At the time when 1.05% APY seems to be the norm for yields of bank savings account and you need to be extremely lucky to get 1.50% APY for your hard earned money, 5.10% APY for a savings account looks nothing but too good to be true. However, it’s real, despite some restrictions and it’s only a promotional rate.
The offer is from Mango Savings. According to the website, this offer is currently available to Mango Prepaid Card customers who are also enrolled in Mango’s recurring direct deposit program. The savings account has no minimum deposit requirement (of course $1 is the minimum to earn interests), however it does put a limit on the amount of deposit that earns the generous APY. According to the website, you can earn 5.01% APY for deposit up to $5,000 in your account. Any money above the limit will earn only 0.10% APY (the account has a maximum deposit limit of $10,000). Given its extremely high yield, it makes sense to put a ceiling on how much you can earn.
Even without the promotion, the standard rate of Mango Savings Account also looks pretty good. For balance below $5,000, the standard yield is 3.0% APY. The yield for balance above $5K is the same as the promotional rate of 0.10% APY. Following is a list of fees charged by Mango Savings Account.
- Monthly Fee $5 (waived with $500 monthly load)
- Domestic ATM Withdrawal $2 (limit $500-600/day)
- Foreign ATM Withdrawal $2+2% (limit $300-400/day)
- Bill Payment $1
- Check $10
- Foreign Purchase 2%
Mango Prepaid Debit Card
As mentioned above in order to get the Savings Account, you need to be a Mango Card Account first. If you like the Savings Account, you can get a Mango Prepaid Card to qualify. The prepaid debit card has no activation charges, no overdraft fees, no credit checks, and no bank account is required. Before using the card, load at least $500 per month onto the card to avoid the monthly fee. If you load less than $500 a month, there is a monthly fee of $5. Besides, your funds are fully FDIC-insured.You can use it anywhere MasterCard is accepted, and you can even send money within the U.S. from your mobile phone.
Here are some features of the Mango prepaid debit card if you are interested:
- FREE MasterCard Prepaid Card Signup & FREE Shipping
- FREE Direct Deposit + Get $20 Signup Bonus
- Earn High Savings Interest Rate!
- No fee Domestic Purchase/Signature Transactions
- Pay your Bills in minutes from your online account
- Instant Virtual Card Shop Online Today
- No Fee to Check Your Balance With a Text Message
- Wireless Alerts when your card is swiped
- Send and Receive Money Securely With Any Mobile Phone
- FREE Mango iPhone App (Download from iTunes Store)
- $0 Activation Fee
- $0 First Monthly Fee Try it For FREE
- $5 Monthly Fee WAIVED when You Load at Least $500 Per Month
- No Hidden Fees / No Overdraft Fees
- FDIC Insured up to $250,000
- No Credit Check/ No Bank Account Required
- FREE Account Management Over The Phone or Internet
- Refer friends and family and make money
