Insight Savings accounts that pay 5% will officially close on July 1st. The notice that confirms previous rumors, was sent by email to all account holders.
Here’s the email:
Dear Valued Customer,
Effective July 1, 2018, the Insight Savings account offered to online Insight Card customers will be discontinued.
This letter is to notify you that the Insight Savings account associated with your Insight Visa Prepaid Card you acquired online will close on July 1, 2018. Interest due as of July 1, 2018 will be credited, and the balance will be automatically transferred to your Insight Visa Prepaid Card account and subject to the prepaid card’s terms and conditions.
If you wish to withdraw any portion of your account balance at no charge, you may do so by issuing a bill payment check to yourself after July 1, 2018. If you wish to close your account prior to July 1, 2018 you will forfeit any interest accrued but not yet paid.
As mentioned in the notice, you will need to issue a bill payment check to yourself after July 1, 2018. if you do so before July 1st, you will forfeit any interest accrued but not yet paid. You can also try an ACH pull from some banks such as Chase, Ally, Discover and Wells Fargo.
This was one of the best rates foe savings account and one that probably many people were taking advantage of. Sad to see it go.
Let me know what your next best choice is?