Mango prepaid card - 4.8% (effective) APY

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

Post by Nahum » Wed Oct 14, 2015 2:37 pm

Depositing money in a bank named after a fruit is probably not a good idea.

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

Post by Chesterfield » Wed Oct 14, 2015 2:44 pm

Tico_75 wrote:Update:
I received $24.05 in interest per card this month= 5.77% APY. I have four.
I have not been charged the $3 monthly fee yet (Net $21.05 = 5.05 APY after fee)
Deduct short-term capitals gains.

I set up a $503 ACH transfer and $500 withdraw directly from Chase. This counts as direct deposit. It's all matter of coordinating the deposit/withdraw dates and let it run as long as the Mango Card is active. I deposit $503 to pay the monthly fee.

You were able to get 4 mango w/ your own SS? If yes, pls share how. Thanks.

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

Post by achen9291 » Wed Oct 14, 2015 7:24 pm

jjface wrote:my mango account now shows $0 and this entry

ACH Unload - Praxell PM (CheckACH) $5k

So looks like it was processed. Fantastic. I can't believe how excited I am to receive my own money!
I just got this text today. I called the 212 number from NY. The rep "escalated" my checks. He said wait 7-10 business days... I'm giving this until the end of the month...

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

Post by chemeng » Mon Oct 19, 2015 2:45 pm

Just received this email from Mango:

"Heads Up! - We sent you a check.

Hello,

As requested, we have sent you a check with the total balance on your Mango Visa® prepaid card and closed your account. You can expect to receive the check in the coming week.

Special note: The check you will be receiving in the mail from Sunrise Banks, NA is accurate. Unfortunately, our check printer included a letter with the check that is for a different program. They forgot to clear that out before they printed the checks. You can tear the check off and cash it or deposit it. It is a good check and will be paid. Again, please disregard the letter on the top of the check."

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

Post by jjface » Mon Oct 19, 2015 4:28 pm

Just received my check! :D

Looks like they added some interest so at least there is that.

They refer to my BillMyparents prepaid mastercard which is probably what they meant by the error mentioned above.

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

Post by nanoanalyzer » Tue Oct 20, 2015 5:40 pm

Doing some year-end tax planning and ending up a couple hundred away from the next bracket... Can anyone tell me if the Netspend Q4 interests pay on business day 1 of the following quarter, as has happened with the Q2 and Q3 payments this year?

Those $250 could make the difference in my marginal rate, and I'm a geek who loves to split hairs over 10 cents per dollar. Don't want to waste any deductions I could take next year instead, solidly in 25%. Thanks in advance.
"If you think stocks are like physics, you believe there must be smart people who can measure exactly where the Dow Jones Industrial Average will be in five months." -Morgan Housel

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

Post by Ketawa » Tue Oct 20, 2015 7:57 pm

I had the same question in the fatwallet thread. Someone told me that last year, it posted in the correct calendar year, i.e. Q4 2014 posted in 2014.

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ashleyk23
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Re: Mango prepaid card - 4.8% (effective) APY

Post by ashleyk23 » Sun Nov 01, 2015 6:43 pm

FYI I received my October statement and I continue to receive ~6% APR despite only transferring $5 a month. I wonder if it'll ever be changed to 2%. :)

Ashley <3

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

Post by achen9291 » Sun Nov 08, 2015 11:09 am

I received mango checks about a week ago, forgot to post about it. So far I've filled up netspend, ace elite, brinks, accounts and working on western union now, and possibly HEB after. Looking for more accounts to sock this cash in..that works with mint.

