Union Plus Prepaid Card: 5% Savings Account FDIC Insured

closed Union Plus prepaid debit card. Existing customers will be refunded.]

If you like Mango’s prepaid card with your 6% account (4.6% after considering the money inactive), but want to deposit more than $5,000, here’s another one that does the same.

This is called the Union Plus prepaid debit card and is operated by the same parent company as Mango, which is only marketed through a different channel with a slightly different configuration.

Like Mango, you open your savings account after receiving the prepaid card. The savings account pays 5.1% APY for deposits up to $5,000. Balance above $5,000 earns 0.1%. You must have a recurring deposit on your card to keep the 5.1% rate in your savings account. I don’t know how much a recurring deposit is needed, but it will probably come to $50 a month, like with Mango.

While the savings rate is lower than Manga (5.1% APY vs 6% APY), the monthly fee is also lower – just $2 per month vs $3/month on Mango. You can also waive the $2 monthly amount by making a direct deposit of $500 or more each month. Perhaps it has to do with the collective bargaining power of unions? For just $2 a month, you can decide to keep your monthly transfers at $50 and pay the commission.

Taking into account the initial $5,000, $50 monthly, and $2 monthly, the net actual return is 3.8% on an average balance of $5,300.

As with the mango. If you’re worried that your monthly deposits plus accrued interest aren’t getting you anything, you can withdraw them. It is not necessary to retire more than once a year.

Get 3.8% correct, get less than 1%. If you are married, you can get one ticket for each person, and the 3.8% you earn doubles to $10,000. Although marketed by unions, it is not necessary to present proof of union membership.

If you use Mango and Union Plus prepaid cards, you can earn $20,000 and guarantee 4% + FDIC. Currently, they earn more than double the titles.

How exactly do you get the money? I want to do this and automatically deposit $500 a month to avoid commissions. Do I have to put the money on the card and spend it somewhere? Or can I transfer it to another bank?

Translate »