goals^n^dreams
Level 2 Member
Has anyone tried this saving? It is 6% APR. I haven't tried it yet.
https://www.mangomoney.com/what-is-mango
https://www.mangomoney.com/what-is-mango
6% APR for a saving MANGO account
- Thread starter goals^n^dreams
- Start date
Yep. Bring up the terms and conditions page for earning caps and DD requirements.Has anyone tried this saving? It is 6% APR. I haven't tried it yet.
https://www.mangomoney.com/what-is-mango
http://saverocity.com/forum/threads/emergency-savings-fund.17190/
I had $7 in interest deposited today. I don't have near $5k sitting in there though.
I had $7 in interest deposited today. I don't have near $5k sitting in there though.
Free-quent Flyer
Blogger
Just to clarify, the 6% is APY, not APR. Useful to know so you are comparing like to like investments/interest rates.
Mountainmanduy
Level 2 Member
I have two mango accounts. If you want to open up two mango accounts, just use two phone numbers.
ed1chandler
Level 2 Member
Hey, all,
A data point regarding CapOne360-to-Mango transfers...
I got an e-mail from CapOne360 today saying that they'd frozen all of my accounts until they "verified some activity." Suspecting a phishing scheme, I signed in and ... sure enough ... messages everywhere that I needed to contact them.
For context, I just opened a Mango account a week or so ago and added it to my CapOne360 as an external account. I had transferred money into the linked CapOne360 account in anticipation of transferring it to Mango and had just completed the test deposit verification necessary to complete the CapOne360/Mango link.
To make a long story short, CapOne was able to tell that the linked account was a prepaid product (even though the bank name was "First Bank and Trust" or whatever) and insisted on removing it from my list of external accounts ... citing language on their external accounts page that you can ONLY link "personal checking accounts" ... not brokerages, not money markets, not savings accounts ... only "personal checking accounts."
So, while it may be true that Mango continues to treat transfers from CapOne360 as a direct deposit, it appears that CapOne is having none of it.
Or ... maybe this is just my $&%$$* luck again ... who knows.
That kicks me back to trying to use Fidelity (who apparently requires a medallion signature guarantee) or I guess I could resurrect my AP account. What do the rest of you do?
A data point regarding CapOne360-to-Mango transfers...
I got an e-mail from CapOne360 today saying that they'd frozen all of my accounts until they "verified some activity." Suspecting a phishing scheme, I signed in and ... sure enough ... messages everywhere that I needed to contact them.
For context, I just opened a Mango account a week or so ago and added it to my CapOne360 as an external account. I had transferred money into the linked CapOne360 account in anticipation of transferring it to Mango and had just completed the test deposit verification necessary to complete the CapOne360/Mango link.
To make a long story short, CapOne was able to tell that the linked account was a prepaid product (even though the bank name was "First Bank and Trust" or whatever) and insisted on removing it from my list of external accounts ... citing language on their external accounts page that you can ONLY link "personal checking accounts" ... not brokerages, not money markets, not savings accounts ... only "personal checking accounts."
So, while it may be true that Mango continues to treat transfers from CapOne360 as a direct deposit, it appears that CapOne is having none of it.
Or ... maybe this is just my $&%$$* luck again ... who knows.
That kicks me back to trying to use Fidelity (who apparently requires a medallion signature guarantee) or I guess I could resurrect my AP account. What do the rest of you do?
Mountainmanduy
Level 2 Member
Hey ed1chandler,
I used google wallet to make the transfer to Mango. I would advise not trying to get on googles bad side by transferring in 5k instantly. I did it progressively, like a 1000. Hope that helps.
I used google wallet to make the transfer to Mango. I would advise not trying to get on googles bad side by transferring in 5k instantly. I did it progressively, like a 1000. Hope that helps.
ed1chandler
Level 2 Member
I'm the most cautious and careful MSer I know ... I just always seem to be the karmic balance for the guys who drop $50k a week at Kroger.
