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6% interest?

September 30th, 2015 at 06:38 pm

So I was reading an article today in our local online paper about ten ways to make more interest than a savings account.

When I first opened it up, I expected to find nothing new, but decided to look anyway.

Well ... there WAS something new (to me at least!)

One of the ideas they talked about was the Mango Money Pre-Paid card. (https://www.mangomoney.com/)

It is a pre-paid spending card with a savings account attached to it!

If you have at least $500/month direct deposited to it, they pay 6% interest on up to $5,000. Over $5,000 is .10% and there is a limit of $10,000 total.

Once the money is in the savings account, it can only be transferred to the money card/pre-paid card.

This won't work for me because I only can have one bank for direct deposit - but if your work allows you to split your deposits (like the place did when I was teaching in TX) then this might be a great way to put a little bit away for various goals.

Anyway, I though ya'll might find this interesting. Smile

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