Update #3 (6/1/18): Email went out today confirming it’ll die on July 1, 2018.
Update #2: Insight 5% is dead for new applicants – they removed mention of 5% from the site. Other high-yield options can be found here.
Update: Somebody is stating they called in and were told that new accounts are no longer eligible for the 5% APY and existing accounts will be shut down on July 1st. Terrible news IF true.
Original post: Insight offers a prepaid card, you can also open a connected savings account that earns 5% APY on balances up to $5,000. Unfortunately there are two troubling datapoints indicating that Insight might no longer be offering this 5% option despite it still being mentioned on the website here. First datapoint comes from reader Bryan stating the following:
I planned on activating the card this afternoon and got a random call from Insight cust service to tell me the details on the card, ask if i’m employed and if I will use DD. Say yes and let them know I plan to use the savings 5% – rep asks for last 4 of social again and puts me on hold. Then comes back and say that is done with. I say what, ask when and she says yesterday and they do not know anymore. I say it’s still advertised on their site and they say they just found out but I will not be able to access the savings account for the 5%
The other datapoint comes from reddit and can be read in full here. Generally speaking shutting down new applications is only a first step and eventually grandfathered accounts are shut down as well. That being said given that the 5% APY rate is still being advertised on the website and they aren’t officially not accepting new applications I wouldn’t go too far with the doomsday scenarios just yet either. As always we keep a list of the best high APY accounts here.
