying to create a savings account “There was an error trying to create your savings account.”

Do I need to activate the actual card that they send in the mail first? I’m not at home so I didn’t get the card yet.
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Re: Mango prepaid card - 4.8% (effective) APY

Post by surfstar »

fr33b13 wrote:I keep getting the following error when trying to create a savings account “There was an error trying to create your savings account.”

Do I need to activate the actual card that they send in the mail first? I’m not at home so I didn’t get the card yet.
Is your prepaid balance negative (due to fee and no ETF funding yet)? I think that was the main thing to take care of before opening a savings.
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Re: Mango prepaid card - 4.8% (effective) APY

Post by fr33b13 »

surfstar wrote:
fr33b13 wrote:I keep getting the following error when trying to create a savings account “There was an error trying to create your savings account.”

Do I need to activate the actual card that they send in the mail first? I’m not at home so I didn’t get the card yet.
Is your prepaid balance negative (due to fee and no ETF funding yet)? I think that was the main thing to take care of before opening a savings.
I ACH'ed in the $5,000 I was going to put into the savings account and a little extra to cover the monthly fee.
achen9291
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Re: Mango prepaid card - 4.8% (effective) APY

Post by achen9291 »

fr33b13 wrote:
surfstar wrote:
fr33b13 wrote:I keep getting the following error when trying to create a savings account “There was an error trying to create your savings account.”

Do I need to activate the actual card that they send in the mail first? I’m not at home so I didn’t get the card yet.
Is your prepaid balance negative (due to fee and no ETF funding yet)? I think that was the main thing to take care of before opening a savings.
I ACH'ed in the $5,000 I was going to put into the savings account and a little extra to cover the monthly fee.
I was able to open the savings. I ACH push from Ally, $5010 so it pays for the first month or 2 fee's. I have reoccuring $3 going into the prepaid every month.. hopefully that covers the direct deposit. I was able to move the $5000 into savings easily.. now just waiting for the interest to show up so that I know it works. The mango card hasn't shown up yet for me.. it's been over a week..
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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa »

I'm pretty sure you need to ACH $50 each month to receive the 6% interest rate.
achen9291
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Re: Mango prepaid card - 4.8% (effective) APY

Post by achen9291 »

Ketawa wrote:I'm pretty sure you need to ACH $50 each month to receive the 6% interest rate.
I was following this guide, It didn't say anything about having to have 50 as the requirement. But if that's the case.. I'll change it to 50

http://thefinancebuff.com/mango-prepaid ... n-gem.html
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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa »

achen9291 wrote:I was following this guide, It didn't say anything about having to have 50 as the requirement. But if that's the case.. I'll change it to 50

http://thefinancebuff.com/mango-prepaid ... n-gem.html
Looks like the terms have changed. You can see lots of references in the comments to $50 being required, but it's no longer needed. I'm probably going to switch to $5/month.
achen9291
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Re: Mango prepaid card - 4.8% (effective) APY

Post by achen9291 »

Can I have 3 mango accounts? Or do I need to have at least 1 Credit Union? out of the 3. Total?
PennySaved
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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved »

I changed my Mango direct deposit in mid-March from $50 per month to $6 per month. I get paid biweekly. I had one $25 deposit and one $3 deposit in March for a total of $28 (<$50). Checked my Mango savings account for March and I received the higher interest rate paid (5.89%). So I can confirm you don't need the $50 per month DD to get the higher interest rate on savings.
slbnoob
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Re: Mango prepaid card - 4.8% (effective) APY

Post by slbnoob »

Does your paycheck DD also show up as 'EFT Load'? Currently, I'm just using an auto transfer from Ally each month. It hasn't been a full month yet, so can't say if I'm going to get the highest rate.
PennySaved
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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved »

My direct deposit from my Federal employee salary shows up as this:

EFT Load - 3423880:FED SAL@COM2 TREAS 310
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Re: Mango prepaid card - 4.8% (effective) APY

Post by baccts »

PennySaved wrote:My direct deposit from my Federal employee salary shows up as this:

EFT Load - 3423880:FED SAL@COM2 TREAS 310
Thanks, PennySaved for confirming that we don't need $50 direct deposit per month. But, do we need direct deposit each month? It seems that we only need two direct deposit totaling $50 to enroll in DD but there is nothing about having to continue it to get the 6% APY.
Also, I have a strange question. My husband was very suspicious in doing internet banking. He asked me how do we know that Mango is not a scam. Anyone knows?
I saw that several people have posted that they received 1099, that should mean they are legit, correct? I wonder about unionplus as well.
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Re: Mango prepaid card - 4.8% (effective) APY

Post by surfstar »

I just xfr (auto) $5 to each mango account from my Chase online checking and the "EFT" funding says similar. 6% awarded each month. I believe someone mentioned that they basically don't require DD funding anymore. Perhaps that changed with the $5 -> $3 fee reduction and loss of DD fee exemption.
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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa »

