Mango: 6% APY under $5k

[J.Apple902]

it's some prepaid debt savings model. It's geared for first time savers and low account balance savings, bc after $5k the APY changes to 0.1%. But right now I have ~ $1k in my Ally account (1%) which is getting dominated by the Mango rate. Seems like a little bit of a sketchy operation though, and it doesn't help their site isn't validated by Google.

Just curious about the forums experience with Mango, if at all. Thanks!

[kork13]

Just looking around their website, it appears to be intended for people who don't really have/use bank accounts... It's a prepaid debit card similar to the ones issued by Visa or individual banks. On the plus side, it does give interest on deposited amounts, but more importantly it is FDIC insured...so it appears to at least be a legitimate financial institution.

With that said, there's no way I would personally use it. The fees would not be palatable for me. $5/mo monthly fee, $2 ATM fee (on top of the fee from the ATM owner), plus a $10 fee just for the privilege of closing your account? No thank you.