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

Post by nanoanalyzer » Sun Nov 08, 2015 1:01 pm

achen9291 wrote:I received mango checks about a week ago, forgot to post about it. So far I've filled up netspend, ace elite, brinks, accounts and working on western union now, and possibly HEB after. Looking for more accounts to sock this cash in..that works with mint.
Save your $2 on the HEB card. Turns out you can have multiples of each brand of card. My plan is now 2 vanilla NetSpend and 3 Brinks to properly split across BofI and Metabank.
"If you think stocks are like physics, you believe there must be smart people who can measure exactly where the Dow Jones Industrial Average will be in five months." -Morgan Housel

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

Post by achen9291 » Sun Nov 08, 2015 1:11 pm

nanoanalyzer wrote:
achen9291 wrote:I received mango checks about a week ago, forgot to post about it. So far I've filled up netspend, ace elite, brinks, accounts and working on western union now, and possibly HEB after. Looking for more accounts to sock this cash in..that works with mint.
Save your $2 on the HEB card. Turns out you can have multiples of each brand of card. My plan is now 2 vanilla NetSpend and 3 Brinks to properly split across BofI and Metabank.
Thanks! The limit is still 5 accounts? Since the western union isn't on mint yet and I haven't activated that card, I will open more vanilla netspends. Does my western union count as an account if I haven't activated it yet?

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

Post by nanoanalyzer » Sun Nov 08, 2015 1:37 pm

achen9291 wrote: The limit is still 5 accounts?
Yes. Some folks have gotten away with 6. Luck of the draw, really.
achen9291 wrote: Does my western union count as an account if I haven't activated it yet?
I don't know.

I do know WU is the least featured of the NetSpend options. No Flashpay or "me-to-me" capability... They want you to use WU transfer services.
"If you think stocks are like physics, you believe there must be smart people who can measure exactly where the Dow Jones Industrial Average will be in five months." -Morgan Housel

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

Post by tbradnc » Mon Nov 09, 2015 7:22 am

Regarding Netspend. I understand you ACH funds to your card, then xfer the funds from the card to the savings account online.

To get money out I assumed you would just xfer the money from the savings account back to the card and then pull money via ACH from the card back to your bank.

Their FAQ says this though:

How can I withdraw cash from my NetSpend Savings Account?

If you wish to withdraw cash from your NetSpend Savings Account, you must transfer funds to your Card Account in order to make a cash withdrawal from an ATM. ATM fees apply. Please see the Fee Schedule in your Card Account Agreement for details.

Are they failing to mention the option to pull money from the card via ACH or it just not possible (seems odd - I've never heard of a one-way ACH where you could push money but couldn't pull it.)

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

Post by nanoanalyzer » Mon Nov 09, 2015 8:42 am

ACH pull works fine.
"If you think stocks are like physics, you believe there must be smart people who can measure exactly where the Dow Jones Industrial Average will be in five months." -Morgan Housel

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

Post by hsv_climber » Mon Nov 09, 2015 10:57 am

nanoanalyzer wrote:
achen9291 wrote: The limit is still 5 accounts?
Yes. Some folks have gotten away with 6. Luck of the draw, really.
Is the limit per person or per household? Can myself and wife open 5 accounts each?

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

Post by nanoanalyzer » Mon Nov 09, 2015 11:00 am

Per person, but be careful about using a joint account for transfers. More info on that in the fwf thread...
"If you think stocks are like physics, you believe there must be smart people who can measure exactly where the Dow Jones Industrial Average will be in five months." -Morgan Housel

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

Post by hsv_climber » Mon Nov 09, 2015 11:04 am

nanoanalyzer wrote:Per person, but be careful about using a joint account for transfers. More info on that in the fwf thread...
I've read about using joint accounts for transfers and I've thought that it is only for Mango.
Is Netspend / Brinks having the same issue?

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

Post by surfstar » Mon Nov 09, 2015 11:19 am

ashleyk23 wrote:FYI I received my October statement and I continue to receive ~6% APR despite only transferring $5 a month. I wonder if it'll ever be changed to 2%. :)

Ashley <3
I will need to try this. Currently annoyed that I had $500 tied up in push/pull transfers for Mango last month.

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

Post by Farmboyslim83 » Mon Nov 09, 2015 12:46 pm

Yes, received Mango ckecks. However, still waiting on one "myunionprepaid." Their great customer service dept. said it was mailed on10/27, and expect it in 2-4 weeks!? I said I didn't know they had an office on Mars. "Ha ha! Still 2-4weeks."