Mountainmanduy
Level 2 Member
ahaha didnt mean to offend. I am just saying since I do not have much data points to offer on google wallet.
ed1chandler
Level 2 Member
None taken. I appreciate the advice. I just ... argh! ... y'know? Nothing goes right.
Case in point -- I bought my temp Redbird on October 17 ... still not successfully activated.
Case in point -- I bought my temp Redbird on October 17 ... still not successfully activated.
RRD
Level 2 Member
That is good to know - thank you for sharing. I just linked my Cap360 a/c and deposited the 5k as well as made the recurring deposit. Fingers crossed. Will report if my a/c gets flagged as well.
I also just opened my Mango a month ago and was looking forward to transferring via cap360 -- I did 4500 a couple weeks back successfully. This is not great news going forward though.
The medallion signature thing with the Fidelity CMA... I think you can just provide a prior statement though, right? So once I've got a statement in March, should be able to fax/email that in to link the Mango?
The medallion signature thing with the Fidelity CMA... I think you can just provide a prior statement though, right? So once I've got a statement in March, should be able to fax/email that in to link the Mango?
How do people handle the $3 fee and the associated prepaid product? Do you keep a $0 balance on the prepaid? If so, does the $3 fee get subtracted from the savings account? Alternately, do you direct deposit every month, and then leave $3 in the account to pay the fee?
For those who have stashed $5k in the account, what do you do with the interest? Amounts over $5k only get .1% interest. Do folks sweep the excess into a different account?
Did everyone get the $20 for signing up direct deposit that the / good Doc references? Is the requirement simply two DDs of at least $50? I ask because the language is "Sign up for the direct deposit service," and I, of course, only want to make ACH deposits.
Thanks in advance.
For those who have stashed $5k in the account, what do you do with the interest? Amounts over $5k only get .1% interest. Do folks sweep the excess into a different account?
Did everyone get the $20 for signing up direct deposit that the / good Doc references? Is the requirement simply two DDs of at least $50? I ask because the language is "Sign up for the direct deposit service," and I, of course, only want to make ACH deposits.
Thanks in advance.
Mountainmanduy
Level 2 Member
So there is two side, one is the prepaid and one is the savings. If you do not have the $3 dollars in the prepaid side, then you will not receive the 6% I assume. I always keep $36 bucks in the prepaid side to account for fees. If you can, deposit the 5k into the mango account. Whenever you accrue the interest at the end of the month, move into your prepaid side. I did not get the direct deposit bonus. So you will have to ask somebody else. I used google wallet to deposit the money into mango for free. Hope that helps.
Kim @Savy.Traveler
Level 2 Member
I wouldn't count on the bonus unless you have a real employer DD. I had my DDs from the biggest federal employer and Mango didn't give it to me, and when I called in to complain, the rep argued with me about it. I eventually did get the bonus.
Free-quent Flyer
Blogger
If you have a $0 balance, the $3 fee is still deducted, but there are no fees for being overdrawn (your balance will be -$3). I also received my 6% the month I experimented with that. Since the 6% requires a direct deposit, they would take the $3 out of your deposit to the prepaid.
I just keep $3 in my prepaid account at all times and don't think about it.
Yes, sweep the excess into other accounts. The prepaid account allows ACH pulls. Pull to your checking, credit cards, loans, wherever.
The "direct deposit service" is an extremely stupid way of referring to the receipt of qualifying direct deposits. As far as I and many others can tell, virtually everything qualifies. Kim above seems to have had a different experience, but that is the first report I've EVER heard of anything not qualifying as direct deposit in the years I've been writing and reading about this account.
Hope that helps.
Kim @Savy.Traveler
Level 2 Member
See this FW thread (http://www.fatwallet.com/forums/topic_view.php?catid=52&threadid=1432026&start=80) for recent similar experiences to mine; there are older reports of this same issue that I read (maybe slickdeals?), which is why I actually went to the trouble of switching my paycheck DD. I would love to hear something that is working now because I'd like to open a couple more accounts and get the bonus without switching my DD.
