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

[DaveInAZ]

Well, activated my first Netspend card today. I log into the account and see they have a mobile app with check deposit. I think Great! easy way to load funds. Download the app on my phone and take a pic of a $50 check to get things going. Oops! They want a $5 fee to verify & deposit the check "in minutes", or take until May 20 (10 days) to deposit w/no fee. Umm, no thanks, setup 2 trial deposits from Penfed which doesn't withdraw the deposits the same day.

But I'm not sure this is really worth it for 5% interest on only $1k max as they seem like one fee happy outfit - if I never load any $$$ they won't/can't charge me any fees and just close the account?

I'm working on membership with a Colorado CU that pays 4% interest on up to $2k in savings, no gimmicks like XX debit transactions. After 2 days they got back to me, wanting me to upload Driver's license, "housing statement", utility statement, Social Security card, & paystub. I gave them all but the paystub (mortgage statement for "housing"), telling them the others were more than enough to verify ID and I'm not applying for credit so you have no need to verify income. If I get in I'll post more info on the CU. According to DoC, they HP Chex but only SP EX.

[Anonymous]

Yes they're fee happy, it is known...but you can avoid "all fees" if you follow the script, Green Dot and mobile check deposits were not in the script lol.

No there won't be a fee to cancel the card but you will have to call in to close the account.  That said, I don't see why you would close it after doing all the hard work, working on a CU for additional 5% savings on 2k shouldn't impact the Netspend account as you can have both, the idea is to collect as many as you can that is available to you. Even if you're not able to fill up both accounts at the moment, throw a hundred in the Netspend and let it grow, then add to it whenever more savings become available.

Now let's talk about this mysterious "Colorado CU", is it nationwide? Does it have a name? 

[DaveInAZ]

Ah yes, need to follow the script, lol. Just surprised me, I've never encountered anyone wanting to charge you a fee for a mobile app check deposit.

Premier Members CU. It was on the front page of DoC earlier this week, search "premier" on DoC and you'll find it. I was approved this morning, but still waiting access to online banking & seeing CC funding for the account.

[Anonymous]

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@DaveInAZ wrote:

Ah yes, need to follow the script, lol. Just surprised me, I've never encountered anyone wanting to charge you a fee for a mobile app check deposit.

Premier Members CU. It was on the front page of DoC earlier this week, search "premier" on DoC and you'll find it. I was approved this morning, but still waiting access to online banking & seeing CC funding for the account.

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Yes, that is what they do, fees, they're the Credit One of deposit accounts and we are giving them a taste of their own by stealing their money without paying a dime in fees. 

BTW Netspend does not have problems with trial deposits even when sent on the same day, the issue is only related to Insight and Mango, we now know the problem is both Insight and Mango are receiving them as deposit-pull back-deposit, I suspect Netspend and majority of banks receives them as deposit-deposit-pull back.

Premier has been on my list since the beginning, it was on my secondary list because I have them as HP on EX and Chex, I believe I've called them to verified that.  If things have changed and HP on EX is no longer required, I should be joining you soo.

[DaveInAZ]

Thanks for clarifying Netspend doesn't have a problem with same day trial deposits & pullbacks. I'll go ahead and fund it (the referral one from you), but holding off on activating the Insight card I got for now, not interested in Mango.

DoC made it pretty clear Premier is a HP on Chex, so I assume it was and I have it unfrozen. I think the DoC data points on a HP on EX wasn't clear. I think the issue is that EX needs to be unfrozen/unlocked for Premier's type of SP. I encountered that with TU and Synchrony - even though Synch PayPal 2% MC gives me a monthly Fico score TU needs to be unfrozen/unlocked when requesting a CLI, even though it's a SP. I've had EX unlocked for the past few days while my membership with Premier was pending. Membership approved, accounts opened & funded with $500 CC fund, the max for CC funding, I used the PP 2% on anything card giving me $10 in cashback. So I re-locked EX a little while ago and can confirm no HP from Premier.

If you join Premier you want to use a member referral code for $50 bonus for you & referrer. DoC has a page for referral codes which is what I used, I should have my own referral code in a few days. The DoC article on Premier earlier this week was that they raised the APR on the first $2k to 4%, $2k-$5k is 1.5%, so a $5k deposit gives you a "blended rate" of 2.5%, still much better than high yield savings like Disco, Amex, etc. But over $5k drops to .75%, so not worth it. I'm going with a $2k deposit for now, may add to it later.

[Anonymous]

I have them at 3% on 2K, probably another reason they were on the secondary list, it's good that they upped it to 4%, PM me the referal code when you have it.

I don't understand your thinking though, you're excited about 4% on 2k and yet you're ready to forgo 5% on 5k when it's already sitting at your finger tips, the Insight card is probably the most lucrative option out there due to the fact that the 5k really isn't the real limit as balance over 5k also gets 5%, and you can get up to 4 cards. Just like the Netspend, probably even more so, I would activate it and throw a hundred in there to keep it open and fill it later, that 1 insight card is worth a lot more than the Premier account.  If you're still in fear of fees, just ask me before veering off the script again lol.

[DaveInAZ]

Not forgoing Insight, just holding off for now. Too much going on, I also opened a Memory Bank account in the last week, a division of Republic - 1.6% APR checking, and $100 bonus for 3 ACH deposits of $200+. With opening new accounts, linking external accounts & remembering to check for trial deposits, etc. - when I try to do too much at the same time is when I screw up.

[Anonymous]

Ha you and SUBs. Don't wait too long though, they won't leave an inactivated card out there indefinitely.

[Anonymous]

I have a question. When everyone talks about having 5 Netspend cards, why it's good to have 5 different cards ( I mean from ACE , Netspend, HEB Elite etc ). Isn't it possible to have 5 cards directly from Netspend only or they don't allow?

[iced]

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@Anonymous wrote:

I have a question. When everyone talks about having 5 Netspend cards, why it's good to have 5 different cards ( I mean from ACE , Netspend, HEB Elite etc ). Isn't it possible to have 5 cards directly from Netspend only or they don't allow?

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As I understand it, it's not trivial to obtain multiples of the same card, so for those looking to park more money in 5% accounts spread across multiple cards first because it's the path of lesser resistance. Those looking to park more money than 1 of each card can support are then circling back and trying to get multiples of some cards.