Are you in the market for a savings account that offers you more than just a traditional APY? The Mango 6.00% APY Savings account may be in your lane. Those of you that aren’t familiar with the account: Once you have activated and loaded your Mango card, you can open a savings account with as little as $1 to earn this 6.00% APY. With such an attractive APY, it’s almost inevitable that consistent revisions would be made.
Mango recently sent out emails to cardholders regarding a change in banking partners from SunRise Banks to Metropolitan Commercial Bank with previous changes noting September of 2016 when they introduced a monthly $800 monthly ACH requirement to get the said interest APY. On a lighter note, it doesn’t seem that they’re going to do any negative changes, emphasizing that they have some exciting announcements coming up that could be hints of account enhancements.
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Mango Prepaid Card Upcoming Changes Information:
- Sign up
- Account Type: Mango prepaid MasterCard + Savings Account
- Availability: Nationwide
- Expiration Date: None
- Credit Inquiry: Soft Pull
- ChexSystems: Yes
- Opening Deposit: None
- Credit Card Funding: No
- Direct Deposit Requirement: ACH of $800+ each month
- Monthly Fee: There is a $3 monthly fee that cannot be waived.
- Additional Requirements: Must open the prepaid MasterCard first in order to get the 6.00% APY savings account.
- Closing Account Fee: None.
Hello <name>,
The Mango Prepaid Card you know and (hopefully) love isn’t going anywhere. We are, however, transitioning to our new partner bank. If you’d like to keep banking with Mango, we need your help moving your account from our current partner bank, Sunrise Banks (Sunrise), to our new one, Metropolitan Commercial Bank (MCB).
Ok, but why the change?
Our new bank, MCB, is a long-standing supporter of prepaid products and shares our appreciation of innovation in banking. We’re confident that the future of Mango with MCB is bright.
What does it mean for me?
It means we have some exciting announcements forthcoming! If you decide to move your account, you’ll be one step closer to enjoying the new features we’ve developed to share, save, and spend money with a partner, friend, or family member. Helpful saving features are coming too.
Will my account information change?
In short, yes. You will get a new MCB Prepaid Mastercard® with a new 16-digit card number. Your new bank routing number will be 114994196. Your card account number used for direct deposits and bill payments will remain the same.
Make sure to review the entire cardholder agreement and the accompanying fee schedule prior to activating your card.
You will need to update your direct deposit with your employer, as well as any subscriptions and automatic payments you have set up (We’re sorry for the hassle!). The good news is that, upon activation, your balance will transfer to your new Mango Prepaid Mastercard. We’ll take it in small steps to make sure the entire process runs super smoothly.
What do I do now?
Stay tuned! We will notify you when we mail out your new card with an “It’s Time!” email describing how you can move your Mango account to MCB, our new partner bank. Also, please verify that your address is correct so that we send the card to your mailing address. If your address is incorrect, please visit the website on the back of your card to update.
Don’t fret. We’ll be with you every step of the way
Sincerely,
Your Mango Support Team
How To Maximize Mango Prepaid 6.00% APY Savings:
- Apply for the Mango Prepaid MasterCard in order to open the 6.00% APY savings account.
- Set up ACH direct deposit upwards of $800+ each month.
- Enjoy your 6.00% APY on all your balances, capped at $5,000 in deposit value.
- Math: $5,000 x 6.00% APY – $3 monthly fee = $264 Profit per year.
Conclusion:
Some things to note, although the 6.00% APY is exceptional in every way, the Mango High-Yielding Savings account, unfortunately, has an ACH direct deposit requirement of $800 a month on top of being capped at $5,000 in all balances. Let’s not forget the $3 monthly fee that cannot be waived; It’s not bad but it would compromise a little bit of the interest APY. Overall, the savings account does earn better than at least 99% of traditional savings out there and will score you at least $264 of profit in a year’s end. Mango recently announced changes in banking partners and we’re expecting some big exciting changes for this account. Might possibly be the ability to add a second account or a higher limit, but we’ll just have to wait and see. Be sure to check out our full list of bank rates for all of your savings necessities.
