Posted by Chuck on September 18, 2015
Checking Accounts

Published on September 18th, 2015 | by Chuck

106

Mango 6% APY Savings Account – ACH Withdrawals Are Back

[UPDATE: Note some changes in Mango terms.]

We’ve written a lot about high-yield savings accounts, some of them being prepaid cards with an attached savings account. Prominent among them is the Mango prepaid card which offers a 6% APY interest rate on up to $5,000 balances.

Previous Posts:

The big change recently was the added requirement of receiving a $500 direct deposit. And – we thought – a new restriction in the usage of the account which would not allow ACH pulls to withdraw money from the Mango prepaid account.

Numerous reports have come in that ACH withdrawals are working again and are not getting reversed as they were in the past. It worked for me as well. There is, however, a $2500 ACH withdrawal limit per transaction. The problems we were experiencing were apparently just a transition glitch and not any new rule.

This is really a huge difference in the palatability of the account since now you should hopefully be able to ACH push $500 into the Mango prepaid and ACH pull $497 out (leaving $3 for the monthly fee); you can even automate this through your banks online banking system. Or you can pay your credit card bill using the routing/account numbers.

Be sure to always leave over a $1 balance in the account since they’ve added a condition that the 6% rate only applies to accounts with $1 in the prepaid account at the end of the month. The end of the month is when the monthly fee hits and you want to make sure that there is $4 in the account so that there will be $1 remaining after the monthly fee. [Update: I now believe the $1 has to be in the savings account; the prepaid doesn’t have to have any balance.]

See also Guide to 5% Interest Prepaid/Savings Accounts for a roundup of all the high-interest options on prepaid cards.

Thanks to reader Tuck and Octavio for clarifying this issue.



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Dave
Dave

I still haven’t had luck ACH’ing out (as of a few days ago). Can you clarify if this is working with the new or old routing #’s, and what banks have been successful? Thanks!

Raj
Raj

Can you load your paypal account from your mango account?

Douglas
Douglas

I used the old routing number and it worked for me.

Tuck
Tuck

Got a shoutout. Wooo!

Elton
Elton

Their customer is the worst I have seen. I closed my account a month ago and am still waiting for the cheque. Even if they allow ACH pull, I am not going to reopen it any more.

Calvin
Calvin

I can also confirm that ACH withdrawal out of Mango works fine. Glad I didn’t overreact by closing the account!

Amit
Amit

I was using my old routing number to make a transfer from my chase back to Mango.. i dont see that shown up in my account yet… do we need to use new routing number to make the transfer from bank to Mango?

Octavio
Octavio

If you converted from the Mastercard to Visa, you should be using the old routing number (114994196) to get money in and out of Mango. You can verify your routing number under the “Card Account Info” tab when you log in to Mango account.

I’ve been able to push money to Mango using Paypal and Consumers CU with no problems. Has the money been taken out of your Chase account already?

By the way, I guess they realized they were sending incorrect routing numbers to converted customers b/c when I changed my second Mango account on 8/31, the literature I received contained the correct “old” routing number.

Eric
Eric

So if you are a new customer with the Visa cards now, which routing number do you use? I assume Mango will issue u the “new” routing number but does that “new” routing number allow ACH withdrawals?

Octavio
Octavio

Hi Eric,

Unfortunately, my 2 cards are conversions, so I am unable to provide specifics about new accounts; perhaps a true new customer can chime in. I can tell you, however, that the cardholder agreement does state that ACH debits are allowed, and unlike Serve, they don’t have separate agreements for new/old customers.

With that said, new customers should be able to use the same routing number (whichever one they are assigned) to both move money in and out of Mango.

NeedHelp
NeedHelp

Can you tell me how you ACH money out of mango? I have a checking account with Chase.

Amit
Amit

Thanks..Yes, money is already taken out.. that happened on 9/16… but it does not show in my mango account yet… is this delay expected?

Octavio
Octavio

According to many banks (including Paypal), it might take between 3 to 5 business days for the receiving bank to post the funds. The deposits that I’ve made to Mango have taken an average of 3 business days, except when when done on Friday as they post to Mango on Monday!

As long as you entered the correct routing/account number (I usually copy/paste directly from the site to avoid entry errors), your deposit should go through. If for some reason Mango denies the deposit (ie. Maybe the name on your Chase account does not match the name on your Mango account), then the money will be returned to Chase – (happened to me with Chime). If the money has not posted after 5 business days, you should call Mango/Chase to see if they can give you an update b/c ACH deposits are definitely allowed. Hope you get the issue fixed.

Dave
Dave

Has anyone successfully pulled money from Mango to Chase via ACH?

Amit
Amit

Thanks. But i have not changed anything.. it was depositing fine last month.. since i have to use old routing number and no changes in account number.. i think it should show up.. its 4th working day today.. so will wait for 1 more day

Eric
Eric

What if you never had a Mango account before this revelation? Can you still take advantage of this and use the “old routing number” even though you were not grandfathered in before this change? I have been on the fence about applying for Mango since the recent changes to them. Just wanted to see if Mango is viable again. Any advice?

Douglas
Douglas

I had the old one converted and also opened a new one. I’m setting up an external funding source for the new account so should have an answer in a couple days. Tried using the old routing number.

Eric
Eric

For the new one did you have to put a different phone # and email address?

Douglas
Douglas

I put the same, but it was partly a mistake. It was when Mango wanted existing customers to change over to the new card. I did it twice and got 2 separate cards, one of which converted from the old account.

Matthew
Matthew

I was using CO 360 to complete the $500 dd but CO360 called and removed the link with sunrise as its a prepaid account

C
C

Not sure that I agree that the wording means to keep a minimum balance of $1 in the prepaid account. I think it pertains to the savings account. This is from the terms and conditions:

“You must maintain a minimum average daily balance of $1.00 to obtain the disclosed annual percentage yield. Your Savings Account must have at least a $1.00 balance at the end of the period in order to obtain interest in such period. .”

Eric
Eric

I receive a text message whenever some activity occurs in my account. Does anyone know where the option to disable this is?

Octavio
Octavio

Go to ” Update Info” > “Send Text Alerts To Mobile Phone?” > “Disabled” > “Submit”

Eric
Eric

Thanks, that was starting to cost me a pretty penny. I don’t know how I missed that when I went to that screen this morning.

Yan
Yan

Silly question: what if I use the routing and account number to pay credit card bills? Will the card reject the payment?

Octavio
Octavio

It should go through unless your bank processes the payment as a “check.” Per the terms: “You are not authorized to use the bank routing number and Account Number to make a debit transaction or other item processed as a check,” However, I personally would not want to jeopardize the good relationship I have with my cc companies if for some reason (even a glitch) the payment does not go through – not to mention returned payment fees and/or penalty APRs.

Ps. If you do decide to try it, don’t forget to move the money from your savings account to your card. I forgot to do it with netSpend, but thankfully caught it in time and transferred the money before the payment hit.

Yan
Yan

Thanks for your answer. I guess you’re right it’s not worth it for the cc issuer to see any bag flag on the account. ACH pull currently working fine for me with the new routing number (I just got the Mango account in September) so i’ll use it as far as it works.

oldfish
oldfish

The $500 threshold is not actually enforced. Any ACH deposit.even those small amount trial ones from the other banks, should work.

Eric
Eric

Even if you’re right all you need is for them to start enforcing it and you lose $20 of interest. Why risk it?

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