Mango 6% Rewards Checking Account + $20 Bonus

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

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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86 Comments
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killdozer
killdozer (@guest_1271824)
October 24, 2021 03:08

Requring a $1500 purchase per month to get the 6% bonus makes this card unecominical / complicated.

Wave
Wave (@guest_1257973)
September 24, 2021 21:50

Seems they have updated this to: “Signature purchases of $1,500 or more and a minimum balance of $25.00 at the end of the month is needed to qualify for the 6.00%. You may only have one Savings Account.”

xx
xx (@guest_825381)
October 15, 2019 04:03

I know this is old, but it’s 6% on the first $2,500 now. 😭

EmergDoc87
EmergDoc87 (@guest_464377)
August 24, 2017 00:45

Website is now saying $800 monthly direct deposit required for this

Jon
Jon (@guest_384474)
April 6, 2017 06:57

I tried to ACH pull $2,510 from my mango card balance but was denied due to insufficient funds, even though there were funds. Called Mango and was told Mango automatically denies any pull greater than $2,500.

Marcus Bloke
Marcus Bloke (@guest_578742)
April 6, 2018 17:24

Makes sense that my $5000 pull failed. Trying $2500 now…

Mark
Mark (@guest_705136)
January 13, 2019 02:28

Do you know if there is a limit on how many ACH pulls you can do in one single month of $2500?

Richard Dane
Richard Dane (@guest_346656)
January 31, 2017 13:12

Mango is a fraudulent company that stole from me within a week of having my account. I am posting this here in hopes others can see and also in hopes someone from their company who is actually based in the US might notice as I am having trouble finding any recourse to my issue.

I have a Mango card and have had nothing but problems with their customer service. The only way they provide to contact them is via phone or mail and I have called their number numerous times. Each time I am connected to a rude person who does not adequately speak English and refuses to help me. I have asked each time to be transferred to a representative based in the United States who can assist with my issue but each time they refuse to do this. I am dealing with a very serious issue related to a fraudulent withdrawel.

An ACH withdrawel occurred from my Mango card account on January 19th that I did not authorize and I did not receive any money from this into my Chase bank account. This seems to be a fraudulent withdrawel and has essentially resulted in money having been stolen from me.

Jan-19-2017 7424 ACH Unload – JPMorgan Chase (Ext Trnsfr) $395.70

I am looking into what recourse I have in this matter, I am hoping that someone from Mango or Sunrise Banks, which I believe services the Mango card, can help me. I am not going to stop pursuing this matter and am already looking into what legal actions I can take against this company.

Dan
Dan (@guest_416742)
June 7, 2017 17:50

Any updates to this?

Rntp
Rntp (@guest_306330)
October 13, 2016 21:28

The routing number given in the Mango prepaid card package received is : 091017138. When register for transfer money from my bank account to card , the bank name displayed as “East Bank”, But it supposed to be “Sunrise Bank”. Does anyone observed this ? I am little worried to transfer or setup direct deposit since the bank name is different than what they mentioned. Please let me know if you also see as “East Bank” and still no issue with it.

David in Michigan
David in Michigan (@guest_280286)
August 1, 2016 21:27

So I just got an email from Mango with new terms and conditions which state that $800 per month of ““Net Direct Deposits” into the card account is required to earn the 6% interest. Net Direct Deposits means the number of ACH direct deposits less the number of ACH debits to your Card Account each calendar month.
So this months one has to continually add money, and can’t withdraw it out, to the tune of $800 per month. So after 12 months, you would have $9600 sitting in the card account, so that the $5000 in your savings account can earn 6% interest.
This seems crazy to me.

Chuck
Editor
Chuck(@chucksithe)
August 1, 2016 21:56

Thanks for the heads up. Here’s our take on the changes https://www.doctorofcredit.com/major-negative-changes-mango-6-apy-prepaid-account/

sam
sam (@guest_276200)
July 15, 2016 13:57

hey
who can please elaborate, I didn’t find any info about it! how to spot such banks? how to know if each individual customer is protected by FDIC with a bank?
I worry If I can lose my money even with FDIC logo.
I found this info in the article:
“And just because the website has the FDIC symbol doesn’t mean that each individual customer is fully FDIC-insured to the maximum level. It could just mean the managers are covered by FDIC insurance, depending on how the accounts are set up.”
thanks

Chuck
Editor
Chuck(@chucksithe)
July 17, 2016 01:54

Try contacting the bank if you are concerned

sam
sam (@guest_276629)
July 17, 2016 11:14

I have to contact each bank every time when opening new account? There is no easier way to find it out? So FDIC logo may stand for – “we only protect managers, depending on how the accounts are set up”? what do they mean by saying “depending on how the account is set up” – some accounts created specifically for managers? thx

Chuck
Editor
Chuck(@chucksithe)
July 17, 2016 13:12

It’s probably in the terms somewhere, I don’t know.

Personally, I just rely on the website saying that it’s FDIC, especially if it’s a known, reliable bank since I assume it’s not worth their while to deceive people and then get hit with lawsuits.

sam
sam (@guest_275666)
July 13, 2016 19:20

“Union Plus Prepaid card which has an APY of 5.10%”

IS dead!

how many Mango saving accounts one person can open?
thanks

Chuck
Editor
Chuck(@chucksithe)
July 13, 2016 22:20

I don’t know. Freequentflyer once mentioned that you can have multiple Mango accounts, but I don’t know if that’s the same since Mango changed hands (https://www.doctorofcredit.com/changes-to-mango-prepaid-6-interest-account-take-2/).

sam
sam (@guest_276198)
July 15, 2016 13:55

((((( MANGOSUPPORT
“Good Morning,
You can only have one Mango card with one savings account associated.
Mango Support.
Attachment(s)”

Chuck
Editor
Chuck(@chucksithe)
July 17, 2016 01:54

I see