topic Re: Insight High Yield Savings 5%? in Personal Finance

Insight High Yield Savings 5%?

Anonymous — Fri, 09 Feb 2018 19:31:20 GMT

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!

Re: Insight High Yield Savings 5%?

Anonymous — Fri, 09 Feb 2018 20:43:09 GMT

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?

Re: Insight High Yield Savings 5%?

Anonymous — Fri, 09 Feb 2018 22:27:07 GMT

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?

Re: Insight High Yield Savings 5%?

Anonymous — Fri, 09 Feb 2018 23:55:03 GMT

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.

Re: Insight High Yield Savings 5%?

Anonymous — Sat, 10 Feb 2018 01:15:40 GMT

Thank you for the Insight (silly pun intended ). 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.

Re: Insight High Yield Savings 5%?

Anonymous — Sat, 10 Feb 2018 01:37:01 GMT

Just to be clear, you can do 2 cards at a time, 1 from each company. Good luck.

Re: Insight High Yield Savings 5%?

Anonymous — Sat, 10 Feb 2018 02:01:05 GMT

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.

Re: Insight High Yield Savings 5%?

Anonymous — Sat, 10 Feb 2018 02:09:16 GMT

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.

Re: Insight High Yield Savings 5%?

Anonymous — Sat, 10 Feb 2018 02:17:19 GMT

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

Re: Insight High Yield Savings 5%?

DaveInAZ — Sat, 10 Feb 2018 13:40:14 GMT

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.

Re: Insight High Yield Savings 5%?

Anonymous — Sat, 10 Feb 2018 14:41:05 GMT

Insight has been at 5% for the last several years, even when interest rates were at the absolute bottom (typical high interest savings at 1%). I wonder whether Insight will raise its interest to 5.5% or higher as competing high interest accounts cross 1.5% and higher.

Re: Insight High Yield Savings 5%?

Anonymous — Fri, 28 Sep 2018 05:36:29 GMT

What is the interest rate after you reach $5000?

Re: Insight High Yield Savings 5%?

Anonymous — Fri, 28 Sep 2018 13:21:02 GMT

@Anonymous wrote:
What is the interest rate after you reach $5000?

The card has been nerfed. Insight no longer offer the savings account. Netspend savings accounts will get you 5%, but only on 1k.