Mango Savings Account Yay or Nay | BeatTheBush

The Mango Savings Account advertises a 6.00% APY but there are many restrictions that you must follow in order to qualify for this savings rate. Those being a $800 a month NET deposit into the CARD portion of the account. A $3/month CARD fee. A $1700 maximum transfer from the CARD to savings. And also a maximum of $5000 after which the savings rate drops drastically to 0.1%.

How’s it goin everybody does this be delish i just spent the last three hours analyzing the mango savings account for you guys so please give me a like down below just for my effort so far before you watch all the explanation following this where i explain to you in detail what the mango savings account is all about this is kind of what your mango savings account

Is like and this is your money you put your money in the mango savings account and look when you try to take it out ah it kind of hurts because of all the fees they try to charge you you can easily put it in yes but when you try to take it out there’s all these hoops you can jump through and there’s resistance in me taking it out for example you can only take cash

Out six hundred dollars at a time from the atm when you try to put money into the savings account you can only put seventeen hundred dollars in at the same time now the mango card is sort of like a cash card reloading and it comes with this attached a savings account if you want to but the card is so it’s kind of like a debit card you put money into it and then

You can spin out of it and then there’s a savings account that you can add on to it where you can take money out and put it in a savings account and earn high interest on there’s a one dollar minimum opening for the savings part but that’s not the significant thing you’re likely be drawn to this because they spawn advertising that gets 6% annual percentage yield

Every single year on this account however it took me three hours to go through all this because there’s so many different little coops that they talk about that i’m just trying to figure out how the heck do you get the most interest out of this thing for a normal person now i figure for anybody that’s going to get this account they’re not actually going to sit there

Like me looking over the terms and agreement for three hours straight and looking at like the interest rate where the cutoff limits are and things like that so i’m going to try to summarize this for you in this video this cash load card is really targeted towards lower income people mainly because philip you can add cash to it at locations such as walmart 7-eleven

Walgreens rite aid cvs and kmart now you have to maintain a direct deposit of $100 or more into your card account not the savings part in order to get that eighty why now what they don’t really tell you on the surface is this is net deposit if you have a direct deposit of eight hundred dollars from your paycheck or something and then you go around spending with your

Debit card and then you buy like a hundred dollars worth of stuff that means your net deposit of seven hundred which means you won’t qualify for this six percent ady wow this means that you need to deposit way more into this account than eight hundred dollars because you need to take into account whatever you put in plus whatever you’re going to spend i think it

That a lot of people that this card is targeted at won’t be able to save eight hundred dollars a month just like that so just because of that think about if you normally save $800 a month then you can know if this is a good deal or not so for example if your direct deposit is sixteen hundred dollars every single month maybe eight hundred every two weeks then you

Spend $800 a month then it totaled you have eight hundred dollars deposited in your account next if you go over to spending somehow maybe you need more money that month or something then you won’t get that six percent apy it’s going to drop down to two percent wow now here are the other hoops that i found there’s a maximum transfer of $1,700 a month from the card

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Portion to the savings one so what this means is that if you load let’s say five thousand dollars and you put it in there and you want to put it all into savings all in one day you can’t do that you put it in the card and you can transfer over seventeen hundred dollars in one day then the next day you have to go and do it again so it makes it really hard to push

All that money into the savings that council you can earn money right away so it’s just kind of like hoops that you have to jump through you got to do it multiple times in order to get all that money into the savings account so you can start earning you the 6% apy and this way is the only way to load your savings account you can’t load it directly you have to put

It in the card and then slowly put $1700 maximum each day into your savings there isn’t a maximum transfer from your savings into your cards so whatever you have in your savings you can take it out really easily it’s really hard to put into your savings but really easy to take out so the way it’s structured it’s not very conducive to saving i think there’s a six

Withdraw maximum per month from your saving this is a normal limit for all savings account in the u.s. when you started the card you can only put five thousand dollars in and then you can put another $5,000 in and $10,000 is the maximum limit that you can keep in that card now the savings portion of the card is only attached to the card from the card you can

Put it into the savings and from the saving you can put it in the card but you cannot reach all directly from the savings there are other little fees involved here atm balance inquiry fee is $1 atm withdrawal fee is $2 there’s a monthly fee for using the card person not the savings of $3 a month now over one year that’s actually $36 a year which means it would

Eat into your 6% 8ey a little bit wow so with all that said i’m going to show you how i would use this card in order to get the most advantage but before i go into that let me just say all these things i’m showing you i don’t recommend to do it because there’s just so many things you have to do so many little things that you have to go back in there’s like about

20-30 operations that you have to do over the year and you got to get every single one of them right or you might miss one of those six percent apy interest rate for the month in this method it also requires you to use the atm to withdraw cash out of it and when you do this multiple times it gets kind of dangerous because if every single time you go to the atm and

Withdraw that $600 maximum that they allow then the holding that much cash is not very safe and if you do that you know 10 20 times you know you come in and out of the atm you take money out and it put it in some other bank account it’s kind of dangerous so i’m not recommending to doing that at all but i just want to think about it and show you actually how much

Interest you would get if you actually do this now there’s still something i’m a little confused about because it doesn’t explicitly say in the terms that if you take money out of your car of this mango account and put it into savings i’m not sure if that counts as part of the neck deposits so for example if you put in $800 and you directly put $800 pick out the

Card and put it in the savings right away at that same month is the net deposit zero or is it still 800 i’m not sure here i’m assuming that if you take money out of the card portion and put it in the savings it does count as a net debit and so i don’t actually take money out of the card every single month so here you’ll see what i’m trying to do over the course of

