Update. Beginning July 1, 2018, Insight will be closing all of its 5% interest savings accounts. For current Insight users, wait until your interest posts on June 30th or July 1st, then move your money over to your Insight card and do an ACH withdrawal from your normal bank (for example, I will be moving all of my funds to my Insight card after my interest posts, then doing an ACH withdrawal from my Ally account). After that, send a secure message to Insight and ask to close each individual card. Save the confirmation that your account has been closed so that you have evidence that your account was closed, just in case something happens (the best way to do this is to screenshot the message, then save it Google Drive or something similar).
Remember that there are still 5% interest savings account options! With Insight no longer available, Netspend is now the best way to earn 5% interest on up to $5,000 per person with pretty minimal work (plus, you also get a $20 signup bonus when you open your first Netspend account). If you have a two-person household, you’ll be able to put away $10,000 earning 5% interest, which is not a bad emergency fund. Be sure to read my post on how to get 5% interest with Netspend (plus a $20 signup bonus) for a step-by-step guide on how to set up your Netspend account. I’ve also written a post with ideas on where to put your money now that Insight is gone – check it out here.
One of the things I like doing is figuring out ways to get the maximum yield on my cash. Most people just accept whatever their bank offers them. The problem is that even your highest-yielding savings account pays you just 1% or less interest these days.
What a lot of people don’t know is that there’s an entire world of super high yield savings accounts out there. These are savings accounts that pay way more than even your highest paying online savings accounts. The thing about these accounts is that you won’t find them at any normal bank. They’re sort of secret, and you can only find them “hidden” in prepaid debit card products.
I previously thought that it was only possible to get 5% interest on up to $10,000 by using all of the cards available from Netspend. However, a reader of this blog – Mr. PTM – reminded me that there are a few more super high yield options out there that allow you to put even more money away earning 5% guaranteed interest.
As a result, I finally pulled the trigger and snagged myself a couple of Insight Cards.
If you sign up for these in combination with the Netspend cards that I’ve talked about in a previous post, then you could put away a minimum of $20,000 and potentially as much as $50,000 earning 5% guaranteed interest per year.
For the vast majority of households, $20,000 to $50,000 is more than enough to serve as a massive emergency fund. And since you’re getting 5% interest each year, you won’t have to worry about the low returns that normally come with keeping a big pile of cash.
As a point of comparison, you would need to save $250,000 in your standard online bank account in order to get the same returns as you would get on $50,000 earning 5% interest. That’s a huge difference!
What turns most people away from these accounts is that they take a little bit of upfront work to set up. In reality, it’s not really as much work as you’d think. A lot of people spend way more time figuring out how to travel hack or clip coupons. This is just another way to optimize your finances.
Plus, once you understand how these savings accounts work, it’s possible to set them up and have everything fully automated in just a few minutes. Today, I only look at my accounts four times per year, but I could look at them 1 or 0 times per year if I wanted to.
*This post is the second part of a two-part series. Be sure to also read part one, Netspend Account: 5% Interest Savings and $20 Signup Bonus, if you want to learn how to fully maximize your 5% interest savings and snag a $20 signup bonus in the process.
What Is An Insight Card?
Briefly, an Insight Card is a prepaid debit card. These products generally come riddled with high fees and are designed primarily to prey on the poor and unbanked.
We’re not interested in the prepaid debit card. What we want is to gain access to the 5% interest FDIC-insured savings account that comes with each Insight Card. The good thing is that if you follow the steps in this post, you’ll earn 5% guaranteed interest and never pay any fees. I like to think that we’re fighting back in a way.
So how does an Insight Card work? It’s easiest to think of your Insight Card as having two parts.
- The first part is a prepaid debit card.
- The second part is a 5% interest savings account which allows you to earn 5% interest on up to $5,000 per card (you can generally get between 2 and 4 Insight cards per person).
The important thing to know is that you can’t get access to the savings account without first getting the prepaid debit card. Think of it as looking a bit like the below diagram:
In order to get money into your 5% interest savings account, you need to first send it over to the prepaid debit card. From there, the money then goes into the 5% interest account. The prepaid debit card acts sort of like a funnel, getting money from your bank into the 5% interest savings account.
How To Set Up Your Insight Card
First, if you haven’t already, you should start here. In that post, I explain exactly how I’m able to use my Netspend accounts in order to put away $5,000 earning a guaranteed 5% interest per year ($10,000 if you’re a two-person household).
If you want to maximize your 5% interest savings, you’re going to want to read both this post and the previous post on this topic. You’ll especially want to read the previous post in order to understand how to withdraw money from your prepaid debit card accounts (although I’ll touch upon it briefly below as well).
The process for setting up an Insight Card is largely the same as with Netspend.
1. Set Up A Bank Account With A Normal, Online Bank.
First, you need to have a bank account with a normal, online bank. I highly recommend using Ally Bank. It’s the only bank I’ve used with these accounts and the only one that I know will work perfectly with your Insight Cards.
The good thing is that Ally allows you to connect up to 20 external bank accounts. We’ll need to potentially link as many as nine external accounts if we want to max out our 5% savings. If you don’t have an Ally account, I highly recommend getting one. It only takes a few minutes and you can sign up for it all online.
2. Sign Up For Your Insight Card.
Next, sign up for your Insight Card. On the main page, click the “Get A Card” button. It should then bring you to a page that looks like this:
Click the button that says “Click Here To Get Started” and then enter in all of the information requested. You’ll notice a section in the sign-up process that asks you what type of plan you want to sign up for. Make sure you select the “Pay As You Go” Plan. That way, you won’t pay any monthly fees.
3. Wait For Your Insight Card To Arrive, Then Activate It.
Once you sign up for your Insight Card, you’ll get a confirmation telling you to wait 7-10 days for your card. All of my cards have typically arrived within a week.
When the card arrives, call the number on the front of the card and follow the automated directions to activate your account. It shouldn’t take more than a few minutes.
Remember to also set up your online account with Insight. Just go to the Insight Card login screen and register as a first time user in order to set up your online account.
4. Link Your Insight Card With Your Normal Bank Account.
In the packet of stuff you received, there should be a voided check. This has your routing number and account number. Keep this information in a safe place. You’ll use that information to link your Insight Card as an external account with your normal bank, as shown below:
For me, I logged into my Ally account and entered in the routing and account number for my Insight Card. Ally then sent two test deposits that I needed to confirm in order to complete the link with my bank.
Once you’ve linked all of your 5% interest accounts, your external bank account screen should look something like this:
5. Move Money From Your Bank Account Onto Your Insight Card.
From your normal bank account, set up a transfer to your Insight Card. Since Insight allows us to have $5,000 earning 5% interest, I’d recommend transferring the full $5,000 onto your Insight Card.
