These two piggies are battling for the highest interest rate under $5,000 but why not have them both!? This is not your normal banking situation but sometimes you have to do some tricks to get a higher interest and that is why we are looking closer at savings with Mango and Union Plus. To get this extremely high interest rate (compared to market) paid on your savings up to $5,000 you would of course need direct deposit or able to transfer via ACH such as Paypal or from another bank such as Etrade.
There are other cards with savings accounts that are similar such as Control Card (5% APY + $20 bonus) and Union plus. You would need a prepaid card and in the case of Union Plus you need to sign-up for their organization. It’s free to sign-up and anyone can become a member so it’s not too big an obstacle. With this Union Plus account you can earn up to 5.10% APY with the Savings Account insured by the FDIC. You can open an account with as little as $1 and make up to 6 transfers out each month. You also have the convenience of checking your balance and transferring money from your mobile phone. [Read more…]