NetSpend Savings Account 5% APY

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Not sure if this is targeted only or not, but I just received an email inviting me to NetSpend premier which includes the following language:


Unlimited purchase transactions
for just $5 per month*
Get paid faster with Direct Deposit
$10 Purchase Cushion – we'll cover you when you're a little short for FREE**
Optional savings account currently featuring a 5.00% APY – Watch your money grow!†



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* ATM transaction fees are not included in the $5 per month Fee Advantage Plan. Enrollment in the FeeAdvantage Plan is optional, you may choose to pay per transaction if you prefer. See your Cardholder Agreement for details.

** The $10 Purchase Cushion is not an extension of credit. The $10 Purchase Cushion for NetSpend Premier cardholders is a non-contractual courtesy exercised in our sole discretion, by which we may approve transactions that you request from time to time that create up to a $10.00 negative balance on your Card. You may receive only one $10.00 negative balance allowance at a time.

† NetSpend Savings Accounts are made available to cardholders through MetaBank™, member FDIC. Interest is calculated on the Average Daily Balance of the savings account and is paid quarterly. Annual Percentage Yield (APY) is accurate as of 02/05/2013: this is a promotional rate and may change without notice pursuant to applicable law. No minimum balance necessary to open account or obtain the yield. A cap may be placed on the maximum amount of funds maintained in the account. The cap may be exceeded by interest accruing on the funds. The cap may change. Because savings funds are withdrawn through the card account, card transaction fees could reduce interest earned on the savings account.



I'm sure some folks can get creative with this promo...

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Looks like you can get the savings regardless of your plan. Pay As You Go = no fees.

lokimoki (Jun. 26, 2013 @ 8:31a) |

...you pay per transaction...Signature Purchase Transaction Fee = $1.00 each & PIN Purchase Transaction Fee = $2.00 each... (more)

vagrants (Jun. 26, 2013 @ 11:02a) |

Fee advantage seems to be the same as Premier. I think both are $5 per month with no DD requirement, similar to PayPal'... (more)

lokimoki (Jun. 28, 2013 @ 4:08a) |

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Been discussed here:

http://www.fatwallet.com/forums/finance/991192/

and here:

http://www.fatwallet.com/forums/finance/889289/

As well as others in the archive.

I read through those posts (2008, 2010).
Love to hear from someone how actually has this account.

KYBOSH said:   I read through those posts (2008, 2010).
Love to hear from someone how actually has this account.


I had it with no cap on how much I put in. This ended this year for me. I requested a check and I was charged $5 for it so I was happy, just pissed it ended for me. I am limited to $5000 now so we just closed it.

Thanks Mike,
How did you satisfy the DD requirement?

KYBOSH said:   Thanks Mike,
How did you satisfy the DD requirement?


Those were waived for me, but I can tell you that I was able to link my Chase account to my Netspend and transfer money easily to the account. Check to make sure this fulfills the requirement. The other thing was they have a routing number and account number so my wife's company was able to DD her paycheck in it. You may be able to set up certain amounts from your work directly into the account.

KYBOSH said:   Thanks Mike,
How did you satisfy the DD requirement?


FYI - just got the notice today that effective April 1, there is a $5,000 cap on the 5% and 0.49% on balances above that. You may want to look at the Mango account instead.

I'm surprised they are waiting till the end of the 1Q to do this.

I think the difference from Mango is that w. NetSpend you can add money with reload cards, potentially purchased with credit cards. In order to do that with Mango, you have to go through PayPal which could be problematic. I haven't gotten the NetSpend card yet, but I'm considering it.

Hummm i didnt think about that. Although it cost you a little to buy the reloads thats not a bad idea for a card with a 0% promo. I had a chance to get a netspend card yesterday. I balked when i say the monthly fees as i didnt remeber this thread at the time. Gotta verify if bank ACH satisfy DD requirements first. Fees kill the deal.

I already have 2 Mango accounts enjoying 6% but the 5k limit really sucks. You guys must have been loving this 5% account when it was uncapped.

I was looking for a referral https://www.netspend.com/why_netspend/powerful_tools/refer_a_fri...

if I could get a PM. Thanks.