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One year initially you deposit four thousand seven hundred thirty nine dollars and 56 cents net deposit it’s about $800 so you’ve got to make sure you deposit more than $800 in whatever you spend does not make the net deposit less than 800 you can either do this or set up at a hundred dollar deposit into this account and the rest of the money goes somewhere else

Or you can spend that other money monthly fee is three dollars and you can see that the first month you get five point eight five percent apr 18 y is just five point eight five compounded over one whole year and the effective rate is 6 percent that’s why it’s a little bit bigger so that first month you’re going to get 23 dollars and 11 cents right when you deposit

The four thousand seven hundred thirty nine dollars you actually have to transfer 17 hundred dollars of it into the savings account three separate times on three separate days from this point on you just let the money in the savings account sit there for one whole year your direct deposit of $800 goes into your card account and then it keeps on doing that every

Single month and you’ll notice that in the card portion of the account you’re not accumulating interest that money is just sitting dead there and you’re getting zero percent interest rate on that now you realize that no matter what you do you have to have a net deposit of $800 no matter what you do you’re going to start accumulating money in there $800 more every

Single month so by the end of one year if you do this for every single month you’re going to get 9600 dollars in there now if you’re trying to remove that net deposit i’ll pay hundred dollars every single month you’re not going to get that fixed apy anymore so that’s why i’m letting it sit there every single month and let it accumulate until the very end then you

Try to take everything out really quick so that in that month yes you will get 2% but at least the next months over you’re going to get the 6% again so at the end of 12 months you really quickly try to remove all the money from your card portion over your account through an atm every time you use your atm you can only withdraw a maximum of six hundred dollars and

The atm fee would be two dollars each time so you do this 16 times which means you have to go to the atm 16 separate times every single day so for two weeks in two days you have to go to the atm every day so this is not very fun and it’s a lot of work i think so no one should really do this every single day you’re going to have this money then you deposit into

Some real savings account at the end of all of this you’ll notice that your total deposit is fourteen thousand three hundred thirty nine dollars and 56 cents you end up paying sixty eight dollars of fees you ended up getting two hundred sixty eight dollars and seventy cents of interest eleven months of it was six percent of your initial deposit and the total value

Of all of this after is $14,600 or in what sense the total interest on you earn after jumping through all these hoops after having to visit the atm 16 times after having the transfer seventeen hundred dollars over from your card account to your savings account after you have to login every single day do it three times then you get one hundred ninety two dot forty

Five cents now i’m going to compare all this to the synchrony bank my favorite one where you just plot money in there’s no minimum you just get one point o five percent eighty why so initially you deposit the same thing four thousand seven hundred thirty nine dollars and fifty six cents now it’s a strange number because in the mango account if you have the six

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Percent 80 watt i’ve simulated over eleven twelve months you get exactly five thousand dollars why five thousand dollars because if you go over five thousand dollars the amount that in the mango account is only 0.1% so basically you’re not getting anything at all once you go cross over this $5,000 mark at the end you earn 104 dollars and 28 cents of interest when

You compare the mango savings account and the synchrony bank account the difference is about 88 dollars now 88 dollars over 20 times of transaction means every single time you go to the atm and withdraw 600 dollars you get about or dollars each time you do this now i have a feeling that anybody that uses this it’s probably going to incur a lot more fees than the

Amount that i’ve shown my verdict for this is that most people that this account is targeted for it’s not going to end up having a net direct deposit of 800 dollars the hoops that it makes you jump through is really not worth it let’s say i have infinite time and i want to go and do all of this just to get the $192 and 45 cents it’s just not worth it however some

Employers have multiple direct deposits so you can just funnel 800 dollars into this mango account even if you’re going to guarantee that you can have a net direct deposit of $800 i still think it’s not worth it because at the very end you still have to run to the atm 16 separate times in order to withdraw 600 dollars each time just doing these cash transaction

Is quite dangerous if you opt to use a debit card and set all the time and not pay the $2 atm fee and withdraw cash instead you’re going to end up spending 9600 dollars from the mango card through a debit card and transaction in order to get the balance low now when you do this through the debit card you’re not getting any kind of cash back if you use this a 2%

Cash back you’re going to get roughly 200 dollars back which is kind of comparable to the 192 dollars of interest that you’re going to earn anyway the big point here is that when you have a net direct deposit into a card account that is not interest-bearing and at the same time when they make the interest drop really low if you ever take money out of it causes

Things to be really hard to earn interest in your savings account portion now i know all of this is really confusing and if you don’t really follow through what i’m saying here just trust me cut this card is not good news you should really just open up a traditional bank account and funnel that money into like a synchrony bank account where you get 1.05 apy over

The long term and there is no deposit limit or anything and you can take your money out anytime there’s no atm withdrawal fee they’re not going to drop your apy anytime this is just ridiculous and i don’t see anybody being able to really follow this so will i get the mango savings account just to earn myself eighty-eight more dollars but i have to jump through all

These hoops no no i’m not going to so i hope you enjoyed the review of this account it’s a warning rather than a real review actually don’t forget to give me a like on this video i did spend three hours reviewing the terms here so please give me a like coming down below let me know if you heard of these accounts or if you have one already if you’re interested in

Supporting this channel i have an audible link down in the video description below i have a patron over here and don’t forget to subscribe thanks for watching

Transcribed from video
Mango Savings Account Yay or Nay | BeatTheBush By BeatTheBush

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