6. Activate Your 5% Interest Savings Account and Transfer Money Into It From Your Prepaid Debit Card.
Once you’ve transferred at least $10 onto your Insight Card, you’ll get the option of activating your 5% interest savings account. The screen to do that should be in the savings tab of your Insight account and should look like this:
Once activated, transfer your money from your Insight Card into your 5% interest savings account. That screen should look like this:
7. Set Up An Automatic Transfer of $1 Every 2 Months Onto Your Insight Card In Order To Avoid Any Inactivity Fees.
The last step is to automate a $1 transfer onto your Insight Card, set for every two months. This is very easy to do in Ally. The screen to set up your automated transfers should look like this:
Once you’ve set up your automated transfers, you’ll avoid any inactivity fees and you’ll never even have to think about the account other than if you want to pull out any interest you’ve accumulated.
One thing to note is that if you’re automating transfers from your savings account, you’ll have to deal with the six transactions per statement limit that apply to savings accounts. Your choices are to either stagger your $1 transfers (i.e. do 5 transfers 1 month and 4 transfers in the next month), or a simpler solution is to create an Ally checking account and automate all of your $1 transfers from that account.
I used to stagger my transfers but after dealing with that, I decided to just open up an Ally checking account and set up all of my $1 transfers at once from that account. Every two months, all of my $1 transfers go out at the exact same time. I think it’s easier that way.
8. Open Up A Second, Third, and Fourth Insight Card For Yourself And Repeat The Same Steps With Your Spouse.
A little-known fact is that Insight allows you to open up at least two and possibly as many as four accounts per person (I currently have three active cards for myself and three for my wife). If you can open up four Insight cards per person, that’s $20,000 you can put away for yourself and $40,000 your household can put away into just these accounts. Combine that with the 5 accounts that you can open with Netspend and you’re looking at putting away as much as $25,000 per person or $50,000 per household.
In terms of how we did it, I first signed up for my Insight Card, funded it, and activated the savings account. I then signed up my wife, funded her card and activated her savings account. After that, I repeated the sign-up process for myself.
Oddly, when I tried to repeat the process for my wife, we received an error message saying that she couldn’t sign up for another Insight Card online and that it had to be done at a store. About a week later, the card randomly arrived. We’re not sure why that happened, but if you’re having issues with getting your second card, you could consider waiting a week or two just to see if your second card arrives.
I had no issues ordering my third or fourth card and neither did my wife.
Any Potential Cons With The Insight Card?
One potential con included reports that Insight only allowed folks to withdraw $1,500 per 24-hour period.
I can confirm that this is not the case, as both my wife and I have been able to withdraw well over $1,500 at once without any issues.
In What Order Should You Open These Accounts?
There are two ways you can go about opening up these accounts. Which route you take will really depend on what your goals are:
- If you want to get either $20 or $60 worth of signup bonuses (depending on whether you have a partner or spouse), then start with the Netspend cards first, then move onto the Insight cards until you have every card possible opened up.
- If you don’t care about the signup bonuses or only have a few thousand bucks that you’re trying to store away, then just go with the Insight cards.
When I signed up for these cards, I started with the Netspend cards first since my goal was to open every single 5% account that I could and because I thought it made sense to snag myself the Netspend signup bonuses too. Insight, unfortunately, doesn’t offer any signup bonus, so the way I see it, if you’re going to maximize your 5% interest savings, you might as well start yourself off with a free $20 first (you’ll actually end up with $60 in bonuses if you are working on this with your spouse).
If you want to start off with a $20 signup bonus, you’ll want to follow this order of opening up these cards:
- First, sign up for a regular Netspend card, fund it, and snag a $20 bonus. If you use my sign up link, you’ll get a $20 bonus once you deposit $40 or more (note, I’ll also receive $20 as a referral bonus). Make sure that the code 1450481187 is in the Referral Code section of the sign-up form in order to qualify for the $20 bonus. The process of opening up a Netspend card is almost exactly the same as with Insight and you can read more about how to set up your Netspend cards here. After you’ve completed this step, you’ll be able to put away $1,000 earning 5% interest.
- Second, use your Netspend referral code and refer your spouse or partner to Netspend. If you do that, you’ll get a $20 referral bonus for referring your spouse and your spouse will get a $20 signup bonus. Altogether, that’s a cool $60 for opening up two Netspend accounts ($40 for you and $20 for your spouse). You’ll now have a total of $2,000 earning 5% interest.
- Third, open up all of the Insight Cards you can. You should be able to open up a minimum of two Insight cards per person and possibly as many as four per person. Make sure to take it one at a time (i.e. open up one card first before opening up the next card). You shouldn’t have any trouble opening up your first Insight card, but check the troubleshooting section of this post if you find yourself having trouble getting your second or third card. If you’ve managed to open up all of the Insight cards you can, you should now be able to save a total of $42,000 earning 5% interest.
- Fourth, open up an Ace Elite prepaid debit card. You should now have $43,000 earning 5% interest.
- Fifth, open up the Western Union prepaid debit card. You now have $44,000 earning 5% interest.
- Sixth, open up the H-E-B prepaid debit card. The one thing to note about the H-E-B card is that it comes with a $2.95 activation fee. They deduct this right out of your account, so the account starts off in the negative once you sign up. The $2.95 activation fee is worth it, though, because we’re going to get much more back in interest. You should now have $45,000 earning 5% interest.
- Seventh, open up the Brinks prepaid Mastercard. There are reports that this card requires a real direct deposit to set up the savings account, but I found that when I transferred money from Ally, it activated the savings account with no problems. You’ll now have $46,000 earning 5% interest.
- Finally, repeat the Ace Elite, Western Union, H-E-B, and Brinks cards with your spouse. You now have $50,000 earning 5% interest.
If you don’t have a spouse, then just ignore the steps involving a spouse and do the steps that apply only to you.
If the $20-$60 signup bonus doesn’t matter to you, then you should start by opening up all of the Insight Cards that you can first, then move on to the Netspend cards in the order I’ve outlined above.
Remember, take it slowly. Don’t open up the next card until you have the previous card fully set up. If you have every account set up and maxed out, it should look like this:
Important Things To Remember About Your Insight Card
- Interest Is Paid Quarterly. Expect to see interest posted on January 1st, April 1st, July 1st, and October 1st of each year. If you ever plan to close these accounts (why would you though?), make sure that the interest posts first. Otherwise, you’ll lose the interest.
- Each Insight Savings Account Is Limited to $5,000. You can’t put more than $5,000 into each savings account. Notably, however, it appears that any interest you accumulate above $5,000 in each account still earns 5% interest. In other words, you can just leave the accumulated interest in each savings account if you want, even if it takes the savings accounts above a $5,000 balance.
