Posted by Chuck on May 15, 2017
Checking Accounts

Published on May 15th, 2017 | by Chuck


Insight 5% APY Prepaid Card on up to $5,000

Update 5/22/18: Insight card no longer comes with a 5% account – DEAD.

Originally posted on 3/31/16. Updated and reposted on 5/15/17: Insight card has changed over their backing bank from Axiom to Republic Bank. The 5% savings account is still live and kicking. But you’ll have open a new account since all accounts under Axiom Bank will stop earning 5% at the end of June. They aren’t automatically transferring the funds – you have to get the funds out of your old Axiom Insight account and separately put funds in your new Republic Insight account.

  • Interest Rate: 5% APY
  • Minimum Balance: $10
  • Maximum Balance: $5,000
  • Payments: Issued quarterly
  • Availability: Nationwide
  • Direct deposit required: No
  • Additional Requirements: None
  • Hard/soft pull: Soft
  • Credit card funding: No
  • Monthly fees: None (use pay-as-you-go plan)
  • Insured: FDIC
  • Length of promotion: Unknown (it’s been ongoing at least since the beginning of 2014)

The Offer

Direct Link

  • Open an Insight prepaid card and you’ll be eligible to open a connected Savings account with 5% APY interest rate
  • Max of $5,000 can be added to the Savings account
  • Interest is paid out quarterly

The Insight prepaid card is a Green Dot product and operated by Republic Bank of Chicago. You can read the official terms of the 5% account here (pdf). No hard pull is being done when opening the card, as is the case with most/all prepaid cards.

According to this Reddit thread, any money above $5k in the account will earn 5%, just the system doesn’t allow you to add more than $5k. If you earn interest, leave the interest in the account and you’ll earn 5%, despite it being more than $5k in the account.

Loading the Card

Load the card by sending money via ACH-push from your regular checking account or Paypal account. Simply add the prepaid card to your bank or to Paypal, same as attaching any bank account, and push money from there into the Insight account.

The routing number for Insight (the new version with Republic Bank of Chicago) is: 071025797. And your account number can be found in the login (Add Money > Direct Deposit).

Note: Often when pushing money from your bank or Paypal, they’ll do trial deposits and then pull those out. Insight won’t necessarily allow that pullback which might cause your bank not to allow you to complete the linking of that account. Best is if you can find a way to push funds without the trial deposit, e.g. real direct deposit, tax refund, maybe investment account (?), or similar.

Unloading the Card

Some people are nervous to put emergency savings in a prepaid card without know how they’ll get the money out. There are a few options for unloading including: bill pay, ACH-pull, buying money orders, and convenience check.

Before we dive into the details, remember that all unloading is done through the prepaid card; first transfer the money from the Savings to the Prepaid and then you can use one of these options to unload. Also, bear in mind that there may be some limits as to how much you withdraw per day, e.g. you might have to do $2,500 one day and $2,500 another day. Prepaid card often have these kinds of limits, though reports indicate that with Insight you can pull out the entire $5k at once (savings > checking > bank).

Bill Pay: There is a bill-pay option in the login, but I wasn’t able to easily find regular credit cards as payees. They may be lurking there somewhere, though.

ACH-Pull: The easiest option would be to use the routing and account numbers to ACH-pull money out of the account, either to your regular bank account or to pay a bill, e.g. a credit card bill. The card comes with a routing/account number and it should be possible to ACH-pull money out of the account. I’ve had success doing ACH-pulls multiple times.

Buy Money Orders: We can always unload by purchasing money orders from Walmart or wherever else they allow PIN-based debit cards to buy money orders. Some Insight transactions (e.g. bill pay) are limited to $2,500 per day and there may be such a limit on purchases as well.

Convenience Checks: For a small fee, you can unload through convenience checks. Looks like it will cost $7 to unload a full $5k from the account using convenience check; $5 to order the checks, and $1 per check (you’ll probably have to split it up into two $2,500 checks). It will also take time to execute.

Avoiding Fees

Like all similar prepaid cards, there are lots of fees if you use the card for purchases, transfers, or even a $1 fee for speaking to a live customer service agent.