Hanaleiradio
Level 2 Member
On both Mango accounts a $10/mo push from Chase personal ckng account satisfies the DD requirement, and has done so for several months.
Kim @Savy.Traveler
Level 2 Member
The DD requirement being discussed here was to obtain the $20 bonus. Since the monthly fee can no longer be avoided by DD, there is no benefit to doing "a $10/mo push from Chase personal ckng account." The only DDs I have done were the initial two upon opening the account to obtain the $20 bonus and I get the 6% interest every month.
Yeshu
Level 2 Member
6% interest every month? I thought it was 6% APY...how are you getting 6% interest every month? If it is per month, are you getting 6% of $5000 = $300 each month?
Hanaleiradio
Level 2 Member
Have had these accounts for a loooooong time (jumped on it when Mango first offered 5%.) I'll have to discontinue the monthly push if its no longer necessary. Good to know! When opening we did get a sign up bonus for 2 months worth of ACH pushes of 50 to 100 each. Back then Alliant ACH didn't work, but Chase did. Info is probably too dated to be of use.
Kim @Savy.Traveler
Level 2 Member
6% was my short hand. Net is whatever 6% APY is monthly minus the $3 per month fee. You will quickly see the weakness of my math skills if you are pressing me for precise numbers. ;-)
Brennan
Level 2 Member
I just opened and funded a mango account via push from ufb. It shows up in my mango account as "eft load". Is this normal language?
I'm more interested in triggering the 6%, but if I can get the bonus too it would be nice. Has anyone received the bonus without a real dd from employer?
I'm more interested in triggering the 6%, but if I can get the bonus too it would be nice. Has anyone received the bonus without a real dd from employer?
RRD
Level 2 Member
Yup, that is how it is coded. I ACH'ed via Capital One on all my a/c - Mango/UnionPlus/Netspend and all of them counted as DD.
Dave
Level 2 Member
I've done this from Chase. For me it counts as DD for the monthly 6%, but it did not trigger the extra one-time DD bonus. Hopefully you'll have better luck with UFB.
Can anyone else confirm that 6% is maintained without monthly ACH pushes?
Yes I'd be interested in this as well. I'm still doing the monthly ACH pushes but have killed the "true" DD this month.
Actually, maybe while I wait I'll start up that third Mango account I can open...
Does Mango yield more or less than Union plus prepaid? after fees (and perhaps tax)
More. Would rather have three mangos than any Union Plus.
(That being said, getting a statement from Mango so I could link my fidelity cash management account took a full month. So maybe Union Plus has soft reasons like "actual customer service" to go with them.)
They're the same company.
For me Mango seems to yield $24.84 per month, minus $3 fee, whereas Union+ yields $21.17 with no fee (but a $500 load). Assuming the $3 is not tax deductible, you're better off with Union+, it seems.
Yeah I read it's the same company, no idea if their call center is the same.
Assuming you can ACH pull out of either account... I dunno. Seems like a wash. You net $21.84 (so 67c more than Union+, but pay marginal extra taxes on $3?
I think a wash. but the fact that Union+ even might remotely have better customer service makes me want to consider it now, as long as Union Plus supports ACH pull.
Yeah, I'm pretty sure people are saying no need to DD at any point, that's why I decided to try it out. (If it's not the case that ACH push from Chase doesn't handle it, I guess I'll know for sure in July)
Daniel
#hackingtheplane(t)
Only my employer DD has coded as DD, everything else (Chase, Barclays) has coded as an ACH deposit. So Chase wouldn't work for initial setup.
Anyone have a source/link for the fact that you don't need to have monthly DDs in order to get the 6% APY (beyond the first one, that is)?
Anyone have a source/link for the fact that you don't need to have monthly DDs in order to get the 6% APY (beyond the first one, that is)?
Kim @Savy.Traveler
Level 2 Member
There are other posts on fatwallet that confirm/led me to believe it was true, which is why I never did anything beyond my two employer DDs.