- You Can Open At Least 2 And Potentially As Many As 4 Cards Per Person. It isn’t advertised, but every person in your household can have at least 2 and possibly as many as 4 different Insight cards. This effectively allows each person to save as much as $20,000 by saving $5,000 into each Insight account. Due to recent changes, it seems that Insight might limit you to 2 or 3 cards. From my experience and reader experiences, it seems that, at a minimum, everyone should be able to get 2 Insight Cards per person, and many people should be able to get at least 3 cards. Your mileage may vary, but read the comments at the bottom of this post for other reader experiences.
- There’s No Hard Credit Check. Opening an Insight Card does not result in a hard credit pull. As far as I know, there isn’t even a soft credit pull. There’s also no Chex Report inquiry.
- No Minimum Balance Requirement. You don’t need to keep any minimum balance in the savings account. The only fee you’d ever need to worry about is the inactivity fee. However, if you’ve automated the periodic $1 transfer onto the Insight Card (as described above), then you shouldn’t have to worry about the inactivity fee either. Any usage fees don’t matter because we’ll never use the card for anything.
- Make Sure You Understand How To Withdraw Money From Your Insight Card. Just remember that if you’re withdrawing money, you need to have the money on the Insight Card first. Then, when you want to withdraw the money, you initiate the ACH pull from your normal bank account. Be sure to check out Part 1 of this series to get a full explanation on how to withdraw your money.
- Your Money Is Liquid. Any money in your 5% accounts can be withdrawn within 1 or 2 business days. It’s just a matter of moving your money from your savings account to the debit card (this is instant), then doing an ACH transfer from your debit card to your regular bank account. In other words, if you need the money, you’ll get it in however long it normally takes you to ACH money from one bank to another (1 or 2 days typically).
- Don’t Use The Card And Don’t Call Insight Customer Service Unless Absolutely Necessary. Remember, this is a product meant to prey on the poor and unbanked. We’re not using it for that – we’re using it just for the 5% interest account, essentially striking back by not using the card at all and collecting our interest from them. If you do call Insight, you’ll get hit with a $1 fee for calling them. It’s not the end of the world, but it’s a reason why you shouldn’t call them for anything unless absolutely necessary.
Quick Recap
To quickly recap the process of setting up your Insight 5% interest savings accounts:
- Set up an online bank account with a bank like Ally.
- Sign up for your first Insight Card.
- Get your Insight Card in the mail and activate your account.
- Link your bank account with your Insight Card.
- Transfer money from your bank account onto your Insight Card.
- Activate the 5% interest savings account.
- Transfer money from your Insight Card to your 5% interest savings account.
- Automate a $1 transfer to the Insight Card for every 2 months.
- Sign up for a second, third, and fourth Insight Card and repeat the same steps.
- If you have a spouse, follow the same steps with your spouse.
Answers To Common Troubleshooting Questions With Your Insight Account
I didn’t have any issues when I signed up for my Insight Cards, but we did have some issues with setting up the second card for my spouse. Here are the most common issues that you might encounter when setting up your Insight Card and how to resolve them.
1. Issues Linking Your Insight Card With Your Ally Bank Account.
Some people have reported issues with linking their bank account with Insight. We actually had this same issue when we attempted to set up my spouse’s second Insight Card.
The reason for this has to do with Ally sometimes being unable to pull back the trial deposits from Insight. This can happen because Ally sometimes attempts to pull back the trial deposits before they’ve actually made it onto the Insight card, which leads to the link being rejected. I’ve found there are two solutions to this problem:
-
- Wait a week, unlink your Ally account from Insight, and then relink your Ally account again. You should be able to confirm your account the second time around; or
- Fund your Insight card with a bank that doesn’t require trial deposits or that doesn’t withdraw the trial deposits. Discover Bank is a good one to use for this – you can link your Discover Bank account to Insight, put a few bucks on your Insight card, then link your Ally account to Insight. That way, you’ll avoid any issues with Ally not being able to pull back the trial deposits. Discover Bank has no fees and usually has signup bonuses when you open an account, so it makes it a worthwhile bank account to have anyway.
The other option is to go somewhere and load the card in person. It’ll cost a small fee to load the card in person, but you’ll make it all back with the interest you’ll earn. I’d personally recommend going with one of the first two options I mention above.
2. Getting An Error Message When Attempting To Order Your Second Card.
This probably won’t happen when you’re ordering your first Insight card, but it can happen with your second card. When you attempt to order your second Insight Card, you might receive the following error message:
I didn’t get this error myself when I ordered my second Insight Card, but my wife did. There are three solutions here from what I can tell.
- Wait to see if a card comes anyway. The first is to just wait and see if the card comes anyway. When we got this message for my wife’s second card, I went ahead and kept trying to resubmit the information each day. Every day, I received the same error message. For some reason, the card randomly came about a week later. I’m not sure why it arrived since I kept getting the same error message, but it seems possible that, even with the error message, your second Insight Card will eventually arrive in a week or two.
- Go to a check cashing place to get a card in person. The second solution is to go to a store that carries the Insight Card and get it in person. I haven’t tried to get the card in person, so if anyone is ever successful in doing that, let me know. From what folks have told me, it seems like the best places to find these cards in person are at payday loan and check cashing places.
- Order a card over the phone. The third is to call Insight directly and order a card over the phone. There is a phone number in the comments that folks have used with success. The important thing to do here is, if you call them, make sure you confirm that they put you in the “Pay As You Go” Plan. Seriously, hassle them over and over to make sure that they put you in that plan. Otherwise, you’ll end up getting put in some monthly fee plan and then you’ll have to call them to get them to switch it.
Maximize The Yield On Your Cash
If you follow my steps, you’ll be able to get yourself $5,000 earning 5% interest in an FDIC insured savings account.
If there are two people in your household, you’ll be able to put away another $5,000 more, for a total of $10,000 earning 5% guaranteed interest.
Continue to open up as many Insight Cards as you can for each person, plus open up every Netspend card you can, and a household can put away as much as $50,000 earning 5% guaranteed interest.
That’s good for as much as $2,500 of interest per year. You’d have to save $250,000 if you wanted to get that same interest from a normal high-yield savings account! That’s a significant difference that makes doing this all well worth it. And the good thing is that once these accounts are set up, they require no time on your end. Everything is fully automated and you won’t even have to think about these accounts other than if you want to withdraw money.
Your cash doesn’t have to earn just 1% interest. Follow these steps and you can increase the yield on your cash savings to a point where you won’t be worried about holding your money in cash.
So many people spend time travel hacking and figuring out how to save money in other areas. Why not spend a little bit of time figuring out how to maximize the interest on your cash too? I think you can agree that 5% interest in an FDIC-insured savings account is nothing to sneeze at.
Make sure that you don’t read this post just by itself. Go back to Part 1 of this series – Netspend Account: 5% Interest Savings and $20 Signup Bonus, in order to maximize your 5% interest savings and snag a $20 signup bonus in the process.
