Effective to all residents across the nation, Insight Bank is currently ending their 5.00% APY if you have an Insight Savings Account on July 1, 2018. Although this may be a surprise to some customers, Insight Bank is allowing you to withdraw any portion of your money after 07/01/2018, free of charge. All you have to do is issue a Bill Payment Check to yourself. Interest due as of July 1, 2018 will be credited to your Insight Visa Prepaid Card. For those that are currently affected, be sure to contact them directly for additional information.
Editor’s Note: If you close your account before the July 1, 2018 end date, you will forfeit any interest acquired, but not yet paid.
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Insight Bank Summary:
- Learn More
- Availability: Nationwide
- Expiration Date: None
- Soft/Hard Pull: Soft Pull
- Credit Card Funding: No
- Additional Requirements:
- The minimum balance to open the account is $10 and a maximum balance may apply.
- Cardholder fees could reduce the interest earned. Maximum of six (6) Savings Account withdrawals per calendar month.
- Additional Advise:
- Max of $5,000 can be added to the Savings account
- With the Pay-As-You-Go plan, there’s no monthly fees.
- Monthly Fee: None if you use Pay-as-you-go plan.
- Early Termination Fee: No ETF, however, there is aInactivity fee of $3.95 when no purchases, cash withdrawals, or load transactions were made for 90-days.
Insight Bank Bill Payment Check Steps:
- Login to your account online at www.Insightvisa.com
- Under the “Spend Money” tab, select “Bill Pay”
- On the Bill Pay menu, Select the “Add Biller” tab
- Click the link that says “Click here to add your biller manually”
- Complete the Biller form with your name, account number, home address where you would like your check mailed and phone number
- Select “No” to “Make this a scheduled Payment”
- Click “Add Biller”
- You will receive a confirmation that “Your biller has been added”
- Next, click the “Single Payment” tab on the Bill Pay menu.
- In the “Pay to:” drop down, select your name (the biller you just added)
- Select the Payment Date that you wish for the check to be sent
- Complete the amount that you wish to be sent.
- Hit Continue and verify the amount and payment date
- Select “Pay Bill” to process the check payment. A check will then be mailed to you and should be received within 7-10 days.
Loading Prepaid:
You either load the card by sending money via ACH from your regular checking or Paypal. Add the prepaid card to your bank or Paypal and push money into the Insight account. It’s best if you can find a way to push funds without trial funds, (ex. direct deposit, tax refund, etc.)
Routing Number (Republic Bank of Chicago): 071025797
Unloading Prepaid:
Not knowing how you’ll be getting your money out may be quite frustrating for you. Here are your options when it comes to unloading your prepaid: Bill-Pay, ACH-Pull, buying Money Orders, or Convenience Checks.
- Transfer the money from the Savings to the Prepaid and use one of the mentioned options to unload.
- Limits to withdraws may be applicable
Editor’s Note: ACH-Pull is the easiest option with the only requirement being the routing and account numbers.
Conclusion:
Their current 5.00% APY promotion from Insight Bank is unfortunately ending on July 1, 2018. Although this may be a big change to many customers who have a savings account with them, they are trying to make this change go as smooth as possible, offering you to withdraw your money free of charge after the end date. Be sure to contact the bank directly if you have further questions regarding this change. Even though Insight Bank is discontinuing their 5.00% APY Rate, be sure to check out our list of Best Bank Rates for find one that’s right for you!
