Posted by Chuck on November 5, 2018
Checking Accounts

Published on November 5th, 2018 | by Chuck

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[Update] Mango 6% Prepaid now only on Balances up to $2,500

Update: Existing members from 10/26/18 and prior will retain ALL of the old terms ($800 requirement and $5,000 limit and probably PIN purchase option).

The Mango prepaid card used to be one of the best options around with 6% back on balances up to $5,000 with a low monthly fee. It became largely irrelevant when they basically began requiring  $800 of spend on the debit card each month to get that rate (longer explanation here).

Over the past few days, they updated the website with three new changes:

Mango Link

  • They’ve now lowered the 6% rate to just $2,500 instead of $5,000 bringing down the value further.
  • They now require $1,500 in purchases (previously $800).
  • They now stipulate that the purchases be signature purchases (previously PIN purchases worked too).

Not sure if/when these changes will go into effect for existing users, but it’s certainly dead for new users. Anyway, with interest rates rising. the 6% is less appealing than before.

Hat tip to Mario G on Twitter



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Isaiah
Isaiah

Any idea when this goes into effect?
It also says it requires $1500 worth of signature purchases, so money orders are pointless.

I just want to know when it goes into effect, so I can close my account.

calwatch
calwatch

The signature purchase rule is the biggest killer. It was trivial for those who routinely do MO to add one more on their journey, and it was a good backup card to use to avoid canceling a transaction when clerks rejected gift debit cards.

JT
JT

I just pulled out everything and will be requesting any unpaid interest/balances be mailed out.

Mike
Mike

Glad I closed this 2-3 months ago.

anthonyjh21
anthonyjh21

Same. With rates rising and bank bonus opportunities becoming available with large deposits it was a no brainer.

Kevin
Kevin

Am I reading this right – is it possible this is only for new cardholders and existing ones are grandfathered, at least for now?

https://www.mangomoney.com/customer-agreements/cardholders-enrolled-prior/savings-account-customer-agreement/

MCT
MCT

They never sent an email about these changes. Going to close my account.

Parkerthon
Parkerthon

Seriously this seems like the gyrations of a company in a downward spiral. Who would deal with this company now with so many restrictions and very little reward? Anyone that cares about 6% interest is likely going to have other banking products and wouldn’t want to deal with all the restrictions. Meanwhile, these limitations are aimed entirely at limiting acces to the product to primarily non-banking customers, people that generally don’t understand or care about interest. They really didn’t think this out.

Wilson
Wilson
RoamingRedPanda
RoamingRedPanda

Indeed, it’s still part of the Savings Agreement you can pull up within ‘Settings’ in your account.

Wyle
Wyle

Looks like it … for now at least.
1) They wouldn’t bother to do a “grandfather” if they were going to restrict old accounts soon.
2) They wouldn’t add new restrictions if the current terms could continue much longer.
Tinka … tinka … tinka

Sara Logan
Sara Logan

biggest pain bank of all time. ive never had a worse experience with a bank. so glad they are killing it further so other people dont have to deal with the bs.

icemule1
icemule1

I’m going to hold on with the hopes they are grandfathering old accounts. But if not, I’m out.

Ferris
Ferris

For most people, it is apparent that using a high-yield savings/money market at 2.5% is the best and easiest option available nowadays.

Eden
Eden

My account had an unauthorized withdrawal of $1000 back in May (right after the conversion from Sunrise to Metropolitan Commercial Bank) and I have called them numerous times now and every time received a different answer: we are still investigating; we are still reviewing.
In early October, I was asked to submit my PayPal statement of the month of May as it was a withdrawal from PayPal and they wanted to make sure I didn’t receive the fund. After submitting, I called in again and was told that they will provide an answer in 24-48 hours. I called in after two days and was told the process takes 40-90 days.
Any advice? Thank you in advance!

Trevor
Trevor

I’d say it’s time for a CFPB complaint.

Eden
Eden

Thanks for the suggestion. I filled one last week; however, Mango is not in their system where they can reach and forward my complain. I was told that they will need to call in as well. Hope that will help…

arizonapv
arizonapv

Pffft! Maybe more people will switch over to Orion http://orionfcu.com . Only one $500 ach transfer in each calendar month and 8 pinless debit card transactions and you will earn 4% on balances up to $30,000

Kelly
Kelly

Is Orion strict on how you use your debit card to meet the 8 transaction requirement?

arizonapv
arizonapv

@Kelly Someone posted that the debit card transaction can be in any amount. I am doing .29 water refills at Walmart. Also, I did a few $1.01 utility payments. Plus a .55 RedBox rental.

Shirley
Shirley

I’ve done 50 cents Amazon reloads, $1 bill payments and other less than a dollar purchases at various stores and they all count. Just don’t use it with a PIN and they’ll count.

Dan
Dan
arizonapv
arizonapv

I live in Arizona and was accepted. So maybe YMMV?

John
John

Hard pull? Is it worth the risk? Especially if they dont last longer and change the terms?

Looney Tunes
Looney Tunes

Checked their rate history and since 2014 when it was 1%, then 2% in 2015, then 3% in 2016 until it just went up to 4%. The rate has never gone down during that time, they have an A+ rating and with it up to $30,000 now, seems to me to be worth it.

arizonapv
arizonapv

yes, I believe it is a hard pull but they let me open an account anyway. Their risk dept said that I had opened several accounts in Oct, which was alarming to the risk dept and could be an indication of fraud. Made me chuckle when she said that my actions were alarming. I had to send proof of residency (a copy of my utility bill), Driver’s License, and social security card. She said she’d wait on the phone while I sent them. Of course it wasn’t like I could just pull up this info on the fly, so I told her I’d send them in about 5 min. And then I got an email saying my account was up and running. Very happy to have the account.

Shirley
Shirley

I’m in CA and was able to sign up without any problems.

john m
john m

Got a hometown bank that pays 2% with 25 debits each month. Up to 20,000. Have 2 accounts. 50 swipes at a gas station each under 5 cents. Not a big sum of money but easy peasy. Reliance Bank in MO.

Ben
Ben

If you think that’s worth it, you need to read more on this site.

Many options with same interest and no transactions required, or higher interest with fewer transactions.

Personally I’m in the Ally No Penalty CD (no maintenance effort, 2%) and PNC virtual wallet “growth” savings (deposit ACH of $500 per month, 2.25%). Both allow much higher balances than your chosen bank, as well.

50 debit transactions for 2% on 40k is not a good deal.

Rheana
Rheana

In my country, such companies like these are called Chutiyas (Mf’ers). Also never understood why people would be greedy for earning interest on meager $5000 balances and deal with such Chutiya companies for a few $’s more. Peace of mind much valuable than a Heart attack or Stroke kinda stress…..

Just my 2 cents…..Bring it on 🙂

arizonapv
arizonapv

India?

hsfob
hsfob

Hi there

Looks like the savings agreement has either yet to be updated or we are indeed grandfathered. Interestingly my apy was 5.4 for this month but my balance was over 5K so im not sure if this is the average of 5.85 for up to 5k then .10 after that.

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