Stick with the pay-as-you-go plan and there is no monthly fee.

If you don’t use the card for purchases or ATM withdrawals, and you manage your account online without calling up customer service, you should be able to keep it completely fee-free. Direct deposit, bill pay, and managing your account online are all free.

Inactivity Fee (90 Days)

One fee to be aware of is an inactivity fee of $3.95 when no purchases, cash withdrawals, or load transactions were made for 90-days. Automate a $1 transfer from your regular bank account to keep it fee-free.

The Fine Print

  • Interest is compounded daily and paid quarterly; if you close your Insight Savings before interest is credited, you will not receive the accrued interest
  • Interest rate is 4.88%, with an APY of 5%
  • When creating the savings account, the minimum amount to open the account is $10

Our Verdict

The Insight card is the best high-interest prepaid card now that Netspend limits us to just $1,000 in 5% earnings. The card also stacks up nicely among high-yield checking and savings accounts. See a full list of options and analysis in our post on Best High-Interest Savings Account.


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I’ve been toying around with the idea of opening an axiom checking account to liquidate MO from MS at Walmart. This may be the push I need. Anyone have experience with Axiom?

When I went to sign up, it asked for a referral code. What are the details of the referral and does anyone have a referral link?

Lame. Card not available for GA.

I’m in Atlanta and just got one. Maybe this has changed since last year.

I signed up a little while ago and was able to fund with no issues. Only problem is for those who use, it seems to be having trouble connecting. This was a nice addition to the netspend flavors.

Re: Mint
If enough of us requested it to be added to Mint, Mint might fix this one as well as Western Union.

I discovered that you can actually add the Western Union Netspend into Mint!

If you add a second Netspend account into mint, but use your Western Union login credentials (instead of your regular Netspend credentials), it will add it to Mint! In other words, you add two regular netspend accounts.

You can do the same with HEB too, or any Netspend account for the matter.

Try it out. Let me know if what I wrote makes sense.

I opened one, let’s see how that works. thanks! Chuck

A comment and a question. First, If you put the $5,000 max in the checking account, the yearly interest rate is 4.88%, rather than the full 5%, since they aren’t compounding any balances over the original $5,000.

Second, if I understand this correctly, if you put $5,000 into the checking account (pay as you go) you will get just over $20 a month interest ($244 for the year). If you ach pull this $20 out of the account once each month after the interest is posted, leaving that initial $5,000, you will incur no fees and satisfy the inactivity clause while maximizing the account’s payout. Theoretically, you should be able to do this forever until you decide to unload the initial $5,000. Is this assessment correct?

I think you are right except for that the interests is only paid out every quarter.
But I also think you play the game too seriously! 😀

For all netspend accounts, I just leave the interests there and only ACH pull once or twice a year. I do have an automatic ACH push to these accounts every other months. The interest is small money, does not really worth the time and trouble to pull every month.

The only flaw I see with your logic is you can’t put the $5,000 in the checking account and expect to get the high yield interest. It has to be in the savings account.

Any referral code?

Are the savings accounts FDIC-insured? It looks like they are but I wasn’t for sure – The interest rate is very attractive at 5% for my emergency fund.

Has anyone heard if the interest rate has changed or how they let you know if and when it does?

At the bottom of the website it says “The Insight Savings Account (“Savings Account”) is made available to Cardholders through Republic Bank of Chicago or Axiom Bank®, Members FDIC.”

I’ve been having trouble linking my checking account with this account (rejected twice by Alliant). I noticed this:

“IMPORTANT NOTICE: YOUR INSIGHT CARD ACCOUNT CANNOT BE USED TO ADD MONEY TO YOUR PAYPAL ACCOUNT. When you make your first transfer to your account PayPal will send two small deposits to this account and ask you to confirm these deposits with your bank. YOU WILL NOT BE ABLE TO CONFIRM THESE DEPOSITS OR VERIFY THIS ACCOUNT. This account cannot be used to add money to your PayPal account.”

I had a same scenario with Gobank when I was trying to link Gobank in Paypal.

I attempted to add the Insight account info to PayPal, but Paypal refused indicating that bank was blocked as of the timestamp of this posting. So every where I go wants a fee to make deposits.

