Update: Maximum is now $2,500 instead of $5,000.
Offer at a glance
- Interest Rate: 6% (drops to 2% with no active direct deposit)
- Minimum Balance: None
- Maximum Balance: $5,000 (drops to 0.1% if over this balance)
- Availability: Nationwide
- Direct deposit required: Yes, minimum of $50 per month. See what qualifies as direct deposit here.
- Additional requirements: None
- Hard/soft pull: Soft
- Credit card funding: No
- Monthly fees: $3, cannot be waived (fee free when your balance is $0)
- Insured: FDIC (3973)
- Length of promotion: Since early 2012
The Offer
- Receive an APY of 6% on your balance up to $5,000 when you are enrolled with direct deposits
- Receive a $20 bonus when you sign up for their direct deposit service
- Must receive two direct deposits totaling $50 or more within 90 days of account opening
Keep an eye on your account and if you notice that you completed the requirements and received no bonus get in touch with them. This is usually resolved quickly as long as you call to request it.
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
- Direct
Avoiding Fees
Unfortunately it’s no longer possible to avoid the monthly fee which is now $3. They also have a number of fees related to using the card which are as follows (alternatively click here for the official site):
- Balance Inquiry: $1
- ATM Withdrawal: $2 (+ any ATM owner fees. Here is a full list of ATMs with no owner fees)
- International Currency Conversion: 2%
The easiest way to avoid these fees is just not to use the card in an ATM or internationally. Either use the card strictly for purchases (not recommended as you don’t earn any points. But might be worthwhile putting a few purchases on there every now and then to make the account look “normal”)
Our Verdict
If you’re not familiar with reward checking accounts, I’d recommend reading this post first. This used to be a much better option when the monthly fee was waivable. When you consider the $3 monthly fee ($36 annually) the APY really drops to 5.28% (assuming you have the maximum balance of $5,000). Obviously the less you have in the account the less the APY is due to the monthly fees.
This is one of the better reward checking accounts out there and is definitely worth a look at. I use several rewards checking accounts to keep my emergency funds in, this helps give me an interest rate higher than inflation and also gives me some piece of mind in case I lose my job or have an accident.
There is also another card/account that is very similar to this one called the Union Plus Prepaid card which has an APY of 5.10% and no monthly fees. We will cover this in more detail in the future, although it’s possible to have both of these cards.
For those thinking about using this for manufactured spending purposes, tread lightly. It’s possible to load this account with GreenDot MoneyPaks but they are quick to shut people down for doing this too often.
F.A.Q’s
How long does it take to get your card set out?
Wait times are notoriously long. Make sure you have at least $20 in your account. Some people have reported waiting up to a few weeks for their card.
Does mango money offer any type of referral or affiliate commissions?
No. They used to allow their customers to friend a friend and earn $10, this is no longer active.
How do they determine a month?
When they say you must make one direct deposit per month, it’s based on when you signed up for your account not a calendar month.