Other possibilities that work out to higher APY than netspend: (either lower Direct deposit requirement or lower fees)

Rev Bank back end (same reload options as Mango). Both require $50/month DD to get high APY:
UnionPlus prepaid debit (5.1% APY, $2/month fee)
Change prepaid debit (5.1% APY, $5/month fee)

Netspend back end (probably can reload with netspend reloads):
Paypal prepaid debit ( 5% APY, $4.95 /month, no direct deposit requirement, but have to link to a paypal account).

hpack said:   Other possibilities that work out to higher APY than netspend: (either lower Direct deposit requirement or lower fees)

Rev Bank back end (same reload options as Mango). Both require $50/month DD to get high APY:
UnionPlus prepaid debit (5.1% APY, $2/month fee)
Change prepaid debit (5.1% APY, $5/month fee)

Netspend back end (probably can reload with netspend reloads):
Paypal prepaid debit ( 5% APY, $4.95 /month, no direct deposit requirement, but have to link to a paypal account).


I believe Mango has a $500/month DD requirement for no monthly fee and not $50.
Cant remember/find how much is needed for premium savings account rate but I think it might be the same.

KYBOSH said:   
I believe Mango has a $500/month DD requirement for no monthly fee and not $50.
Cant remember/find how much is needed for premium savings account rate but I think it might be the same.


True, and both UnionPlus and Change will wave the monthly fee if you DD $500.

That's my problem w/ the netspend card. You have to DD $1000/month and they still charge you a $5/month fee.

hpack said:   KYBOSH said:   
I believe Mango has a $500/month DD requirement for no monthly fee and not $50.
Cant remember/find how much is needed for premium savings account rate but I think it might be the same.


True, and both UnionPlus and Change will wave the monthly fee if you DD $500.

That's my problem w/ the netspend card. You have to DD $1000/month and they still charge you a $5/month fee.


$500? Hard for me to figure this out - https://www.netspend.com/how_it_works/what_it_costs.shtml

You're right. $500 is the minimum DD. But again, you can get the exact same terms & provider from paypal prepaid debit w/ NO DD requirement. (just have to use it once a year to keep it active).

hpack said:   You're right. $500 is the minimum DD. But again, you can get the exact same terms & provider from paypal prepaid debit w/ NO DD requirement. (just have to use it once a year to keep it active).

Thanks. I'm trying to figure out which reload cards work for each different Prepaid card (feel free to PM). Since Vanilla Reloads are so hard to find I'm looking for other options. 5% is nice since Bluebird pays nothing. Of course the whole thing will be moot if all reload cards go cash only.

Anyone know if there is a way to get around the $500/mo direct deposit requirement? Is there another type of deposit which would suffice?

Can someone suggest (or PM) possible places to buy NetSpend reloads with credit cards? (NetSpend reloads also work with PayPal Prepaid Mastercard).

Silverthunder said:   Anyone know if there is a way to get around the $500/mo direct deposit requirement? Is there another type of deposit which would suffice?
If you mean besides this, I don't know of any other ways: OFFICIAL Banks That Count ING/Paypal/ACH Push Transfers as Direct Deposits. Post your experience please! Updated regular

lokimoki said:   Can someone suggest (or PM) possible places to buy NetSpend reloads with credit cards? (NetSpend reloads also work with PayPal Prepaid Mastercard).
Cannot Verify Success, but a local store near me has been running a $5 off promo on NetSpend (small placard in the GC display area). They accept CC for other cards that are of more interest to me so I haven't tried these out myself, though. Other locations near me don't show the promo but do carry the cards.

CVS -- $10 extrabucks this week for NetSpend.

Looks like you can get the savings regardless of your plan. Pay As You Go = no fees.

lokimoki said:   Looks like you can get the savings regardless of your plan. Pay As You Go = no fees.

...you pay per transaction...Signature Purchase Transaction Fee = $1.00 each & PIN Purchase Transaction Fee = $2.00 each (did fees go up? Looks pretty high). If an account is relatively inactive, just collecting 5% APY; then, it shouldn't be much of a problem. Good luck.

https://www.netspend.com/how_it_works/what_it_costs.shtml

Fee advantage seems to be the same as Premier. I think both are $5 per month with no DD requirement, similar to PayPal's prepaid.



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