Netspend only requires quarterly ACH deposits? Everbank can do qrtly pushes.

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

Post by surfstar » Tue Dec 01, 2015 4:03 pm

surfstar wrote:
ashleyk23 wrote:FYI I received my October statement and I continue to receive ~6% APR despite only transferring $5 a month. I wonder if it'll ever be changed to 2%. :)

Ashley <3
I will need to try this. Currently annoyed that I had $500 tied up in push/pull transfers for Mango last month.
Confirmed.

For 1 of my 3 accounts, I only ACH'd in $5 in Nov. All 3 received the same interest. I can now put that $500 into my Netspend :)

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

Post by ashleyk23 » Tue Dec 01, 2015 5:07 pm

Great! Yeah I got the usual $24 for November. :)

Ashley <3

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

Post by tbradnc » Mon Dec 14, 2015 7:57 am

I'm waiting on my 6th Netspend card so I can activate it and move another $5k to Metabank and then I'll be looking at Mango for a 7th account.

What are the primary differences between Mango and Netspend? Here's what I know for sure:

1. Mango has a non-waivable $3 monthly fee.
2. Mango pays 6% credited monthly, Netspend is 5% credited quarterly.
3. Mango requires $500 direct deposit monthly to earn 6%.
4. Mango pays 0.10% for amounts over $5k, Netspend pays 0.50% for amounts over $5k.

Questions:

1. Did I miss any requirements to earn 6%?

2. Can I initiate ACH pulls from the Mango prepaid card to withdraw money from the prepaid card (after moving it from the linked savings account) from a linked external bank (just like Netspend)?

3. How long does it take for money to go from the linked savings account to the card?

4. To meet the $500 monthly DD requirement can I push and then pull the same $500 per month to the Mango prepaid card via Ally?

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

Post by slbnoob » Mon Dec 14, 2015 9:14 am

tbradnc wrote: 1. Did I miss any requirements to earn 6%?
No
2. Can I initiate ACH pulls from the Mango prepaid card to withdraw money from the prepaid card (after moving it from the linked savings account) from a linked external bank (just like Netspend)?
Yes
3. How long does it take for money to go from the linked savings account to the card?
Instant
4. To meet the $500 monthly DD requirement can I push and then pull the same $500 per month to the Mango prepaid card via Ally?
Yes. I do that. There has been anecdotal evidence that merely pushing any amount (<500) also earned 6% interest in the past 2-3 months (refer to posts above). I am trying it out this month with $5 to see if that still earns me 6%.

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

Post by nanoanalyzer » Mon Dec 14, 2015 9:21 am

tbradnc wrote:I'm waiting on my 6th Netspend card so I can activate it and move another $5k to Metabank
Let us know how it goes, this would be only the second successful report of 6 Netspend accounts that I know of.
"If you think stocks are like physics, you believe there must be smart people who can measure exactly where the Dow Jones Industrial Average will be in five months." -Morgan Housel

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

Post by tbradnc » Mon Dec 14, 2015 9:23 am

nanoanalyzer wrote:
tbradnc wrote:I'm waiting on my 6th Netspend card so I can activate it and move another $5k to Metabank
Let us know how it goes, this would be only the second successful report of 6 Netspend accounts that I know of.
Sorry, to be more clear - 3 for me, 3 for spouse and that's a far as I'm going to push it with Netspend.

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

Post by nanoanalyzer » Mon Dec 14, 2015 9:28 am

tbradnc wrote: Sorry, to be more clear - 3 for me, 3 for spouse and that's a far as I'm going to push it with Netspend.
Oh, well in that case, you're leaving $20k of 5% space on the table. Just get 2 Brinks cards each.
"If you think stocks are like physics, you believe there must be smart people who can measure exactly where the Dow Jones Industrial Average will be in five months." -Morgan Housel

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

Post by tbradnc » Mon Dec 14, 2015 9:33 am

Thanks for the tip. I just ordered a Mango card and will check out Brinks.

