Posted by William Charles on May 22, 2018
Savings Accounts

Published on May 22nd, 2018 | by William Charles


[Now Verified] Insight No Longer Accepting New 5% APY Accounts & Existing Accounts To Be Shut Down July 1st?

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.

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i just signed up for 2 insight cards earlier this month. really hope this is just a silly rumor…

Same exact situation

exactly same here too…:(

I had no idea you could have more than one.

I activated my 2nd insight card a couple of days ago and linked my outside bank account. The option to setup the 5% savings account is missing. I was waiting a couple of days before making an inquiry to a CSR.

I just checked this over the weekend as my ACH hasn’t arrived yet on my new card. Today, I look, and there is no savings enrollment option.

Just an update; my tab for savings is again available and I can deposit into the savings account as of 5/23.

I didn’t have a savings account on the card until this evening (5/23). I deposited the money that came through today.

I received a new card (second for SO – I already have two including one opened last month). This time, I do not see a website option to open/transfer to savings after loading the prepaid card. I have sent a message to customer service. Both the ad we clicked to sign up and the current “savings terms and conditions” pdf posted in the account website still give the 5% APY savings option. I’ll update when i receive message back from a rep. Is this actionable with CFPB?

Probably not. Banks can discontinue account types, and/or change interest rates, pretty freely. The only thing guaranteed are Certificate of Deposit rates, once established.

No, interest rates on savings accounts are always subject to change.

If it helps any I activated and funded a savings account on the 18th without any problems.

Really hope that this isn’t true because like you said it’s just a waiting game until they do away with the entire program. If that happens the next best place is park money is 3% credit unions.

Correction: Heritage 3.33% savings accounts

Frito Pendejo

But us poor, disenfranchised, bankless folk won’t have any place to store our thousands of idle dollars!!!

Exactly. And these people who just can’t control their greed and have to open up 2 for themselves and 2 for 9 family members did not help..

Not sure it’s greed. More financially responsible

If the bank had a problem with multiple accounts they’d have just limited it per depositor or closed accounts.

You can call it greed although I think that’s just silly. I call it being smart with your cash reserves. If they’re going to allow me to keep $35k at FDIC insured 5% APY with no requirements then it’s a no brainer.

Like someone said if it was about the number of accounts they would have limited per household. They could’ve also just reduced the APR or required direct deposits. Just look at Mango as an example. But they didn’t. They’re nerfing the entire thing which tells me they are going another direction all together.

Check out the dumb survey they ran a few weeks ago for possible new directions (nothing good for us).

It is greed, i.e. a selfish and excessive desire for more of something. Parking that much money across 7 different accounts is CLEARLY not what the institution intends its consumers to do and it’s behavior like this that ruins it for everyone, including people like me using it responsibly.

The owner of the Insight Card program, Republic Bank of Chicago, has a grade “A” rating and is doing very well financially since they mastered the art of being selfish and very greedy by nickel-and-diming more suckers than a few greedy customers. I see nothing wrong with a few savvy customers returning the favor and pecking away at some of those hefty profits they make! LOL

Multiple people were told by Insight phone reps that up to 4 cards per person was allowed. I don’t know why they chose to officially allow that many, which doesn’t seem to have much use besides wanting more savings space, but he was playing within the limits the company chose to set. (I assume the 7 were 4 for him, 3 for wife.)

See Will’s assessment below.

My dumb question: with Savings Account interest rates (slowly) creeping up, why would Insight (and Mango for that matter) be cancelling these types of accounts?


Too many people are signing up just for the saving accounts. You know that eventually they will stop that gravy train. I was foolish to wait for too long.


but it doesnt make sense to stop the savings account altogether. netspend limited savings to $1k. why would insight just stop the savings program instead of lowering the limit?

Perhaps to turn off the gravy train spout and reevaluate and go from there.

They aren’t making money on people who just park their savings into a savings account. They offer the savings account as incentive for people to use the card.