**UPDATE (9/6/17): It looks like Insight might be limiting folks to three cards per person. Assuming the limit is now three Insight cards per person, that’s still a total of $30,000 that a household can put away in just these cards. Add another $10,000 in 5% interest savings if you open up all of the Netspend cards as well and things are still looking good for folks like us who want to earn good rates of return on our cash.
Let me know if you’re taking advantage of these 5% interest savings accounts. It’s always helpful to hear from as many people as possible.
More Recommended Ebike/Scooters
Check out these other ebikes and scooters I've reviewed:
- Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
- Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
- Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
- Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
- KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
- Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
- Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
- Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
- Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- Moomoo (15 free stocks and 1 stock of Tesla or Google) – Moomoo is a free investing app currently offering 3 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
- Webull (12 free stock shares) – Webull's current promotion gives you 12 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Chime ($150) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- SoFi Money ($275) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $250 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Upgrade ($150) – Upgrade is a free checking account that’s currently offering a $150 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $150 Referral Bonus – Step By Step Directions.
- US Bank Business ($800) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- GO2Bank ($100) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $100 referral bonus.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Netspend ($40 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $40 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $40 to start! Make sure to check out my in-depth guide on how to set up these accounts.
- Digital Federal Credit Union ($20) – Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a saving account that gives you 6.17% interest on your first $1,000. Check out my in-depth post on how to set this account up.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Varo ($30) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $30 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $250 if you complete a direct deposit.
- 5% Savings Accounts. I'm currently getting 5.25% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
- US Bank Business. US Bank is currently offering new business customers a $800 signup bonus after opening a new account and meeting certain requirements.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
- Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
Hey Katie, no problems, I doubt the 5$ membership earns any cashback but I always keep 1005$ cuz I don’t count the membership money on it.
Hi Emil,
When filling in the application, I chose the first option for eligibility. I didn’t see the $10 donation option. Now the status of my application is “submitted for review”. I don’t know whether I will get approved. I hope I will. I hope they will not ask me to submit additional government issued documents. Do you know usually how long it takes to process the application? Thank you very much!
Hey Katie, last time I applied I’m almost certain it ask me something like “you got any relative banking with us or do you live in MA? Or donate to become a member” something like that, I don’t recall having to go through a review process but I don’t think it should take longer than 2 bs days, if they didn’t ask you any of it maybe they removed that req? Hopefully
Hi Emil,
Is there a $5 fee to open the DCU account? I deposited $1000, but only $995 is available. The customer service said there is a $5 fee to open the account. But when I applied for this account, I didn’t see any information for the fee of opening this account. Thank you very much!
Hi Katie, this was most likely the donation required to apply, the only 5$ I’m aware of is the 5$ membership required which is not a fee because you can see your balance at accounts, available balance is always 5$ less than current balance because in order to keep the account open you need to leave 5$ at all times, once you close the account they give you the current balance back which includes the 5$ membership which again is not a fee its just to be a member and not leave the account on 0$ like any other regular bank account, if you deposited 1,000 and available balance says 990 and current balance 995$ then yea you were charged a fee most likely the donation I told you about, but if it says 995$ available and 1,000$ current balance then no fee was charged.
Hi Emil,
Thank you for your explaination. I think my $5 difference is the membership. Does this membership $5 also have interest? Thank you very much!
Hi Katie, no need to live in MA, you can join by paying 10$ in reach out for school(part of the application process and is a one time donation) for me 10$ is totally worth it, I use that checking account as main source to autopay for stuff like gym, linked my target 5% cashback red card, while maintaining 1k or less I always earn 6% cashback which is perfect for me.
Did happened to me but I was able to recover the pass with my emaiI, closed all my accounts a while ago since I gave up on hope that they will ever bring the 5% back, I don’t recommend calling cuz they will charge you 1$, try incognito or perhaps you’re using the old website or the wrong email? Also if you tried to recover or login by midnight then their website sometimes don’t even work at that time so try morning or afternoon, They have a new website to log in to their accounts now.. we’ll not like new new but like at least a year old new, insightvisa.com,
Hi Emil, thank you for your reply. With “forgot your password”, I entered my user name, date of birth, card expiration date and security code. But it only shows “Could not find account with information provided”. The website I went to is insightvisa.com. I have emailed the customer service. I hope they can solve this problem for me.
Hi Emil, the email I got from the customer service said I need to call them. After calling them, I was told my account was closed for the second time and there was no way to open it anymore. In June, I got an email saying that they closed my account, moved my money from the savings account to the prepaid account and I was going to get a check for my money. A few days later, I called the customer service, she reopened my account for me. And I took out the interest. Then I thought my account was fine. Two days ago, I found I could not log into my accout again. And this time, my money was not moved from the savings account to the prepaid account. They just closed my account without any notice and without giving my money back. The customer service said she will submit a request to review my account and see what they are going to do with my money. And there is no time frame for this process. If I want to know whether I can get my money back, I need to keep calling them and keep paying for the $1 every time I call. I hope I can get my money back as soon as possible.
Wow… their costumer service really stinks to be honest, but the 5% was worth the hassle, why did you keep any money at all if they’re not paying 5% anymore? Definitely keep track of your money, as far as I know if they close an account on their end they should snail mail you a check in about 10 days or so.
Hi Emil, I totally agree with you. I opened two insight cards several years ago. Later they closed the savings accout, so I took my money out. Then I heard that the savings accout was back, but only available to cards opened at a store. So the savings account in my old two cards didn’t come back. I went to a store to open an account. But the clerk opened the wrong plan. I thought I could close this one and apply for another one, so I closed it. Then I was told, one person can only apply for four accounts at most. Even though you closed your old accounts, there is no way to apply for a new account if you already applied for four times before. So finally I only have this one last account from March last year. And at that time, the interest rate was 5%. But soon it became 1%. I know it is not that good. But I didn’t know any cards with a better rate that 1%. So I just kept this last insight card. Now, I got kicked out without any notice. They are not even sending me a check for my money. Last time in June, when they told me in the email that they closed my account, they said they were going to send me a check. This time, there is nothing. I had to call them to know what happend and got charged the $1 for calling them. The customer service said she would waive the fee for me but she didn’t. I called again for the refund, just got refused and got charged another $1. I dare not call again. I emailed customer service to get the $2 refund. I hope they will help me.
Hey Katie, yea.. their costumer service just keeps worsening, 1% is quite low, you might want to consider netspend, Western union, h e b, Ace elite and brinks, they’re all link to netspend and each has the ability to open a savings account with 5% any up to 1 000$, there’s another one called h e b debit which is not the same as the one I mentioned earlier since it offers 6% on balances up to 2,000$ !and yes! you can have both heb and heb debit opened, just one thing to keep in mind about those 6 accounts, to keep them fee free you have to make at least a 1$ deposit every 90 days or less or you’ll get like a 3$ dormant fee, you can also get dcu which offers 6% on balances up to 1 000$, you can also get porte which offers 3% any on balances up to 15,000 if you have 1,000$ or more direct deposit each month easy req, they’re having a referral BTW 100$ for you if you apply thr this link https://portebanking.app.link/8xLEMqcdmhb, those are all the accounts I currently own which offer great apy up until today, hope that helps since you seem like very interested in getting the most out of your cash, keep it that way, very few ppl like us and Financial Panther who always strive for the very best.