I really-really like the hands off simplicity of the Netspend product and am hoping Mango is as easy. I hate hoops. :)

Edited to add: Just had a look at Brinks - I'll definitely jump on 4 of those and push Mango to the back of the line. It has taken me almost 2 months to get the 6 Netspend accounts open so I guess I'm in this for another few months.

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

Post by nanoanalyzer » Mon Dec 14, 2015 10:12 am

Yes, a shame that we have to get them one at a time, but the alternatives are either making 4% less or jumping through more hoops. I'm lucky in that I'm adding accounts as I save, so the ~month between card activations does not bother me.
"If you think stocks are like physics, you believe there must be smart people who can measure exactly where the Dow Jones Industrial Average will be in five months." -Morgan Housel

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

Post by surfstar » Mon Dec 14, 2015 11:02 am

If you use Mint, Netspend syncs without problems. Mango no longer does. Not a big deal as the account dollar amounts don't vary much once they're full.

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

Post by achen9291 » Mon Dec 14, 2015 12:31 pm

surfstar wrote:If you use Mint, Netspend syncs without problems. Mango no longer does. Not a big deal as the account dollar amounts don't vary much once they're full.
Mango no longer syncs with mint? I used to always have syncing problems with mango

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

Post by surfstar » Mon Dec 14, 2015 5:17 pm

achen9291 wrote:
surfstar wrote:If you use Mint, Netspend syncs without problems. Mango no longer does. Not a big deal as the account dollar amounts don't vary much once they're full.
Mango no longer syncs with mint? I used to always have syncing problems with mango
It can manually sync, as you need to enter a unique CAPTCHA code each time you login to Mango (at least I have to). So Mint requires that same process. A little annoying.

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

Post by tj » Tue Dec 15, 2015 1:18 pm

I thought the Mango deal was no longer available and everyone had moved on to NetSpend and Brinks etc?

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

Post by surfstar » Tue Dec 15, 2015 4:23 pm

tj wrote:I thought the Mango deal was no longer available and everyone had moved on to NetSpend and Brinks etc?
Nope. Everyone freaked out and lots of people closed their accounts, had to wait 4-8 weeks for the check, while others [like me] left their money alone and continued to accrue 6% (minus fees). I have 3 Mango accounts still, and have started two Netspend once my Mango accounts filled. I do like the less hassle of Netspend on a monthly basis, although my Mango accounts are now automated and hands off.

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

Post by achen9291 » Tue Dec 15, 2015 9:35 pm

surfstar wrote:
tj wrote:I thought the Mango deal was no longer available and everyone had moved on to NetSpend and Brinks etc?
Nope. Everyone freaked out and lots of people closed their accounts, had to wait 4-8 weeks for the check, while others [like me] left their money alone and continued to accrue 6% (minus fees). I have 3 Mango accounts still, and have started two Netspend once my Mango accounts filled. I do like the less hassle of Netspend on a monthly basis, although my Mango accounts are now automated and hands off.
Once I fill up 5 netspend accounts, I'll go back to filling up 3 mangos.

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

Post by tj » Tue Dec 15, 2015 10:15 pm

achen9291 wrote:
surfstar wrote:
tj wrote:I thought the Mango deal was no longer available and everyone had moved on to NetSpend and Brinks etc?
Nope. Everyone freaked out and lots of people closed their accounts, had to wait 4-8 weeks for the check, while others [like me] left their money alone and continued to accrue 6% (minus fees). I have 3 Mango accounts still, and have started two Netspend once my Mango accounts filled. I do like the less hassle of Netspend on a monthly basis, although my Mango accounts are now automated and hands off.
Once I fill up 5 netspend accounts, I'll go back to filling up 3 mangos.

Yo ucan't have 5 netspend. You can have 3 netspend and 2 brinks...

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

Post by Ketawa » Tue Dec 15, 2015 10:22 pm

tj wrote:Yo ucan't have 5 netspend. You can have 3 netspend and 2 brinks...
They're all NetSpend branded, including Brinks. The difference is vanilla NetSpend is backed by MetaBank while Brinks is backed by BofI.