I am not sure that I understand the card to card no fee to transfer in the fee structure.
Contacting them to ask questions involves a service fee.

Has anybody done a VGC or MCGC or AMEX GC transfer to the Insight Card? I fail to see a way to do something like that on the account page.

I successfully loaded a OV VGC to my Insight account at Family Dollar. They charged my $3.95 to do it. To avoid too much confusion on their part, I loaded $480 even, leaving me with $16.05 on the card. The way I looked at it:

5% CB = $25.25.
Initial fee = 4.95
Load fee = 3.95

Net profit = $16.35 — roughly what I had on the card.

@AB – You don’t have any bank accounts that can link to Insight?

I do. But what’s the connection? You can MS your savings and earn money on the side.

But you’re doing it all wrong. Why are you paying to load funds onto the card when you can do that for free by linking a bank account?

I’m not paying. I’m making money on it. Read the above. If I load up my Insight card with 11 VGCs I have from maxing out my Dividend card at CVS, I’ll have made $179.85. You, on the other hand, earned $0. Both of us have $5,000 in the account.

Seems to me like you’re doing it wrong.

No CVS in my state 😉 So you get 5% cashback on drug store spend? Why not just use those VGCs to buy a money order at $0.70 per $1,000, deposit in your bank, and you can even cut out the Insight loads and their accompanying fees. That’s almost $40 profit per $1,000 VGCs at CVS. Seems like Insight is just a waste of time and money.

Wish I had a CVS near me so I could take advantage of these deals.


Shouldn’t you be buying 12 to max it out? I realize you would earn 0% on around $50 of the 12th but you could split tender with another card if you wanted every penny.

Are you sure that Insight won’t shut you down for this? I haven’t read about anyone trying this so it’s anyone’s guess if they are okay with it.


Am I correct that you are referring to buying a MO at Wally? If so, OV cards don’t work there which is what AB bought at CVS.

Even if they did, there’s no guarantee AB would be allowed to use a gc to buy a MO.

@Eric – Yes, WM. I forgot that Vanilla doesn’t place nice with WM. Can always go to the post office I believe. MOs at WM with a GC are highly location specific, so the only way to know would be to try it out at several locations.

Very true but I actually spent about $550 on it in Q1!

Insight may shut you down if you overdo it, but I loaded one a week at FD. 7 down, 4 to go.

You Can use them at USPS for MO, but that’s still one at a time. I have almost unlimited MS bandwidth to but gc but very limited to cash them out. This is a nice side addition.

This is just basically another 5% account? Why the lengthy mention for how to load/unload the account? Shouldn’t we just park $5k in here and then leave everything alone except for an ACH push/pull to avoid the dormancy fee?

I’m trying to find more ways of generating passive income.

I’ve had issues aching money back to my bank. Would not recommend.

I know this is a “bank” but something inside of me recoils at the last step of the application of giving them my SS number…. I think I will stay with banks 3% + ….

You need to provide a SS# for prepaid cards like the old Target card, Serve, Bluebird, etc. How is this any different?

Even a bank needs your SSN.

I tried opening a netspend account…. but neither TD Ameritrade, Schwab or Vanguard were willing to ach money to the account. Can you do a post on what banks work well with these prepaid type cards?

Doing a P2P payment with Capital One 360 works to do an ACH push payment to pretty much anything that you have a Routing / Account number. I would be very surprised if it doesn’t work for this product.

By doing a P2P payment, they don’t require account validation using the test push / pulls. You can’t do an ACH PULL payment this way. Note that CapOne360 also has a transfer account linkage system where account validation is required.

Does this work now also?I don’t find a P2P Option with Capital one 360 – only zelle is available for P2P and that takes only phone number /email but for insight card I don’t see option to receive using phone/email.

Ally works for Netspend

First Tennessee worked for me.

Good to know. It also works for cards linked with BOFI, but not for cards linked with MetaBank.

never had trouble with ACH in or out with Everbank! Worked on all 5% acct (netspend/WU/Heb etc)

I’ve used Ally for my other 5% accounts, does anyone know if that works for this too wthout issues?

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