cancel
Showing results for 
Search instead for 
Did you mean: 

Insight High Yield Savings 5%?

Valued Member

Insight High Yield Savings 5%?

I'm looking to start moving my savings out of my low interest savings accounts and I think I've settled on Insight savings accounts:

https://financialpanther.com/insight-card-5-percent-interest-savings/

Same principal as NetSpend savings accounts but allows up to $5000 per account @ 5% APY. Seems like higher yields than CDs and relatively easy access to funds in an emergency.

I currently have around $12,000 I'm looking to move. Anyone have any experience with Insight or NetSpend savings accounts or any reason why CDs would be the better option? I'm new to this so, any advice is appreciated!
Message 1 of 11
10 REPLIES
Established Contributor

Re: Insight High Yield Savings 5%?

I'm waiting on my 3rd Insight and 4th Netspend (H-E-B) in mail, I'm shooting for 4 Insights and 6 Netspends, setup is straight forward as described in that blog. What are your concerns?
Message 2 of 11
Valued Member

Re: Insight High Yield Savings 5%?

Mainly concerns about the ease of setting up the account and then connecting feeder accounts, withdrawing funds, etc. What account/bank do you find is easier to transfer funds to and from? Just wanted to get an opinion from someone who has dealt with them about their experience.

Every one always talks about CDs when it comes to savings, but you never hear much about these types of accounts even though the return on them is so much greater, just wondering why and if there is a catch I don't know about maybe?

Message 3 of 11
Established Contributor

Re: Insight High Yield Savings 5%?

I opened Ally savings and checking just to run this operation like the blog suggested, no problems so far with trial deposits, transfer in or withdrawal. I have also linked my Synchrony savings without problems just for testing but Synchrony doesn't offer checking and is limited to maximum of 8 external accounts. Don't rush it, you can do 1 card of each (Netspend and Insight) at the same time but make sure the money is in the savings before you order the next card.
Message 4 of 11
Valued Member

Re: Insight High Yield Savings 5%?

Thank you for the Insight (silly pun intended Smiley Happy ). I was looking into Ally, so I'll go ahead and set up an account with them. And yes definitely 1 card at a time, will follow that advice as well.
Message 5 of 11
Established Contributor

Re: Insight High Yield Savings 5%?

Just to be clear, you can do 2 cards at a time, 1 from each company. Good luck.
Message 6 of 11
Valued Member

Re: Insight High Yield Savings 5%?

I ordered an Insight card as well.  It hasn't arrived in the mail yet.  Make sure you avoid the fees.  That is my concern about the account.  You will lose the interest you earn if you get hit with fees. 

 

That is one benefit to using a CD.  You set it and forget it until it matures.  That is not the case with the Insight Visa card.

Start: Fico 8 EQ 672, TU 660, EX 668 01/13/2018
Current: Fico 8 EQ 690, TU 672, EX 685 02/04/2018
Message 7 of 11
Established Contributor

Re: Insight High Yield Savings 5%?

As long as you're setup for "pay as you go" and you don't use the card, the only fee you need to worry about is the inactivity fee if the account is inactive for 90 days, setup the $1 auto ACH from Ally checking for every 2 month and you can forget it.
Message 8 of 11
Valued Member

Re: Insight High Yield Savings 5%?

I'm hoping once everything gets set up it won't require much effort, but we shall see...

Message 9 of 11
Community Leader
Valued Contributor

Re: Insight High Yield Savings 5%?


wrote:

I ordered an Insight card as well.  It hasn't arrived in the mail yet.  Make sure you avoid the fees.  That is my concern about the account.  You will lose the interest you earn if you get hit with fees. 

 

That is one benefit to using a CD.  You set it and forget it until it matures.  That is not the case with the Insight Visa card.


I'm no Dave Ramsey, but you do not want to do CDs in a rising interest rate economy. With the recent tax cut and budget deal the federal deficit is expected to top $1 trillion this year. With the treasury having to borrow that much money interest rates are going nowhere but up. I think at least .5% this year. 

 

I've considering Insight as well. I have accounts with DCU, which pays 5% on up to $1k in savings. I haven't tried them yet, but Blue credit union also pays 5% up to $1k, they are apparently sensitive to more than 3 recent inquiries with Chex.


Fico 08: 720/721/719 TU/EX/EQ
Message 10 of 11