Hi Emil, thank you very much for the information of those accounts with good apy. I will definitely look into them. Now I am more worried about whether I will get my money in the savings account back. The customer service said there is no time frame to review my account. I don’t know if they will really review my account and how long it will take to process the refund check. I really don’t want to lose my money.
Hey Katie, no problems, next time you get in contact with em threaten with filing a cfpb complain or actually file it, banks are scared of that.
Hi Emil,
I tried to apply for the DCU membership. But I don’t live in MA. So it seems that I cannot apply for it.
I cannot log in my insight prepaid card online account. It always shows “Invalid Credentials” though my username and password are both correct. I tried “forgot your password”. But it shows “Could not find account with information provided”. Has this happened to anyone? Thank you very much!
Hi Financial Panther,
Do you have any articles about treasury bonds/notes/bills?
Thanks a lot.
Sorry, don’t really know much about treasury bonds. At my age, it’s unlikely I would use them.
Hi everyone, has this happened to anyone? I got texts saying that I got 5 retail load deposits, $20 for each, at two different times. And there was really $100 deposit in my account. But I didn’t make any retail load deposit. Is it an error from Insight? Or does it mean that someone has a card with the same number? Thank you very much!
I’m not seeing an option to transfer money in my insight account (I still see both prepaid and savings accounts). Is anyone having the same issue or am I just blind?
Nope, you’re not blind. Log into your insight accounts, then put this link into the address bar: https://www.insightvisa.com/savings/transfer
You’ll be able to transfer from there.
Thanks, FP! Am keeping my account open per your suggestion. Hope this come back!
For the ones that still had insight savings earning at 5%. Did the rate just change ? Account terms show as of 7/1/2020 APY is 1% for me now.
Yeah, we got word the rate changed last month. So unfortunately, Insight is done now. I still recommend just keeping them open, especially if you’ve got everything automated already anyway. My reasoning is that we never know what might happen, but always possible this comes back one day. Remember, they got rid of the 5% for everyone before, then randomly brought it back, so it could happen again.
Looking at this decision from a purely business model perspective it seems they will be alienating their own customer base with this move to drop interest rates on savings. With the NetSpend and clones all still paying 5% on $1,000 I can’t see why any of Insight’s main customers “the unbanked” would choose Insight over NetSpend now. As a new debit card using customer I would choose NetSpend over Insight particularly if I didn’t have $5,000 to save in the first place. You would make the same amount in interest by only saving $1,000. If they were smart they would have done 5% on $1,000 and 1% above $1,000 still making them the better choice and without upsetting or losing their existing customers. Now they will probably see a mass exodus.
Thanks FP that’s what I figure as well. I posted about this HMBradley account a while ago over at DepositAccounts and a few people told me they had this MHBradley account and it didn’t actually pay the 3% because they use some type of average monthly balance which cuts the interest rate in half. Please post back with your experience. After reading their FAQ section it left me with more questions than answers.
Just got the July statement and it’s 1% as expected. Well we had a good run boys! I think I’m going to pull the cash out and put it in my add-on CD’s now. What I’m trying to figure out is if I keep the account open with say $10 will I still get the interest from July/Aug on October 1st? I’m thinking yes but the terms are a bit confusing on this. This will be the first time I have withdrawn any money from these accounts prior to the end of the quarter when some of our savings accounts were closed.
As long as your accounts are still open, you should get the interest, even if there’s nothing in it in theory. You’d just only get interest for the days you actually had money in it I would think.
I pulled my funds out, but I’m leaving my Insight accounts open with the automated $1 in, $1 out every 90 days. Last time this happened, a lot of people rushed to close their accounts, then they missed out when the 5% interest accounts came back for those of us that kept them opened. The way I see it, if you’ve already automated your accounts to avoid the inactivity fee, it basically costs you nothing to keep them open in case something ever changes.
As a suggestion for anyone (and I’ll update this post and other related posts), my current plan is max out my Netspend accounts, max out DCU, max out Service Credit Union, and then put the rest into HMBradley for the 3% interest. Everything else continues to be used for bank bonuses, so that gives me a nice emergency fund getting a good rate of return with little work.
Hey guys just a tip whatever you do don’t close your account or pull money out until October 1st! If you do you will forfeit all your interest for the quarter. See terms and conditions here:
https://www.insightcards.com/legal/insightrb_cha_insgpr0620.pdf
Page 12 TRUTH-IN-SAVINGS DISCLOSURES
Effect of Closing Your Savings Account: If you or we close your Insight Savings, we will return all available funds, less any
amount owed to us, to you by transferring the funds to your Card. If you close your Card account, your Insight Savings will also be closed by transferring all available funds to the Card prior to the Card closure. Accrued interest will not be posted to your savings account prior to the closing transfer. Any accrued interest will be forfeited.
Statement still says 5%. Calculation says ~1% for quarter.
It sounds like all insight accounts are now at 1%.
Yeah, my advice is wait to see what posts next quarter. Every bank is at 1% these days anyway, so not really a loss to wait and see if they actually enforce this change. Don’t forget, they got rid of the 5% accounts before for those of us grandfathered in, then brought them back for no reason.
Good advice FP. And like you said 1% might end up looking good for liquid cash in a FDIC insured account with rates dropping to the floor. The July statement should tell us the rate for sure. Don’t they need to send us a email or letter before these changes take effect anyway?
You’d think they’d have to tell us something…but this is Insight, so who knows!
There are checking accounts accounts out there giving WAY more than 1%, so there is a loss to those of us that have access to those. Instead of wasting a whole quarter, the smarter thing would be to check your monthly statement at the end of this month. Allegedly, the drop to 1% took effect July 1, check on Aug 1 if you earned 1% or 5% and then decide what to do.
Yeah, the thing is, the super-high yield checking accounts are a bit of a different beast since they require you to do some actual work each month that isn’t likely to be able to be automated (i.e. 15 debit card transactions). I’ve always compared these Insight/Netspend accounts to normal high-yield savings accounts vs. the high-yield checking accounts that require you to meet certain requirements. Just my opinion though.
Yeah rewards checking accounts have hoops and their rates are dropping as well or they are lowering the cap that earns the higher rate. I’ll be putting this in a 3.5% add-on CD while leaving $10 in the accounts to keep them open in case things change like they have before.
Can I ask where your 3.5% CD is from? Would you happen to know if this is the highest rate available now? Thanks.
