Yes, the Mango Prepaid Debit Card gives 6% interest for funds held in the complimentary savings account (at First Bank & Trust). This high interest rate pales in comparison to traditional savings accounts. 6% is completely outrageous for 2015! It’s definitely not a hassle to attain. And funds in both the card and the savings account are insured by the FDIC. Let’s see if this card is right for you:
Perks of the Mango Visa Prepaid Debit Card
- 6% interest but if that’s not enough…
- Accepted anywhere Visa debit is accepted
- There’s a Mango Money app for easy balance checking
- SMS alerts available
- Money can be added in a variety of ways: cash (at places like Western Union and Green Dot), bank transfer, PayPal, or direct deposit service.
- Should the interest rate just be a promotional ploy, you’re free to close the account at any time
- Cool looking card. Is that childish of me to say?
Drawbacks of Mango
- A direct deposit of $500 monthly is needed for the 6%
- There is a $3 monthly subscription fee (this means you better keep enough in savings so you can recoup this in interest)
- All ATM withdrawals cost $2 (plus whatever the ATM may charge you)
- A balance inquiry at an ATM costs $1
- After the balance reaches $5,000, interest falls to .10%
- I’ve read that they are no longer accepting applications. However, you can go to their site and still go through their application process at the time this post is written.
Alternatives to the Mango Visa Prepaid Debit Card
In case you can’t get this card or just don’t want it, there are plenty of alternatives being offered. Prepaid debit cards are very popular with a lot of people, after all. They’re great for young people or anyone trying to better control their spending.
AccountNow Prepaid Visa Card
This is probably the cheapest prepaid debit card for those who make infrequent debit card purchases. There’s just a $4.95 activation fee but no monthly fee. However, there is a $1-per-transaction fee. Ugly. But if you’re using the card to curb spending, it may deter you from random coffee runs throughout the day. If you thought Starbucks was expensive before – wait until you use this card.
Kaiku Visa Prepaid Card
This debit card is unique in that it doesn’t charge any currency conversion fees. It also boasts a whopping 55,000 free ATMs. The monthly fee is in-between Mango and Serve – $3. But the fee is waived if you direct deposit at least $750 per month. This card also offers unlimited transactions. However, this may be bad if you’re using a prepaid debit card to curb your spending.
American Express Serve
I mentioned this card in an article posted last week. It’s a good one. Both the article and the card.
This card only has a $1 monthly fee and the fee is waived if you either setup direct deposit or load at least $500 onto the card each month. Another perk is you can add cash for free, unlike with the Mango card. You can do this at over 15,000 CVS/pharmacy’s and 7-ELEVEN’s. There are also 24,000 free ATMs to be used. If the 6% wasn’t available with Mango, the American Express Serve card would be the clear winner.
Final Thoughts about the Mango Visa Prepaid Card
The 6% interest is just amazing. The fees are high but they can be worked around pretty easily. This would be the perfect debit card for those who don’t want to use credit cards. Just remember to keep a good balance in your account or else the monthly fee will cost more than the interest paid. Good luck!