Mango and Union Plus are operated by the same bank and are FDIC insured. I have received 1099s from both of them for 2013 and 2014.
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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved »

baccts wrote:
PennySaved wrote:My direct deposit from my Federal employee salary shows up as this:

EFT Load - 3423880:FED SAL@COM2 TREAS 310
Thanks, PennySaved for confirming that we don't need $50 direct deposit per month. But, do we need direct deposit each month? It seems that we only need two direct deposit totaling $50 to enroll in DD but there is nothing about having to continue it to get the 6% APY.
Also, I have a strange question. My husband was very suspicious in doing internet banking. He asked me how do we know that Mango is not a scam. Anyone knows?
I saw that several people have posted that they received 1099, that should mean they are legit, correct? I wonder about unionplus as well.
Well, here is what it says on the Mango website. Actually kind of confusing. Maybe they have changed requirements? I read the requirements as you need to demonstrate that you are “on Direct Deposit Service” by depositing $50 within 90 days of account opening. Then I assume they want you to continue to direct deposit. They say nothing about continuing to direct deposit, but I think it is implied.

https://www.mangomoney.com/what-is-mango#savings
Earn up to 6.00% APY with Mango Savings™
No need to wait to start saving. Once you activate and load your Mango Card, you can open a Savings Account with as little as $1 and get up to 6.00%APY†. You can enjoy up to 6 free transfers out each month.
Every Mango Cardholder is invited to Save
All active Mango Cardholders are able to open a Mango Savings Account. We encourage you to enroll in Direct Deposit and make regular transfers to your Savings Account.

† The Annual Percentage Yield (APY) and the APY comparison as advertised are effective as of July 15, 2014. Rates are subject to change at any time and may change after accounts are opened. The APY advertised applies only to the portion of your savings account balance, which is $5,000.00 or less; or 2.00% if you are not on Direct Deposit Service. An APY of 0.10% will be paid on the portion of your savings account balance that exceeds $5,000.00. Fees could reduce the earnings on your savings account. Please see the Savings Account Customer Agreement for full disclosures.
*You qualify as enrolling in the Direct Deposit Service when you complete two government benefits or paycheck Direct Deposits totaling $50.00 within 90 days of opening your account. Your account will be credited within 30 days of full enrollment.


The above makes it sound like you only have to do direct deposit $50 within 90 days of opening account. But it is also the same requirement to get the $20 bonus (see below).

Sign up for Direct Deposit Service and earn $20
Mango Direct Deposit Service is FREE
Accessing your paycheck or benefits check is free, fast and easy with Mango Direct Deposit Service. Signing up is easy. Simply fill out the form that comes with your prepaid card or log in to your account center and click on the Direct Deposit Service tab. Stop using check cashing services and avoid unnecessary trips to deposit your check. You qualify as enrolling in FREE Direct Deposit Service when you complete two Direct Deposits totaling $50.00 within 90 days of opening your account. Your account will be credited within 30 days of full enrollment.


BUT savings customer agreement below says without direct deposit you only get 2% rate. Has anyone tried doing no direct deposits to see if they get the higher savings rate?

https://www.mangomoney.com/customer-agr ... -agreement

…..Promotional Rate Eligibility:
We may offer a promotional interest rate for the Savings Account. If we do, you must meet and maintain the stated eligibility requirements to remain eligible for the promotional interest rate, and we may ask you to provide evidence of your eligibility and continued eligibility. We reserve the right to extend the promotional interest rate to all Savings Accounts, regardless of customer eligibility……

Rate Information
Promotional Rate For Card Accounts With Direct Deposit
Balance Promotional Interest rate Promotional APY
$5,000 or less 5.85% on entire balance 6.00%
$5,000.01 – $10,000.00 5.85% on first $5,000 of balance, 6.00%
0.10% on portion of balance over $5,000 0.10%

Promotional Rate For Card Accounts Without Direct Deposit
Balance Promotional Interest rate Promotional APY
$5,000 or less 1.99% on entire balance 2.00%
$5,000.01 – $10,000.00 1.99% on first $5,000 of balance 2.00%
0.10% on portion of balance over $5,000 0.10%


As far as being a scam, no. I found out about Mango reading financial blogs and I have been using it for about 2 years now. I got the $20 bonus for signing up for direct deposit and I loaded up the savings account with $5000 and have been getting the approx.. 6% interest rate for since May 2013. I also have a second Mango account and UnionPlus account, both earning high interest on $5000 savings accounts. The 1099s are real, although they did report the interest in the wrong box this year, but I called them about that and I got corrected 1099s. All the cardholder agreements are on the web site to read. I have used the debit card and it works. Plenty of people blogging and talking about their accounts and their experiences, so I am not sure why you think it is a scam. If you think so, you don’t have to use it.