I have 6 different add-on CD’s from various institutions. None of them are available currently.
1. NFCU(Navy Federal Credit Union) 3.75% IRA add- on CD $150,000 cap
2. MACU(Mountain America Credit Union) 3.75% youth add-on CD $50,000 cap
3. MACU(Mountain America Credit Union) 3.50% add-on CD x2 $100.000 cap
4. GTE Financial 3.04% add-on CD x2 No cap
I decided to plan ahead after the Obama 0% years as to not get caught off guard with ultra low rates again.
Is there any updated information for someone picking these up for the first time? The last good info I see on here is from April. The only place I can find that physically provides the cards is providing only the green mobile banking card – they said they thought that the reloadable prepaid card was being discontinued. This is funny considering both are still being advertised online…on the other hand, the mobile card is the only one of the two of them to mention anything about the savings account, which it states is at an APY of 1%. Just looking for any updated success stories. I’d have to drive 45 min-1 hr to another town to go in-store if I need to do that. If it’s working, it’s worth the drive; if it’s not working…I mean, I’m really trying not to go anywhere I don’t have to right now, so…
Good ??? One of my cards does expire this month, but hasn’t been replaced yet. Curious if your new card is due to expire, or did they send you mines by mistake.😶
I’ll take a fifth one and dare them to say, Oops. 🏋️
Actually I have 2 cards due to expire this month. Neither of them match this card number. These are my first Insight cards to ever expire. I wasn’t sure if they were going to send out replacements or not. I did have one last phone application hanging out there that was supposed to have been declined since I had the max of 4 but I never heard back from Insight on that one about a year ago.
I have extensive experience with credit cards and they never change your card number unless they need to issue you a new card due to fraud or they change banks. Debit cards however seem to have different rules. I have 2 Netspend cards and they sent me 2 new cards with totally different account numbers so maybe that’s just how debit cards roll.
Question for FP or anyone who may know.
I just got another Insight card in the mailbox yesterday out of the blue. I have not applied for any more cards since hitting the max(4) years ago. I figured that it was just a replacement card except for the fact that it doesn’t match any of my card numbers or even my wife’s card numbers!?! I have never requested any additional cards for any of my accounts but I did get 2 replacement cards that I never ordered years ago and they had the exact same account numbers with a different expiration date.
So my question is that if anyone has received a replacement Insight card has that replacement card been a totally different account number or was it the same account number as the card it replaced with a new expiration date only?
Only 2 scenarios are possible here:
1. This is a totally new and different account(This is what I’m thinking) or
2. They change your account number when issuing new Insight cards to replace expired cards(strange but possible)
Thanks in advance for any help figuring this out.
My cards also just expired I assume and they sent me new ones. I didn’t look at the numbers, because honestly, I just toss them in a drawer and don’t activate them. I think they are the same account – just with different numbers. On a practical level, doesn’t really matter that they change the card numbers since none of us are using the cards anyway.
Thanks for the quick response FP! Well I was just wondering because if this is somehow a “NEW” card and not just a replacement I could create a new username and password and see if the “savings” link is there. Nothing like another 5% account with rates in the banks going to 0%. As far as I can tell the actual card number does not show up anywhere online only the savings/checking account number. So there is no way to tell which “savings” account this card may or may not be attached to. I didn’t want to try and set up a new user name and password until I know for sure. I don’t want to get locked out of one of my existing accounts by accident. I also have never activates any of my Insight cards since I didn’t plan on using them. Now I’m not sure if that was the best move or not.
You can. All of your cards show their routing & account #s on the Insight website. Your new card is attached to a brand new sheet of info that shows the account # at the bottom. Match that account # to one of your website account #s. I just got my new one in the mail and it is a new card # that is replacing the card attached to my very 1st Insight Card.
Cheers,
SW
Thanks SW! Yeah I’m a moron I just found the account number the card is associated with on the bottom of the voided check for payroll deduction. It’s a replacement card for my 2nd Insight card. So apparently they issue totally new debit card numbers when they replace expired cards. Mystery solved I don’t have to call Shaggy and Scooby now. Do you guys recommend activating the cards or not? I’m not using the card either way but I just want to make sure they don’t close any accounts for some type of inactivity.
Well, I suspect….yes? Maybe you should activate it? Because the money goes to Card Balance first, then to Savings balance: “Transfer an amount from Card Balance to Insight Savings Balance.”
Then the “Card History ” dropdown menu shows “Transaction History” & “Spending Summary.” It says “Card” history.
Look, don’t get me to lying. I’m just not sure.
Cheers,
SW
SW: I just got my second replacement card for my first Insight account today and the numbers on the card match exactly. My second account was the one that I opened online where the savings was closed and then reopened so that may be the reason for the different card numbers.
So now I have it figured out. The card numbers should remain the same unless your savings account was closed and reopened in that case you get a card with a different account number. Now I don’t feel so dumb that was a bit tricky to figure out since I had done a fifth application about a year ago I wasn’t sure what was going on.
It appears Insight blocks temporary transfers from other banks. For example, if another bank deposits $0.35 to verify the account, it cannot pull the money back.
This has happened to me twice and includes Ally bank.
I think the problem is that sometimes your bank tries to pull the money back before Insight has it on the card, which is why it gets blocked. The solution to this is to find a bank that doesn’t pull the money back or get some money on the card in advance. I had one of my Insight cards have this problem, where it didn’t work with Ally and then got blocked. I ended up using Simple bank, linking that to Insight, and that worked. Then I just automated $1 in and $1 back out from that Simple bank account into perpetuity. You could try opening an account with Simple and seeing if that links successfully (it’s a free bank).
Thank you DK for asking the transfer question. Thank you Kevin for the solution. I encountered the same problems as DK and glad you got a solution!
Glad it worked! Make sure you bookmark that link!
Hi Financial Panther, for insight cards, anyone can only have at most four applications, right? If you get one card and later you close it, you lose one application opportunity. If you already applied four times, even though you close some of your accounts, you cannot open new accounts any more. Is that correct? Thank you very much!
I think the amount of cards you can have varies and is sort of random. I was never able to get more than 3 cards per person myself. I don’t know what happens if you close an account and if that opens it up for you to get more cards.
Hi Financial Panther, I closed my old cards and tried to open a new card, but I got rejected. The customer service said one person can only apply at most four times. If you applied four times before, even though you close those cards, you cannot be an insight customer any more.
Thanks for the data point! Good for people to know.
Call me crazy, but I can’t figure out how to transfer my savings interest to my prepaid card. I’ve done it easily before, but the option seems to be missing or I’m just blind.
A couple of quarters ago, Insight took away the transfer option. To get to that transfer page, log into your insight account, then go to this link. https://www.insightvisa.com/savings/transfer
It’ll bring you to the transfer page where you can move money back and forth between the card and the savings account. Make sure to bookmark that link so you have it again for next quarter.