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

Post by tj » Wed Dec 16, 2015 12:00 pm

Ketawa wrote:
tj wrote:Yo ucan't have 5 netspend. You can have 3 netspend and 2 brinks...
They're all NetSpend branded, including Brinks. The difference is vanilla NetSpend is backed by MetaBank while Brinks is backed by BofI.
What I intended to say that you can five total - three backed by MetaBank and two by BofI, or vise versa. Has anyone had a different experience?

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

Post by tbradnc » Thu Dec 17, 2015 9:37 am

Well.. finally got account #6 (3 for me, 3 for wife) with Netspend funded and received an email from Brinks that my next card is on the way. $30,000 earning 5% isn't bad... better than needing $150,000 in Ally to do the same.

Can anyone confirm for sure-for sure that money can be pulled back via ACH from a Brinks card? It looks 100% identical to the Netspend program other than Brinks being a Mastercard. Just want to be sure about the ACH thing.

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

Post by nanoanalyzer » Thu Dec 17, 2015 9:42 am

tbradnc wrote: Can anyone confirm for sure-for sure that money can be pulled back via ACH from a Brinks card? It looks 100% identical to the Netspend program other than Brinks being a Mastercard. Just want to be sure about the ACH thing.
Yes, they are the same. I ACH pulled Q2 interest.

Though now I just flashpay all the interest to one card and pull from there, so there is only one big transfer out to track instead of several small ones.
"If you think stocks are like physics, you believe there must be smart people who can measure exactly where the Dow Jones Industrial Average will be in five months." -Morgan Housel

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

Post by Tico_75 » Thu Dec 24, 2015 1:33 am

Chesterfield wrote:
Tico_75 wrote:Update:
I received $24.05 in interest per card this month= 5.77% APY. I have four.
I have not been charged the $3 monthly fee yet (Net $21.05 = 5.05 APY after fee)
Deduct short-term capitals gains.

I set up a $503 ACH transfer and $500 withdraw directly from Chase. This counts as direct deposit. It's all matter of coordinating the deposit/withdraw dates and let it run as long as the Mango Card is active. I deposit $503 to pay the monthly fee.

You were able to get 4 mango w/ your own SS? If yes, pls share how. Thanks.

I opened 3 for myself and 2 for my wife. Then, opened NetSpends. The Mango DD set up takes a lot of time! DD $500, schedule a few days to clear, withdraw $497, etc.

I read here that $5 DD worked for one person. I will "sacrifice" one card to test. That could be good.
"Check ID" is my actual signature.

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

Post by packet » Mon Dec 28, 2015 12:23 pm

Hopping on the Mango train...

(yet another) recap:

1. Sign up, receive card in the mail
2. Register card, connect to bank account load it (ACH) with $5,003
3. Create/attach savings account, move $5,000 to it
4. Set automatic deposit (to the pp-card) of $500 on the first day of each month (or whatever)
5. Set automatic withdrawal (from the pp-card) of $497 on the fifth day of each month (or whatever)
6. Profit!

Anyone know if TD Bank plays nicely with the ACHs?
In steps 4 and 5 above... I'm assuming money in and out of Mango is to/from the pre-paid card, not the savings account, IE the only path to/from the savings account is via the pp-card, right?

Thanks all for this great thread!

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

Post by ved » Mon Dec 28, 2015 12:49 pm

Does anyone know if we will get 1099 INTs for each account (Mango & NetSpend) separately, if at all?

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

Post by tj » Mon Dec 28, 2015 1:17 pm

ved wrote:Does anyone know if we will get 1099 INTs for each account (Mango & NetSpend) separately, if at all?

I would assume so, or at least one per bank.

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

Post by Farmboyslim83 » Mon Dec 28, 2015 2:05 pm

Last year I received 2 1099's from REV, 1 for Mango and 1 for Myunionprepaid. I had 2 accounts in each, total of 4.

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

Post by tbradnc » Tue Dec 29, 2015 7:57 am

I just finished getting $5k in a Mango savings account on Christmas Eve.

