rimmaculate
Level 2 Member
Nope, something related to family visa
6% APR for a saving MANGO account
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TJP
Guest
What is the max number of Mango cards one can have?
thehustla
Level 2 Member
When does the interest get deposited in the account? Is it on the last day of the month and you will see the interest the next day?
Something interesting I found. According the T&C:
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.
Does this mean the balance on the card has to be at least $1 or the balance in the Savings?
Something interesting I found. According the T&C:
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.
Does this mean the balance on the card has to be at least $1 or the balance in the Savings?
ed1chandler
Level 2 Member
Not on that question, but I can confirm that the $500 DD requirement is *cumulative.* (i.e. You just need to DD a *total* of $500, not $500 all in one shot.) I DDed 4x $125 and got the 6%.
stroschein
Level 2 Member
Are we going to be getting a two 1099 INT's from mango? I got the sunrise one which only had 8x.xx dollars......but thats only since they took over.
stroschein
Level 2 Member
I also got the 2%. All previous months I got 6 for my $50 DD.
Flanmann
Level 2 Member
Also, wondering others thoughts on this.. I'm applying for a mortgage soon, and I've heard that sometimes banks won't count money on prepaid products. Should I move my money out of Mango/Netspend during that process? Seems gray to me, because they are both savings accounts with statements I can download and show banks. Any thoughts are appreciated.
1) I applied for a mortgage pre-approval and the money in all my prepaids (paypal, mango, netspend) are being counted.
I also didn't know you could actually download mango statements -- I just screenshotted the "statement" popup (savings --> open statement --> previous month) while making sure current balance was also showing.
Did this with BofA and Citi.
2) I have the 3 mangos and do $500 sometimes in one push from Cap1360, other times with 2 pushes of $250. Occasionally I push from Chase. Still ticking at 6%.
I also didn't know you could actually download mango statements -- I just screenshotted the "statement" popup (savings --> open statement --> previous month) while making sure current balance was also showing.
Did this with BofA and Citi.
2) I have the 3 mangos and do $500 sometimes in one push from Cap1360, other times with 2 pushes of $250. Occasionally I push from Chase. Still ticking at 6%.
I guess they fixed the DD loophole but not the monthly fee loophole (yet). Another month where I wasn't charged the monthly fee. I'll re-share just in case anyone missed it.
Apparently if you don't have any money in your prepaid account on the day the monthly fee is charged (last day of the month), they will not charge you. I have been doing this for 4-6 months now.
Apparently if you don't have any money in your prepaid account on the day the monthly fee is charged (last day of the month), they will not charge you. I have been doing this for 4-6 months now.
Flanmann
Level 2 Member
So, I just opened my 2nd Netspend card. With that and Mango, I have used the maximum 3 slots for linking accounts to my Sallie Mae savings, which serves as my account that I use to shuffle money in and out of Mango, and meet DD requirements for Netspend. If I want to open any more of these wonderful prepaid cards, which checking or savings account do you all recommend for me to open next in order to serve as another waystation type of account?
You only need one slot for any number of Netspend cards.
Just move money from one card to another. Netspend calls it flashpay, and is limited to receiving $250 per rolling 24h.
You can open more than one Mango. I currently have three.
I think the question was about ACH sources, not mango count.
Sorry, misread the post. Alliant and Ally are great sources if you want to try them?
I've said this before and wanted to add here in case anyone missed. I do not keep ANY money in the prepaid side. The only time that I put money in there is AFTER the first of the month (the accured interest) and it's immediately ACH pulled to another account. For several months now, by doing this, I have yet to be charged the $3 fee. I think the trick is to not have a balance in your prepaid on the day that it's charged (last day of the month). If you haven't tried this yet, you should. And yes I am getting the full 6% APR on my money in my savings account.
ed1chandler
Level 2 Member
I cannot, for the life of me, get an ACH pull to work. Which routing number are you using - the one that's listed if you go to set up direct deposit or some other number? Thanks.
Were you a old Mango transfer or opened a new account after the bank move? I was a transfer. I know in the beginning that they had separate routing numbers. Nonetheless, I set up a new transfer last week using the info on the Direct Deposit form. Obvious thing but make sure that you using the account number that they supply there and not your Mango card number. Also, it may be the bank that you are using. Some banks have issues with prepaid accounts. I can verify that it works with Alliant and Ally.
ed1chandler
Level 2 Member
Thanks. Yes, it may be bank-related - but it's failed with several at this point.
PNC reports the routing number as "invalid" and C1 ... well ... they restricted my account and had me call in.
Will keep trying.
PNC reports the routing number as "invalid" and C1 ... well ... they restricted my account and had me call in.
Will keep trying.
Also works with 360. It's been awhile since I've set them up, (have 1 old and 2 new mango with Alliant and Ally as well) but I think I used the old routing number for all 3.
Dave
Level 2 Member
Are you DD or ACHing in $500 a month to get the 6%?
Yes. ACH of $10 was giving only 2%.
Yes. I have been doing ACH for $500/month. Then the next day, I pull the money back out.
LiarsDice
Level 2 Member
On a side note, I'm actually trying to open a joint account with them right now. Are you by any chance a joint account holder? After realizing that the second person on the joint account will get hard pulled, I emailed support to confirm whether or not this was true and if so, was there a way around it. Received a response a few hours ago that we can mail them in to avoid the HP so I'm just waiting on a response as to how that'll all work. Fingers crossed they can get it done, because I'm not thrilled with the idea of having a HP from Experian. Especially with a looming mortgage in 6-12 months.
I've read good things about the speed and overall quality of Alliant as a "hub" account. I have Ally bank and while they're also decent, you'd be forced to keep $15k in a checkings account to get the interest rate given by Alliant.
LiarsDice
Level 2 Member
Any updates? Sounds like we're in a similar boat, although we're still at least a few months away from starting the process.
I called Mango earlier this morning and they told me they could send me a statement via email or by snail mail. I asked them to send both. From the way the lady described the statement I'm not overly confident that it'll be an actual statement and not just a printout of what looks like exported excel data.
Looking back on our last hoorah with mortgages circa late 2011/early 2012, the bank wanted printouts of actual statements. If it was mid-cycle, they wanted something with a bank stamp (or was it signature?). Point being, even if things have loosened up since with lending requirements, I'm not interested in dealing with trying to get the money parked in Mango added to our overall cash balance.
On another note I noticed that Netspend offers statements so worst case I'll begin moving money there. Problem is we have the Netspend accounts full and I'm not entirely sure if the other flavors (i.e. HEB, Brinks, Ace) offer the same statements. I'd assume so if they're a Netspend skin but I'll have to confirm this before (if) opening any.
Sorry, I am not a joint account holder. I have nothing but good things to say about Alliant. They show up as dd for most banks. So I keep a spreadsheet, and move around $500 from Alliant to waive the fees on numerous accounts and get 5 or 6% apy. Since it's only a day each way, makes it easy as long as I remember to do it before noon.
ed1chandler
Level 2 Member
yes
