6% APR for a saving MANGO account

Ttitle

Ttitle

Level 2 Member
"Not even sure $500 DD is actually required. I only had a few ACH test deposits during September and was still paid 6% APY."
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Can anyone else verify whether the 500.00 deposit is necessary to receive the 6%? I would prefer not to transfer if I didn't have to.
 
C

cdancer20

Level 2 Member
Ttitle said:
Can anyone else verify whether the 500.00 deposit is necessary to receive the 6%? I would prefer not to transfer if I didn't have to.
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Pretty sure that I read posts on FT of a couple of people who did not do the $500 deposit and they did not get the 6%. I think in both cases they had converted in August. I am not sure when the last poster transferred but there may be a 30 day grace period to set up your DD. I imagine that in a month more reports will come out. In the mean time, you should just set it up anyways. It's not that difficult if you have a bank with free ACH. Transfer $500 in and next day transfer it back out.
 
M

madage

Level 2 Member
cdancer20 said:
Pretty sure that I read posts on FT of a couple of people who did not do the $500 deposit and they did not get the 6%. I think in both cases they had converted in August. I am not sure when the last poster transferred but there may be a 30 day grace period to set up your DD. I imagine that in a month more reports will come out. In the mean time, you should just set it up anyways. It's not that difficult if you have a bank with free ACH. Transfer $500 in and next day transfer it back out.
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I transitioned my MC in early August (8/5, if I'm reading the transaction history right). I had a $500 ACH deposit on 8/25. The only ACH deposits in September were $0.52 and $0.49 ACH trial deposits (9/14 and 9/29) when I was trying to figure out which routing number to use. I received 6% APY for both August and September.

October: I had a $100 ACH deposit on 10/1 and I'm trying to only pay $0.05 monthly fee. I will report results in early November.
 
thehustla

thehustla

Level 2 Member
I ACH'd the $500.00. After going through the interface, it appears there is no transfer option. Will have to load move money some other way.

Reading the previous, it appears the $500 is not hardcoded requirement to receive the 6%.

Anyone doing less than $100? Wonder if $1 would work.
 
R

raenye

Lever 2 Membel
thehustla said:
After going through the interface, it appears there is no transfer option. Will have to load move money some other way.
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You mean you can't find a withdraw button on Mango's website? why would they ever want to have one?
Just pull from a CC or your bank.
 
Flanmann

Flanmann

Level 2 Member
thehustla said:
I ACH'd the $500.00. After going through the interface, it appears there is no transfer option. Will have to load move money some other way.

Reading the previous, it appears the $500 is not hardcoded requirement to receive the 6%.

Anyone doing less than $100? Wonder if $1 would work.
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I would also be curious to know if any ACHing at all is necessary to trigger the 6%.
 
Mountainmanduy

Mountainmanduy

Level 2 Member
From the terms and conditions of Mango. I am wondering if people were grandfathered in from the old system, since you were not required to transfer any money to Mango to qualify for the savings account.

The Annual Percentage Yield advertised of 6.00% applies only to the portion of your savings account balance, which is $1.00-$5,000.00; or 2.00% if you are not on Direct Deposit Service, or do not make a monthly minimum Direct Deposit of at least $500.00. An Annual Percentage Yield of 0.10% will be paid on the portion of your savings account balance that is $5,000.01-$10,000.00. You must deposit at least $1.00 to open your Savings Account and receive the advertised Annual Percentage Yield. You must have at least $1.00 Minimum Balance on the Last Day of Month to Receive Interest. Rate is accurate as of July 30, 2015. At our discretion, we may change the interest rate on your Savings Account. We may change the interest rate on your Savings Account at any time.
 
C

cdancer20

Level 2 Member
Mountainmanduy said:
From the terms and conditions of Mango. I am wondering if people were grandfathered in from the old system, since you were not required to transfer any money to Mango to qualify for the savings account.

The Annual Percentage Yield advertised of 6.00% applies only to the portion of your savings account balance, which is $1.00-$5,000.00; or 2.00% if you are not on Direct Deposit Service, or do not make a monthly minimum Direct Deposit of at least $500.00. An Annual Percentage Yield of 0.10% will be paid on the portion of your savings account balance that is $5,000.01-$10,000.00. You must deposit at least $1.00 to open your Savings Account and receive the advertised Annual Percentage Yield. You must have at least $1.00 Minimum Balance on the Last Day of Month to Receive Interest. Rate is accurate as of July 30, 2015. At our discretion, we may change the interest rate on your Savings Account. We may change the interest rate on your Savings Account at any time.
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I don't understand your comment.
 
Mountainmanduy

Mountainmanduy

Level 2 Member
Whops sorry I am getting old mango and new mango mixed up.

I think it is interesting they are paying interest, despite not paying the $3 dollar fee.

I also pushed $5 bucks to mango and got the interest. The terms say 500 bucks or dd.
 
C

cdancer20

Level 2 Member
Mountainmanduy said:
Whops sorry I am getting old mango and new mango mixed up.

I think it is interesting they are paying interest, despite not paying the $3 dollar fee.

I also pushed $5 bucks to mango and got the interest. The terms say 500 bucks or dd.
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or maybe the IT guys they have haven't implemented it correctly.
 
H

Hanaleiradio

Level 2 Member
Since the changeover, November was the first month I did not ACH $500 in from Alliant, and low and behold, I only received 2%. I must not be living as right as some of y'all.
 
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