Posted by William Charles on November 16, 2014
Rewards Checking

Published on November 16th, 2014 | by William Charles

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Mango 6% Rewards Checking Account + $20 Bonus

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

Direct link to 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
The $20 bonus is often not given automatically.

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):

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.

Direct link to offer

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.

Update: Note some changes in Mango terms.



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Paul Taylor
Paul Taylor

I’m interested in this due to the interest rate (no pun intended), but it looks very restricted. It says you can transfer funds to it from a bank account, but I don’t see anything about writing actual checks, only using the debit card. Is there an easy way to transfer your money away from this account? Perhaps there is some other account you can “make deposits” as purchases with a debit card? If so, I’d love to heard about them. I’m kinda new to these alternative banking methods, so it makes me a little nervous to have limited access to my money. If there was a way to do an initial deposit of 5K, set up a direct deposit of $100 a month and do a “purchase” of $122 a month to a more typical bank account?

R.
R.

They will not issue a card before you have $20 sitting for a couple of days in the **prepaid** account.
If, like me, you load money and transfer it immediately to the savings account, it’ll take more than a few weeks to get the card. Leave $20 in the prepaid account until you see the status of the card is “processing/delivery”. Same goes for the Union+ card.

JB
JB

Thanks for the roundup. I’ve been looking into this card a few times and since the money sitting there is intended as emergency or short-term savings (e.g. for bills due annually like insurance premiums) I need it to be readily available. Can’t afford to have this money tied up in an account which holds my own money hostage.

For that reason me and my wife both have the Paypal Prepaid Mastercard fully funded with the $5000. The monthly fee is $4.95 but the funds on the card can very easily be liquidated via transfer to Paypal. It only takes a few days to reach your regular checking account – or you could actually pay an emergency bill directly with the PP debit card once the money is there.

Looking forward to the Union+ review since $10,000 is really not much to keep emergency/short-term money. I always wondered if one could get more than one Paypal Prepaid card in order to have multiple $5000 savings accounts…

Michael B
Michael B

I didn’t realize that the Paypal Prepaid offered 5% in their savings account. Seems like a pretty good place to put your emergency fund. Doc, how about a writeup on that option?

henry
henry

To JB:

just use it for your bond allocation

Logan
Logan

Wow! This is an amazing find! I guess my only concern with this card is #6 where it states,

“The annual percentage yield (APY) for this tier will range from 5.00% to 0.72%, depending on the balance in the Savings Account.”

Jason
Jason

In looking at this, how do you withdraw money? or in order to get money out you need to use the debit card only?

moneyguy
moneyguy

I’ve been using this for some time now. The easiest way to move money in and out in my experience is via paypal. I have my paypal account linked ot the bank routing/acct number and I simply add or subtract funds via the paypal interface.

Eric
Eric

What do you use for direct deposit? Why do you feel PayPal is the easiest method to get funds out? They usually take a few days for transfers. Does Mango allow 3rd party withdrawals (ie your credit card removing funds)?

Joe Black
Joe Black

I see based on the review that they pull a soft. Can someone tell me who they pull though? I’m having problems with them being able to ID me, which never happens. I called in and they are not willing to tell me who they pull so if I can figure out if it’s failing because I have a freeze on my TU and EX, EQ is open.

Thoughts?

Shawn
Shawn

Do ach transfers count as dd?

Dave
Dave

If the transfer from my bank shows up in Mango list as an “EFT Load” does that mean it is not ACH, thus not counting as Direct Deposit?

trackback

[…] to pay $60 in monthly fees which brings this down to $190. You’d be better off going with the Mango money prepaid account as this would earn $264 after all the monthly fees have been paid. Plus the requirements for […]

Al
Al

If I have $6000 in the account, do I get 6% APY on the first $5000 and 0.1% on the remaining $1000, or do i get 0.1% on all $6000?

Max
Max

Do the ETF loads from other banks (by doing ACH xfer) count for the direct deposit requirement ?

Elliot
Elliot

To trigger the direct deposit requirement from Bluebird do you just use the Pay Bills feature in Bluebird? Or is there some other way to transfer funds?
Thanks!

Chuck

No, you need to use the “withdraw to bank account” option, found in settings.

bob
bob

anyone have trouble loading this thing repeatedly with green dot? Is there a load limit? I cannot seem to find any verbiage. I was going to load the 5k with green dot money paks to get the extra 4% for the first year – but now that I have 2k loaded, the card rejects any additional loads. Any experience?

Brian
Brian

I tried to use Captal One 360 ACH transfer, but it show “EFT Load P2PPAYMEN”
Anyone know if it will counts as direct deposit?

Thanks!

Chuck

Just signed up with Mango last month. ACH transfer into Mango account appears to have worked for me to trigger the higher 6% interest rate.

Dan
Dan

ACH from Alliant worked in March. I’ve yet to receive my $20 bonus though (also have not received it from Union Plus)

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