The only hitch about Mango is getting your money out. It is designed for you to use the debit card and spend the money to get the money out. You have to transfer money from the savings account to the debit account and then use the debit to get money from ATM (with fees) or use it to buy stuff or services. Some people have been able to figure out how to withdraw money using ACH and their bank, but that is a hit or miss proposition and from what I read about this, it can change or Mango might shut you down if it thinks you are violating terms of service. There are a lot of blog postings on how to get this work and which bank works or does not work for transferring money out. I have not tried to do this. I have only used debit card to buy money orders at post office if I want to take cash out. Back when I was depositing $500 per month to avoid the $5 service fee, I also bought money order for $500 every month and used to pay my credit card bill and also used the card for normal spending. Some folks have just closed their account when they wanted to take out the whole $5000 in savings, paid the account closing fee and had Mango send them a check.
Last edited by PennySaved on Thu Apr 16, 2015 4:14 pm, edited 1 time in total.
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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa »

I used to deposit and withdraw $500 each month using ACH from USAA to avoid the monthly fee and I didn't have any problems with Mango closing my account. I have also completely emptied an account using ACH when I was expecting to need the cash for a refinance, and I refilled the account shortly after.
PennySaved
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Joined: Tue Mar 06, 2012 5:05 pm

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

Post by PennySaved »

I read on the Mango postings over at Fat Wallet that a few folks had their account shutdown for pulling money out via ACH to their bank, but many others say they do it successfully. But it does not work with all banks. I did not want to experiment with that.

http://www.fatwallet.com/forums/finance ... 1/?start=0


Now that I have DD amount down to a minimum, I will just let the interest in the savings build up and if I get close to $500 in interest total in my three accounts that exceeds the $15,000 total savings I have in all three, I can transfer that interest from the two accounts to one account and use the debit card to spend it or go and get a money order. PO is right downstairs from me in my building.
PennySaved
Posts: 116
Joined: Tue Mar 06, 2012 5:05 pm

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

Post by PennySaved »

FYI, Fat Wallet has a new thread going talking about other prepaid debit cards with high interest savings accounts:


5%/6% Interest Savings Accounts at 5K (or less): NetSpend, Mango, Union Plus, Control Card, Others?
http://www.fatwallet.com/forums/finance/1434408/

You need to read all the fees and conditions for each card on the card website to determine if they are appropriate for you. I am have been pushing my extra money into other things like Lending Club and I want to buy some more I-bonds this year, so I don't have any extra cash right now to open another debit card account with high interest savings, but others may be interested in checking out the possibilities.
PennySaved
Posts: 116
Joined: Tue Mar 06, 2012 5:05 pm

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

Post by PennySaved »

achen9291 wrote:Can I have 3 mango accounts? Or do I need to have at least 1 Credit Union? out of the 3. Total?
Somebody over at the Mr Money Moustache forum says they have 3 Mango debit card accounts and 1 UnionPlus debit card account. Poster "BlueBeard" that posted on 4/16/15
http://forum.mrmoneymustache.com/reader ... -5-on-$5k/
Rockies1978
Posts: 41
Joined: Thu Jun 28, 2012 2:19 am

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

Post by Rockies1978 »

I've browsed the mango money threads and am thinking about signing up but am a bit confused. I was thinking of doing the following:

1. Setting up the account and NOT doing direct deposit, because apparently the $3 monthly fee is assessed whether you do direct deposit or not, and the only incentive to doing direct deposit is the one time $20 bonus.
2. Add a nominal amount to the prepaid account and $5,000 to the savings.
3. Transferring the $25/mo in interest to another online account that earns more. Maybe Cap One 360.

Is there any problem with this approach? Will Mango Savings not allow me to transfer the money to another online savings? That's the part I've found conflicting info on while googling the subject. As long as Mango accepts the routing and account numbers, are there any other issues? And are they charging fees for transfers to outside accounts?

Thanks in advance for the help clarifying.
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The529guy
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Re: Mango prepaid card - 4.8% (effective) APY

Post by The529guy »

Rockies1978 wrote:I've browsed the mango money threads and am thinking about signing up but am a bit confused. I was thinking of doing the following:

1. Setting up the account and NOT doing direct deposit, because apparently the $3 monthly fee is assessed whether you do direct deposit or not, and the only incentive to doing direct deposit is the one time $20 bonus.
2. Add a nominal amount to the prepaid account and $5,000 to the savings.
3. Transferring the $25/mo in interest to another online account that earns more. Maybe Cap One 360.

Is there any problem with this approach? Will Mango Savings not allow me to transfer the money to another online savings? That's the part I've found conflicting info on while googling the subject. As long as Mango accepts the routing and account numbers, are there any other issues? And are they charging fees for transfers to outside accounts?

