Mango Prepaid Card is one of many prepaid cards marketed primarily to the bank-less population. As a competitive edge, the Mango prepaid card offers a linked savings account that pays 6% APY. With today’s rate as you can guess, that’s an amazing deal. There’s a catch though, you can only get that rate for up to $5,000 of deposits. You earn 0.1% for the portion above that $5,000.
Here’s a quick explanation of how the card and the account work. You first transfer money by ACH onto the card. After the money appears on the card, you transfer the money to the savings account. The money then stays in the savings account, pretty much separate from the card. If there’s no money on the card, using the card to buy stuff will get a decline even though you have money in the savings account.
There is a $3 monthly fee but the 6% APY you earn on your $5,000 makes it worth it.
You must also be enrolled in Direct Deposit to get the 6% rate, but you receive e $20 bonus when you do. So you have to deposit a total of $50 within 90 days to get the bonus and then set up a $5 monthly deposit to stay enrolled. Sign up here.