One of my favorite features of the Mango prepaid MasterCard is its high interest savings account. For those Mango cardholders that sign up for free direct deposit, you also get a free savings account. Until recently, the account paid an incredible 5.1% APY interest rate. Although this rate was much higher than any traditional bank, Mango has gone and increased the rate even more–to 6%.
You get up to six free withdrawals from the savings account each month, and you can even transfer money from your prepaid card to your savings account. And if you don’t want to use direct deposit, you can still get a 2% APY rate. Note that these rates are good for funds up to $5,000. If you put more than $5k in the account, the rate drops to 0.1%. And this makes the Mango savings account perfect for a rainy day fund.
You can check out our detailed review of the Mango MasterCard. And if you use the card, you can even write your own review! If you want more information on the card, check out the Mango MasterCard site.