The Insight 5% savings account has now lowered the rate down to 1% APY. Reader Somosa confirms that this appears to affect existing Insight accountholders too. (Another confirmation.)
I stopped posting about Insight a while back when I got too confused about whether their account still exists and for who it still exists. In any case, if you were earning 5% until now, you may want to move the money out or make a notation to check at the end of the month how much interest you got.
For anyone getting ready to do a pull at your external bank, remember that you need to move the money out of the Insight savings and into the Insight debit card account, or your withdrawal is going to bounce. Insight will not automatically move the money AFAIK.
Received an email that “an authorization for $2.00 at Amazon web services at aws.amazon.coWAUS has been made. Logged into my insight card account and sure enough, there is a fraudulent charge for $.2.00. Not sure how card details leaked out since I have never used this card since purchase. Weird.
Just got notified that my account is closed and I’m getting a check for a literal penny mailed. I had stopped doing the auto deposit thing once the interest rate dropped to 1% since I can get the same through T Mobile.
Same email today about account being closed.
Yup…just noticed the email inboxed from Friday as well today.
I tried to transfer money from saving to card, and it shows error. Now my money is stuck in saving and I am not able to move them out.
Finally got around to moving funds from three separate insight saving accounts, and I had no issues transferring all of the money. Did you make sure your transfer was $5,000 or less at a time?
Any issue with leaving these accounts a $0 without closing?
Not sure about $0 but $1 should be ok as long as you still have the $1 transfers scheduled to maintain activity every 60 days.
Chuck I can confirm, July 2020 statement shows as 1% interest. Sadly, no such luck on some sort of grandfathering clause here. Time to move on.
Statement for: July 2020
Accrued Interest This Period $4.31
Interest Paid Accrued From Prior Quarter $61.78
Annual Percentage Yield Earned This Period 1.00%
Annual Percentage Yield 1.00%
The “transfer between savings and card” link disappeared for one of my accounts.
If that’s the case for anyone else, you can still use https://www.insightvisa.com/savings/transfer to move savings funds to your card so you can transfer everything out.
July statement is out and the rate is 1% now.
Just viewed July statements. All of my Insight accounts earned 1% in July.
Same for me.
Same same
Thanks for the heads-up. Checked my July statement, sure enough 1%. Already scheduled the pulls.
Seems like a bad move for them from a business standpoint since NetSpend still pays 5% on $1,000. For those who are “unbanked” (their main customers) why would they now choose Insight over NetSpend? I’m keeping mine open for now because you get no interest for the quarter if you close your account. You want to wait until October 1st to move your money out and close your accounts. 1% is better than 0% last time I checked and July is almost over. In fact 1% isn’t bad right now just look at where rates are headed.
I recommend NOT closing this account AT ALL, just leave $1, and remember to deposit $1 every other month at minimum. Like last time, the 5% rate may come back. If the July statement shows I only earned 1% I’m putting those funds towards account opening bonuses, which will net more than 1% returns. I would not leave money sitting until October, the money is in bonuses right now, not to mention there are accounts yielding way more than 1% right now.
I’m leaving my accounts open as well. There are not many accounts earning more than 1% at the moment and those that are may not be above 1% for very long the way rates are dropping. You need to leave a minimum of $10 in the account. After October 1st I have some 3.5% add-on CD’s to put it in until then 1% is fine.
> You need to leave a minimum of $10 in the account.
I don’t think that’s correct? From my Insight Terms & Conditions: “There is no minimum balance required to maintain the Savings account or to obtain the disclosed APY.” Perhaps you were instead thinking of the Minimum Amount to Open an Insight Savings Account?
Yes I think the language has changed I seem to recall it saying “you need $10 to open and maintain the account”. I guess $1 is fine now.
Yea, he’s wrong about the $10. Probably just his personal rule of thumb.
When I navigate via URL (link doesn’t show via my insight dashboard) to: https://www.insightvisa.com/savings/transfer
I input my current balance, click transfer from Savings to Prepaid, and get “An error occurred. Application error”
HUH?
Is your balance over $5k? You may need to make 2 transfers less than $5k each.
You’re definitely, “The Man.”