I opened an account at a location. But I cannot use the online account. After registering the card with an online account, it said I need to confirm my email. But what it said on the webpage is that “We sent a confirmation email to” then blank. How can I receive an email? There was not my email address there. I went to the location. They said they entered my email when they opened my account for me. They asked me to call the number on the back of the card, which I did. But there are no options to talk to a real person.
I contacted the customer service through the message center asking whether I can enroll in the savings account. They replied that my account is not available for the savings option. I may open a Mobile banking account and create a savings account this way.
I took my money out and left the account open after it said the savings option was closed in 2018. Recently I found people say that it is back, so I checked my account but the savings option is not in my account.
Did you put $10 or more back into your card to see if it turns on the savings option. I have mine back, but I reactivated it about a year ago when people discovered it was back for current users.
I put $20 into my card but it didn’t turn on the savings option. I asked the customer service how I can open a 5% interest savings account I used to have. They said that Mobile Banking is the only card that has the option for savings. Some comment said it only has 1% interest. The customer service didn’t mention opening an account at a retail location at all though the cardholder agreement said that cards opened at a retail location can open a savings account. And they also told me to go to the http://www.insightvisa.com website to sign up for a mobile banking account. But it is only a log in webpage. There is nowhere to sign up for anything.
Hmm they might have closed the grandfathered loophole. I luckily still have all my 5% interest accounts going strong.
Anyone started pulling out money(5k, 1k) from savings accounts(5k and 1k) due to alarming rate of market falling/virus-spread and this prepaid banks may get into possible bankruptcy situation?
Successfully opened a brand new insight account at a check cashing place and activated the 5% interest account today. Have to be attentive though as the first place I went only would let me open the “mobile banking” card (green card) which only comes with a 1% interest rate. Make sure you get the prepaid card (black card). I should have another one coming in the mail too, so I will take the leap to see if it works for the 5% too by chance.
Thanks for the data point. It seems mixed whether opening Insight online works for 5%, so I’m still a little confused about it. My friend opened online late last year and the 5% was working for her no problem.
Can someone verify if this is working (getting the black card for the 5% interest).
I can verify that the Insight black card I ordered online DID NOT get the savings option. I can also verify that the CS agent I spoke to at Insight told me that only the cards obtained through an “Insight partner location” are eligible for savings accounts. The T&C also state this. However, there are a few recent reports of the online cards getting access to savings, so… YMMV. It doesn’t cost anything but time to try and see.
Hello Deklin, may I ask which check cashing place did you open your new insight account? Thank you! I went to Western Union. But they told me that the insight system is down. They only have Green Dot.
I went to Lend Nation first and they had both but would only give me the mobile banking card. Then I went to a Western Union one after calling insight and asking where I could get one in person and they directed me there as well as the Lend Nation I went to.
Were you charged to call the customer service? May I ask which city you are at? Thank you very much!
I was not charged as I did not have a card yet. I was travelling through Chicago and picked one up while there.
Hello Deklin, how did you transfer money onto your account? I tried to use an Ally transfer, but it wouldn’t let them take the money back so that option was blocked. Did you use a different bank for transfer?
I successfully used Ally but looking at my statement they may have taken the debit off of the account before it credited the two credit amounts so if the card is empty you may not be able to execute the trial debit. My card had $10 on it as I loaded it at a reload location. Other than that I am unsure as I was successful with Ally on 2/28. Hope that helps!
The recent comments in the Netspend post indicating that Insight savings is available again have piqued my (and others I’m sure) interest. Although the (prepaid) Insight website doesn’t mention savings, It is still in the T & C fine print at 5%. Since it doesn’t cost anything I set up an Insight account, and funded it, but there is no savings option anywhere on mine. I’d be interested to see more detail from the others who said its live, but I have to assume its dead.
Yep, I’m going to update some posts and write a new post. My friend opened an Insight account a few months ago and confirmed for me that the 5% is working for new accounts as well. Get in on it while the going is good!
If the savings transfer option doesn’t show up, which is the case lately, use this link while you’re logged into your account. http://www.insightvisa.com/savings/transfer
That will bring up the transfer page that lets you move money between the card and the savings accounts – and vice versa.
I tried to manually navigate to http://www.insightvisa.com/savings/transfer while logged in and I got an error something like: “the savings feature is not enabled on this account”, But you’re saying that the savings IS live again? What gives? Why can some access it and not others?
Not sure. Is your savings account not activated at all yet? Possible that it’s not working – Insight is hit or miss at this point, which is why I’ve been assuming it’s dead for new accounts. Old accounts still grandfathered into the 5% interest.
I found this in the cardmember agreement:
“Opening Your Savings Account. If your Card is active and was opened through a Retail Location, you may open an interest-bearing Savings Account through Online Banking…”
Did your friend open the account at a retail location? Mine was online.
Possibly dumb question, What kind of retail location opens these cards?
My friend that recently opened the account definitely did not open their account at a retail location. But again, I’m not exactly sure what the current status of these insight accounts is.
I have another friend that has opened them at retail locations, but he did it years ago – you have to open them at sketchy check-cashing places. He didn’t have a problem doing this. It’s like opening a bank account, just at a weird check-cashing place. He was able to do it because it was next to his apartment.
I’ve checked every check cashing/payday loan place around, as well as in-store money centers, even drug stores but there aren’t any Insight cards to be found.
I tried a secure message to Insight about the savings, but they responded with “you need to call customer service for this kind of inquiry” so I ate the $2 (because the first call was cut off before I got so speak with anyone) only to have the rep tell me that the account must be opened at a retail location to have access to savings. I then asked where I could find one and after she searched using my zip code she returned with “there are no Insight partners near you”. So I guess this is dead, for me at least.
Bummer. Yeah, Insight is one of those things where the status of it is a very much “your mileage may vary” situation. I’m fortunate enough to still have it working fine for me, but it looks like it’s a bit hit or miss whether it’s still active.
I logged into my Insight card yesterday to transfer out the interest only to find the “Transfer” option dissapeared. I sent a secure message informing them of this, assuming it was a glitch, only to be responded with “You need to call us to resolve this.”
Anyone else deal with this?
I posted this in another comment thread.
FYI to everyone. For people that had Insight accounts, it looks like either due to a glitch or on purpose, they removed the option to transfer between the card and the savings account. However, if you type in http://www.insightvisa.com/savings/transfer when you’re logged in, it brings you to the page that lets you move between savings and the card. Will keep an eye to see if this is a permanent thing or if this was just a glitch for some reason.
The tab of transfer shows up today. Very interesting!
Interesting. Maybe was just a temporary glitch that they fixed.
I have a 2nd account I can’t find the link to add savings now. Anyone know the url?
