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Wanted Insight about Insight debit card - 5% Savings account

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rated:
I was in a mood and signed up for an Insight debit card (related or serviced by Green Dot) tied into a 4.88% APY savings account handled by Republic Bank in Chicago. up to $5000.00.  Apparently the Insight Card just changed banks to Republic Bank.
The deposits are FDIC insured. Looking the fee structure over, I am not so sure it will be a net gain.  Have any of you guys done this.

I am financially well banked; good FICO; and like many of us too many paid off credit cards.  The only true attraction to me was the savings account.

http://www.doctorofcredit.com/insight-5-apy-prepaid-card-5000/ 

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rated:
I have four NetSpend related accounts (formerly $5k each, now $1000 max). So,ehow I didn't know about Insight. I just signed up. My new card is supposedly in the mail. But after reading the extreme hassle folks are having setting up links from other accounts to transfer money, I'm wondering if it will be worth it.

rated:
I haven't looked over the extensive fee schedule but according to your DoC link, use the pay as you go plan, make one ACH transfer every 90 days and it is fee free.

It doesn't sound any different than Netspend. My question is, like Netspend, are they planning to reduce the 5% on $5k down to $1k soon?

rated:
JW10 said:     Have any of you guys done this.

 

  
Yes, since March 2016.

https://www.fatwallet.com/forums/finance/1434408

"Insight" isn't in the title of that thread, but the thread was started before the Insight offer came up. There is lots of discussion about the Insight card there.

rated:
I recently tried signing up for the card on the website maybe just a week or two ago.  Their response was just that they were "unable to issue me a card at this time."
Never got a good explanation.  Anybody have success recently?

rated:
spiffyjwc said:   I recently tried signing up for the card on the website maybe just a week or two ago.  Their response was just that they were "unable to issue me a card at this time."
Never got a good explanation.  Anybody have success recently?

  
My card was with Axiom bank, so I got the letter saying I needed to sign up for another one so I could be sent a card from Republic Bank of Chicago. I signed up about two weeks ago and my card arrived in the mail last week.

rated:
Have had them for a while now. Still 5K (for now) per card, and interest has been paid quarterly with no issues. ACH in a dollar each month, ACH out the interest each quarter and have not been charged a fee yet (on the pay-as-you-go plan).

rated:
I signed up and activated the card. I am having second thoughts since PayPal rejected my efforts to use them to contribute.

rated:
Got my card in the mail

rated:
Tried to fund with PayPal. PayPal refused to allow me to link to Republic Bank.

Set ACH/DD Transfer up on my Wells Fargo checking. Trial Balances went to Republic Bank. Republic Bank advised me by text message of the trial amounts. When Wells Fargo tried to retrieve the trail balance, Republic Bank responded to Wells Fargo {B}Insufficient Funds. Wells Fargo locked out any transfer to Republic Bank including my initial deposit which was scheduled for today. I was so advised by Wells Fargo by email. I telephoned Wells Fargo assuring them that I was aware that could happen. They cleared the block.
I had to log out and back into Wells Fargo to make a new ACH/DD order which appears ready to go.

UPDATE:  ACH.DD successful.  It takes an additional step to move money from the card to the 5% APR savings account.  Spending is limited to what you leave in the card account or move back into the card account.

READ the terms a few times.  Respecting the fee structure will impact the success of the effort.

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