I was propped up in bed, drinking my first cup of coffee and my phone rang. The caller identified as "from Mango wanting to verify some information" and without pausing asked for my DOB. I hesitated but gave it to him - he then asked for my SSN. At this point I told him to give me his number and I would call him back because I was uneasy just throwing out personal information to a random caller.

He gave me the number, I googled it, and nothing came back. So.... I called the main Mango number, told them what was going on, and got transferred. The same guy picked up the phone. :) Pretty strange. Anyway.. all appears to be well. As soon as we hung up I got a text alert that my $5003 was available on my card and I bounced $5k to the savings account.

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

Post by slbnoob » Tue Dec 29, 2015 1:03 pm

Anyone else get the email from NetSpend regarding changes to the DD requirements? From what I read from the PDF on my phone, it seems folks who are already on some "fee plan" wouldn't have to bother with increasing/changing their DD requirements. At the time, I took that to mean I'm included and don't need to take any action. Need to confirm this.

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

Post by Farmboyslim83 » Tue Dec 29, 2015 1:13 pm

slbnoob wrote:Anyone else get the email from NetSpend regarding changes to the DD requirements? From what I read from the PDF on my phone, it seems folks who are already on some "fee plan" wouldn't have to bother with increasing/changing their DD requirements. At the time, I took that to mean I'm included and don't need to take any action. Need to confirm this.
Yes, got a bunch of 'em. It looked to me like an ACH transfer would no longer be allowed to satisfy the $500. direct deposit necessary to upgrade the card to "premier," and the resultant lower fee structure. I don't plan on using the cards anyway. I didn't see anything ominous, especially for current card holders, but would like to hear from some others.

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

Post by tbradnc » Tue Dec 29, 2015 1:14 pm

rgnort wrote:
slbnoob wrote:Anyone else get the email from NetSpend regarding changes to the DD requirements? From what I read from the PDF on my phone, it seems folks who are already on some "fee plan" wouldn't have to bother with increasing/changing their DD requirements. At the time, I took that to mean I'm included and don't need to take any action. Need to confirm this.
Yes, got a bunch of 'em. It looked to me like an ACH transfer would no longer be allowed to satisfy the $500. direct deposit necessary to upgrade the card to "premier," and the resultant lower fee structure. I don't plan on using the cards anyway. I didn't see anything ominous, especially for current card holders, but would like to hear from some others.
I've also read anecdotal reports of not needing to push $500 to qualify for the 5% savings rate anymore.

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

Post by nanoanalyzer » Tue Dec 29, 2015 1:22 pm

There have never been recurring DD requirements for NetSpend products, except a $1 load every quarter to avoid the inactivity fee.

The only requirement for earning 5% is a one-time $500 load to gain Premier status for free, which then allows you to open the 5% savings account.

The change might be relevant to people opening new cards in 2016. However, sometimes, the transactions are not coded properly. An ACH push might still work. Time will tell. If it doesn't, no big deal, just send $500 from your paycheck to a new card for one pay period, then turn it off.
"If you think stocks are like physics, you believe there must be smart people who can measure exactly where the Dow Jones Industrial Average will be in five months." -Morgan Housel

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

Post by nanoanalyzer » Wed Dec 30, 2015 11:37 am

I've been wondering, what is the end game for a Boglehead with these accounts in a low rate environment and 15% tax bracket? Once I don't need them for the separate-from-my-portfolio house fund, they sure would make a nice "bond" allocation for the long term, despite being in a taxable account (still over 4% after tax, FDIC insured, with only inflation risk). This is an even freer lunch than the G fund at the moment. I suppose 5-year or 7-year CDs could reach 6-7% at some point when rates make their way up, but until then, I see no reason not to hold $50k in 10 NetSpends, and perhaps even more in Mango.

Said another way, if you only had a high 5 or low 6 figures portfolio, how much of it would you put in a guaranteed 5% return taxable account? How low would you allow your stock AA to go?
"If you think stocks are like physics, you believe there must be smart people who can measure exactly where the Dow Jones Industrial Average will be in five months." -Morgan Housel

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