Update: This seems to only apply to the cards issued by Axiom Bank. They were apparently already using Republic Bank of Chicago for some cardholders. If you have one of those cards as far as I know nothing will change. You can also signup for a new 5% card from Republic Bank now.
Insight has sent out the following letter to cardholders:
Basically it seems like they are changing card issuers and you need to request a new card and change your direct deposits and empty the account. Your current card/account will starting earning a 0% APY rate from July 1st and you’ll be sent a refund check on July 31st if the account still has funds in it. This seems like a huge hassle for cardholders and something that should have been avoided if possible.
If you do have an insight card, then it might make sense to transfer your funds over to Northpointe as they offer a 5% account on balances up to $10,000 now and are easily the best high interest savings account on the market.
Hat tip to reader Robert