The creators of the MangoMoney prepaid MasterCard, recently announced that they will be offering a high interest savings account option for holders of their prepaid card. The new terms and conditions for the Mango MasterCard are now available on the Mango website. The Mango Savings is for customers who are enrolled in the Mango direct deposit. Enrolling in their direct deposit program is free and available to all card holders. The Mango Savings account is an account separate from your prepaid card account that allows you to save money and earn interest every month. To open up an account here’s what you need to do:
First: All your personal information up-to-date on your Mango profile (just log in to www.mangomoney.com to check your profile). If you need to update your address, please call Customer Service at 1-877-896-2646.
Second: If you haven’t already done so, you need to enroll in Mango’s free recurring Direct Deposit.
Third: Your prepaid card account needs to be in good standing and needs to have money left in it after you make your first savings deposit. (The minimum amount required to open a savings account is just $1.)
Fourth: If Mango has ever requested additional identification documents from you, you need to submit them before opening a savings account.
Adding Funds
You can add funds into the Savings Account by transferring them from your Card Account. This means you have to have the money on your card already in order to make a transfer. To withdraw funds from your Savings Account you just simple transfer them to your Card Account. You can make transfers either online or from your cell phone using YAP. Its pretty simple!
Mango Savings Account Features
- An APY of 5.1%, paid on balances up to $5,000.
- $1 Opening account balance required.
- Unlimited free transfers for allocating dollars to savings from funds loaded on their Mango prepaid cards
- Up to six free transfers per month to transfer funds from savings to their cards
- Savings account management features, including transfers, are available 24/7 online or by phone
- The integrated YAP(TM) service enables customers to check their savings balance or initiate card-to-savings transfers with a text message
- Savings deposits are FDIC insured and held by Horizon Bank, SSB.
| Minimum Amount to Open | Maximum Balance Allowed | Minimum Balance to Earn Interest | Maximum Balance on Which Interest Will be Paid | Promotional APY (Annual Percentage Yield) | Standard APY (Annual Percentage Yield) |
|---|---|---|---|---|---|
| $1.00 | $10,000.00 | No minimum | $5,000.00 | 5.10% | 3.00% |