Just activated my second insight card and made the deposit yesterday to card. Went to transfer to savings and there was no tab. Just sent secure message to them…

I think that confirms that anyone who didn’t already have the savings funded before this week is screwed. Several people have been asking just the last couple days about not seeing the savings option before they fund the card, but thought it might appear after they fund it… no such luck.


if insight pays out quarterly, is that 6/1? i just activated my cards early+mid-May. wonder if my e-statement will show a 5% APY payout in June…

Yes, they generally post the first business day of the following quarter.

However, you have to transfer the money over into the savings account to get the 5% APY. The spending card does not pay any interest.


i was able to open the savings accounts last week. fingers crossed i get a 6/1 statement with the 5% rate

I’m pretty sure it’s 07/01 not 06/01


The end of Q2 is 6/30 and not 6/1. Therefore the start of Q3 is 7/1 which matches up the timeline of end of Q2 and when Insight will pay the final quarterly interest.


thank you! appreciate the explanation. i was thinking of the start of Q2, not end.

Let’s hope they pay out interest on July 1st as usual, because I have 6 accounts and $30,000 between my wife and I.

Ahhh I never knew that you can have multiple insight cards…but doesn’t matter now I guess

Yeah, the work around was finding them locally. You avoided the deposit verification with your bank as well.

Aw, hell. I only found out this thing existed a couple months ago, and just a few weeks ago felt like I’d learned enough about how to jump through all their hoops, and signed up. Then got busy with other stuff by the time the card came last week, and was planning on getting the account links and savings set up later this month. Back to waiting for decent CD rates, I guess. 🙁

Now we know who killed it 🙂

I have the worst luck, lol.

Someone commented in that Reddit thread they were told by a representative that ALL accounts will lose the savings option effective July 1st. A letter by snail mail is apparently being sent out. While this is just one data point it does make sense for them to nerf it at the end of Q2.

I knew this day would come but it’s still really disappointing because the wife and I were up to 7 accounts combined with all interest earning another 5% on top.

You’re not earning 5% on amounts >$5k. It’s more like 1%. Calculated this last week and have moved all amounts >$5k to higher interest paying accounts. 6 accounts between wife and I.

Pretty sure it used to be a full 5% compounding on the accrued interest, someone figured it out on Reddit last year – – but they may have cut back on that as a lead-up to the whole thing getting shut down.

I remember those posts too, but I calculated all of my interest payments since 2016 and none of them were ever 5%, I just assumed they were due to that post. They’re around 1% over $5k which is better than the 0% they claimed, but not as good as other accounts.

OK, good to know (though not for long).


Last I checked I did in fact get 5% on the interest. Granted, I haven’t checked in probably a year. Sadly this won’t even matter in a less than two months.

I had $5,200+ in my savings for over 3 months on 6 accounts so it would have been earning for the full quarter, yet I only earned $62.xx. If it was paying 5% I should’ve earned $65, but I didn’t. This is how it is for all 6 of my accounts, so this doesn’t seem to be an isolated incident.

Bummer that it’s ending and there’s only one more quarter of interest left. I don’t have any other 5% accounts on $30k so this will really suck. If the market crashes I’ll just buy some dividend paying stocks on sale 🙂

“The interest rate for your Insight Savings is 4.88%
with an Annual Percentage Yield of 5.00%”

Your math must have been off or you forgot that the 5% is the APY not the APR!!! You did in fact get paid correctly based on the 4.88% APR which is compounded daily and paid quarterly. Depending how many days there are in the quarter, the interest should have been somewhere around $62.54 on your entire starting balance of $5,200 in that quarter.

You may be right. I was definitely doing .05 in my calculations. Oh well, I lost out on ~$6 across all 6 accounts for the next quarterly payout. At least I waited till the last quarter to pull it out. Thanks for pointing out my mistake.

I opened a second card at the beginning of the month and received a call from Insight about 2 weeks ago where the rep asked if I would be using the card for DD or for the savings account. I told her for the savings. They never sent the card. This is probably why.

Guess that as the Fed raises rates it’s revealed that these marginal companies were paying interest with borrowed money

So they will be closing the Savings accounts and transferring our money to the cards? So at the very least we can transfer our money to our normal bank?

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