Hello all! I apologize if this is out of place but I wanted to share in case anyone else wanted an opportunity to make more than 1% on their savings.
NetSpend has some pre-paid cards that will pay 5% (interest pays out quarterly) on funds up to $5,000.
The details (taken from http://www.doctorofcredit.com/netspend-5-savings-accounts-on-up-to-5000)
In order to be eligible for the 5%, you need to make a direct deposit (I just opened mine and did a regular ACH from my credit union and it qualified) of $500 or more to initiate "premier" status.
As far as monthly fees go, there are two plans available:
For those of us who just want the prepaid card for the 5% savings account benefit, the best option is to go with the pay-as-you-go plan. You’ll end up with no fees whatsoever, no signup/activation/monthly fees at all.
Other possible fees:
The one fee to be aware of is a 90-day inactivity fee of $5.95. To remedy this, you need to make sure there is some sort of activity on the debit card every 90-days. You can buy a $.50 Amazon gift card every 90-days or you can set up an ACH pull/push of $1 from your checking account into the prepaid every 90-days.
It’s likely that transferring money from the saving to the prepaid or vice versa will satisfy the inactivity requirement. Similarly, it’s likely that if there is no money in the prepaid account, the inactivity fee doesn’t apply and they won’t put your account into a negative balance. [Prepaid cards often have inactivity fees as a means of draining unused cards, not as a penalty for inactivity.]
(Mod Cut-Im sorry referral links are taboo on myFico thanks for your understanding on this.)
Non-referral link: https://www.wunetspendprepaid.com/
|Total Credit: $240,100||Credit Utilization: 1%||AAoA: 5 years, 7 months||Installments: Car Lease, Marcus Loan||Negatives: 0|