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Insight 5% APY on $5000 and Netspend 5% APY on $1000 ; How's your experience with these so far?

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Anonymous
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Insight 5% APY on $5000 and Netspend 5% APY on $1000 ; How's your experience with these so far?

I ordered each one of these and wanted to know your experience on this. I read many negative reviews related to both the cards online (someone even mentioned that they lost around $4k tax refund ) . I am aware of the fees associated with each of these and inactivity fees. I am wondering is it good idea to have these cards , put 5K on Insight prepaid and $1k on Netspend and forget about it. I don't want to use these cards for purchase or anything. Just want to put my money and let it earn 5% interest. I haven't received these cards yet and haven't activated it yet. 

Message 1 of 56
55 REPLIES 55
Anonymous
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Re: Insight 5% APY on $5000 and Netspend 5% APY on $1000 ; How's your experience with these so far?

I have 4 Insights and 5 Netspends fully loaded and just received the 6% Mango in mail today, so far so good. I sent out Luca Brasi from Ally for my first round of quarterly interest collections at Netspend and its associates earlier this month, full cooperation so far.
Message 2 of 56
Anonymous
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Re: Insight 5% APY on $5000 and Netspend 5% APY on $1000 ; How's your experience with these so far?

Even if you end up paying the 3.95/month inactivity fee,  you still make over 4% on your 5k per year.  Should not be hard to automate something to stop that fee though.

 

I have an insight card but still a ways from topping it out, so I am making monthly deposits to it.

Message 3 of 56
ToughFistFight
Frequent Contributor

Re: Insight 5% APY on $5000 and Netspend 5% APY on $1000 ; How's your experience with these so far?

Move 10 bucks into the account every 2 months.  You get an inactivity fee after 90 days.  So move the money over and avoid that fee.  Smiley Happy


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Message 4 of 56
Anonymous
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Re: Insight 5% APY on $5000 and Netspend 5% APY on $1000 ; How's your experience with these so far?

Thanks. Maybe I could move the interest amount to some other account because 5% is only on %5k.

Message 5 of 56
Anonymous
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Re: Insight 5% APY on $5000 and Netspend 5% APY on $1000 ; How's your experience with these so far?

Wow. They both told me that  I could have only 3 cards.  

Message 6 of 56
Anonymous
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Re: Insight 5% APY on $5000 and Netspend 5% APY on $1000 ; How's your experience with these so far?

Thanks. 

Message 7 of 56
Anonymous
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Re: Insight 5% APY on $5000 and Netspend 5% APY on $1000 ; How's your experience with these so far?

I am an expert at overcomplicating my financial life, but let me see if I understand these products. (Bear with me, I'm not a millenial.) 

 

I am getting back to setting up an 'escrow' account for things like property taxes, car insurance, vehicle registration etc. I seeded "an account" with some money and then add the averaged amount of all those things each month, less what I've had to pay out. I did this years ago, then got complacent and was mentally using extra pay we get to pay for them (which means I never really knew if they were being covered, truly and the extra pay was being mentally counted to pay for many things...hence some debt built up.) 

 

We have two DCU savings accounts so I can store $2k @5% between the two of them. That's my current plan. The most I should have built up at any time is about $2500, so the extra $500 over the $2k limit isn't a huge deal, but it's spread across two accounts. I CAN see them both on my one log in, so it's not too bad. 

 

The pro to Insight would be that I could have it one place. And IF I was going to use their card to pay for things, it'd be really convenient. But I'd still use CC to get rewards, so there'd still be an extra step, just like DCU. I could use their checks (which seem to have an extra authorization step) to pay the things that don't take cards directly and to move money back to my 'normal' checking when necessary. (I also could have more money stored at 5% because I'd still have DCU, but in reality I don't see having a ton of cash lying around while I'm working on that debt that built up.)

 

The con is it's one more thing to manage. And there's that extra step for checks.

 

I think in typing this out I've decided that my best call right now is to pass, but I'm intrigued enough to submit this post and see if there's anything one way or another I'm missing. 

 

 ETA: I finally found all the fees in the terms and conditions link. Besides $1.00 to authorize a check, I'm sure I'd f'up something and make it cost more. 

Message 8 of 56
Anonymous
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Re: Insight 5% APY on $5000 and Netspend 5% APY on $1000 ; How's your experience with these so far?


@Anonymous wrote:

Thanks. Maybe I could move the interest amount to some other account because 5% is only on %5k.


That is true for Netspend (5% on 1k) and Mango (6% on 5k) but not for Insight, with Insight the maximum deposit into the savings account is 5k but it compounds daily including interest earned, no need to move interest out of savings and just let it snowball, but definitely move your interest from your Netspend/Mango every quarter to a high yield savings account.
Message 9 of 56
Anonymous
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Re: Insight 5% APY on $5000 and Netspend 5% APY on $1000 ; How's your experience with these so far?


@Anonymous wrote:

Wow. They both told me that  I could have only 3 cards.  


Don't believe everything their CSRs tell you, it was definitely tricky getting the 3rd Insight and a little bit of luck getting the forth but definitely possible with persistence, Netspend was smooth sailing until you get to the last 2 (HEB and Brinks) issued by BOFI bank where security verification keeps popping up at login, I still get it for Brinks every time I login even though the account has been up and running since end of Feb. Other than that, really no big issues so far. Far more easier than what I have read online.

 

BTW (The key to these accounts is to set your plan to "pay as you go" (no monthly fee) and never ever use the card EVER, leaving inactivity fee (90 days of inactivity) the only fee to worry about which can be easily avoided. These prepaid debit card accounts are designed to prey on people who struggles from pay check to pay check, and those who can't open regular bank accounts for one reason or another, through their high fee structure. Once you start using the card and pay fees, you're playing their game and probably already lost.

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