[Update 7/15/20: Insight APY rate is now down to 1%.]
For some time Insight offered a 5% APY savings account on balances up to $5,000, then it was announced that these accounts would be closed on July 1st, 2018. In the end only accounts that were opened online were closed and accounts opened in person were kept open. Interestingly reader Lindsay noticed that they were offered the option to reopen a high interest savings account from a previously closed account. Another reader was able to confirm that this is possible and that the following is also true:
- If you manually requested that they fully cancel your account and a check was sent out it’s not possible to reopen the account
- New accounts opened online will offer 1% APY instead of 5% APY
New accounts opened in person will still earn 5% APY as well.