Thanks in advance for the help clarifying.
I have done an ACH pull initiated from my credit union checking account to successfully withdraw money from my Mango Prepaid (not Savings) account. I think others here have done this, too. I recommend transferring your interest from the Savings account to the Prepaid account before ACHing out.
tdogz
Posts: 179
Joined: Fri Nov 11, 2011 11:28 am
Location: United States

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

Post by tdogz »

Rockies1978 wrote:I've browsed the mango money threads and am thinking about signing up but am a bit confused. I was thinking of doing the following:

1. Setting up the account and NOT doing direct deposit, because apparently the $3 monthly fee is assessed whether you do direct deposit or not, and the only incentive to doing direct deposit is the one time $20 bonus.
2. Add a nominal amount to the prepaid account and $5,000 to the savings.
3. Transferring the $25/mo in interest to another online account that earns more. Maybe Cap One 360.

Is there any problem with this approach? Will Mango Savings not allow me to transfer the money to another online savings? That's the part I've found conflicting info on while googling the subject. As long as Mango accepts the routing and account numbers, are there any other issues? And are they charging fees for transfers to outside accounts?

Thanks in advance for the help clarifying.
In addition to the $20 bonus (which covers almost 7 months of fees), you also need to be enrolled in direct deposit to receive the 6% rate. If you are not receiving direct deposits into your Mango account then you only receive 2% interest.
Also, be aware that the only 'official' ways to get money out of your Mango account is through their debit card or transferring it to another Mango account. I have seen reports of various levels of success using an ACH pull from outside accounts. Your Mango account has no mechanism to initiate an ACH push from their end.
tdogz
Posts: 179
Joined: Fri Nov 11, 2011 11:28 am
Location: United States

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

Post by tdogz »

PennySaved wrote:... Checked my Mango savings account for March and I received the higher interest rate paid (5.89%). So I can confirm you don't need the $50 per month DD to get the higher interest rate on savings.
Is there some place on the Mango website that states your interest rate? I looked, but didn't see it anywhere. It's my understanding that banks are required to provide that information on their statements.
mikep
Posts: 3855
Joined: Wed Apr 22, 2009 9:27 pm

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

Post by mikep »

Can you use mango debit to load serve online or at walmart? That may be an easier way to get money out.
Rockies1978
Posts: 41
Joined: Thu Jun 28, 2012 2:19 am

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

Post by Rockies1978 »

tdogz wrote:
Rockies1978 wrote:I've browsed the mango money threads and am thinking about signing up but am a bit confused. I was thinking of doing the following:

1. Setting up the account and NOT doing direct deposit, because apparently the $3 monthly fee is assessed whether you do direct deposit or not, and the only incentive to doing direct deposit is the one time $20 bonus.
2. Add a nominal amount to the prepaid account and $5,000 to the savings.
3. Transferring the $25/mo in interest to another online account that earns more. Maybe Cap One 360.

Is there any problem with this approach? Will Mango Savings not allow me to transfer the money to another online savings? That's the part I've found conflicting info on while googling the subject. As long as Mango accepts the routing and account numbers, are there any other issues? And are they charging fees for transfers to outside accounts?

Thanks in advance for the help clarifying.
In addition to the $20 bonus (which covers almost 7 months of fees), you also need to be enrolled in direct deposit to receive the 6% rate. If you are not receiving direct deposits into your Mango account then you only receive 2% interest.
Also, be aware that the only 'official' ways to get money out of your Mango account is through their debit card or transferring it to another Mango account. I have seen reports of various levels of success using an ACH pull from outside accounts. Your Mango account has no mechanism to initiate an ACH push from their end.
I see. Does this have to be a payroll based direct deposit, or if I set up a monthly automatic transfer from another online account will that suffice? Thanks.
PennySaved
Posts: 116
Joined: Tue Mar 06, 2012 5:05 pm

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

Post by PennySaved »

tdogz wrote:
PennySaved wrote:... Checked my Mango savings account for March and I received the higher interest rate paid (5.89%). So I can confirm you don't need the $50 per month DD to get the higher interest rate on savings.
Is there some place on the Mango website that states your interest rate? I looked, but didn't see it anywhere. It's my understanding that banks are required to provide that information on their statements.
Go to this webpage for Mango Savings Account Customer Agreement
https://www.mangomoney.com/customer-agr ... -agreement
Scroll down about halfway down the page, you will see
Rate Information
Promotional Rate For Card Accounts With Direct Deposit

Balance: $5,000 or less Promotional Interest Rate- 5.85% on entire balance, 6.00% APY
Any amounts over $5,000 get 0.10% interest.

My March 2015 statement for one of my Mango savings accounts stated: Your annual percentage yield earned in March is 5.89% This was for $5097.89 beginning balance on March, March interest was $24.85, ending balance of $5122.74 Not sure how they came up with 5.89%, but close enough for me.
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