Right FP I have not jumped in on this one yet either. The big plus with this is that it’s 3% for online purchases as well as for the savings account. I already have the Bank of America cash rewards card set to 3% for online shopping plus a 10% bonus for having a checking account with them so 3.3%. For some folks who spend a lot online each month and are not already getting 3% this deal may make sense.
The crazy thing is that I think both of these cards may now be owned by green Dot.
Hi FP maybe you could do a separate post on this.
There is a new card on the market that has a 3% savings account on up to $10,000. The Green Dot unlimited cash back prepaid debit card. First the good news:
1. Earn 3% APY on up to $10,000 in a FDIC insured savings account. Anything over $10,000 earns 0%.
2. Earn 3% cash back for all in app and online purchases UNLIMITED.
3. Deposit cash using the Green Dot app for free
4. There is a $50 sign up bonus
https://www.greendot.com/
Ok now that sounds pretty good but here is the bad news:
1. There is a $7.95 monthly fee which is only avoidable if you spend $1,000/mo.
2. Your interest and cash back rewards including the $50 account opening bonus is only available on your anniversary date so you have to wait one year.
https://www.greendot.com/for-people/our-products/3-percent-unlimited#howitworks
FAQ’s https://www.greendot.com/product-faqs-overview/green-dot-unlimited-cash-back-savings-account-help
Terms and conditions:
https://www.greendot.com/content/dam/greendot/legal/about/docs/gdunlimited3daa.pdf
I have not had time to read through all the fine print yet but it would seem that if we could come up with some monthly MS(manufactured spend) ideas this may be profitable. My first thought would be purchasing a $1,000 CD online at GTE federal credit union(they accept credit card funding of CD’s) while earning 3% and satisfying the $1,000 monthly spending requirement to avoid the monthly fee. It may or may not work but GTE definitely codes as a purchase on my Citibank double cash card.
I’ll have to look into this. Gut reaction is that this is too much work, especially since I’m always working on minimum spend requirements on credit cards, so not sure why I’d ever use this.
Hi guys just a update. It looks like the savings account statements are now available again so we can check our accounts monthly. Last interest posted correctly for all of my accounts(8) on 7/01/19.
I also see the statement for May 2019. Shows 5% interest, so this is good to go for everyone who kept their accounts open. Big news for me and my wife because we each have three and then with Netspend, we’re each able to put away $20k at 5% interest, $40k total for our household. I’m very comfortable with that as my emergency fund.
You go into insight website and click onto the new card they’re offering I believe iS called online banking card, click details and it will show the 1% savings at the bottom
Where did you see the 1% savings? I don’t see anywhere that you can sign up for a card or any info on the savings.
SO I was trying to open the second card. I went to the website: https://www.insightcards.com/get-a-card/. But when I clicked “click here to get started”, it turned into a page where it said: “The requested URL was rejected. If you are receiving this message, your support ID is: 13112641709247422652”. Can anyone confirm whether they can open a second insight card?
Insight 5% interest accounts no longer exist. See my note at the beginning of this post.
WRONG!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
3/27/2019
Just logged into my ISC #1 account ( the 1 of 4 that I opened only online, the last 3 I was forced to call in and open) which I never cancelled just in case things changed…and they have!!!! They just offered an “open up saving account” option again!!!!!!!
As you may remember, the call-in accounts kept their savings accounts. The online portal accounts dropped theirs. Now they’re back.
LOOK…
SECTION 3: ANNUAL PERCENTAGE YIELD AND INTEREST RATE. The interest rate for your Insight Savings is 4.88%
with an Annual Percentage Yield of 5.00%. Interest will begin to accrue on the date of deposit. The APY and interest rate
on your account may change. We may change the APY and interest rate on your account at any time in our sole discretion.
It’s back with a $10 min deposit. I just have $4 in there now, but it’s time to get my %5 back!!!!
Cheers,
SW
Wow this is big news for the insight community, I actually find it retarded that insight kept this for so long when interest were below 1% and eradicated it after it went above 2%, a lot of banks are now offering 4 and 5% accounts(with states restrictions of course) so it was only a matter of time before they came back, I wonder if I call in I would be able to open a 4th card XD currently own 3 but will wait for a dp on this cuz now I’m not in a rush cuz I opened a 4% account on 30k and I barely have 5k on it still filling it with salary.
Hm maybe this is for ppl who own a grandfathered account cuz they just updated their website today and indeed they allowed the savings account but with 1% apy on online banking account, most likely will increase with time cu, 1% is ridiculous.
SW,
Did you re-open your savings account? Have you been getting the 5% interest? I didn’t find anything in the terms & conditions about a $5000 maximum like before. Does it mean that there’s no cap to the amount that can earn the 5%?
No, I never closed the card. I had auto refill coming from Ally. $3or5 sitting on the card. I always check the statements to see if they try to charge me for something and low & behold a savings account link reappeared again. I clicked on the link and found the same 5% @ 5k stipulation as before. Loaded it up a few days before ending quarter & got about $2-3 interest.
Thanks for the post SW! I was able to re-open my 2 savings accounts on the cards I kept open. I only funded them with $5,000 in April so I won’t know for sure if the interest is correct until Jul. 1st. The terms look the same to me and I think this only will work for us “grandfathered” folks who never closed their cards. If you closed your cards out last year you are out of luck. New cards only get 1% APY and the same $5,000 cap.
Thanks for the info, guys! Yes, I kept my card open as well, and I do see the 5% in terms and conditions. I’m going to fund it again with $5000! Thanks!
Sounds about right. I kept mine open because I was too lazy to close it when everyone was doom & glooming the cards.
@Carly: Still a $5,000 cap but you bring up a good point. We should keep a eye on the cap for the 1% savings accounts just in case they end up increasing it in the future to say $10,000 for example. Hey you never know, how many people closed out their old cards thinking they were useless last year only to regret that decision now?
Okay, so I’ve been way behind on keeping up with the comments, but I thankfully kept open all of my accounts and am going to move money back into them and see if the 5% interest sticks. If so, this is big. I still have 3 accounts and my wife has still 3 accounts too.
I kept two open and deposited the $5k in each. I can confirm I got a few bucks of interest in the account where I was able to put money in before the end of March.
Wish I could sign up for more accounts of course but so glad I didn’t close these two.
Yes my 1099 came from Republic Bank of Chicago
I read somewhere actually that it’s Republic Bank of Chicago. I did get two from Axiom and three from Metabank which I think are all the Netspend cards. Did you get yours from Insight?
What company name do the 1099s from Insight come under?
I think it’s Axiom Bank.
Hmm… so I received my first ever 1099 from Republic Bank of Chicago despite having had Insight cards for several years.
In any case, I have 3 cards and the interest they reported is $189.75 HIGHER than what I received in 2018 (almost like they have a record of me having a 4th card which I definitely do NOT have, especially with Republic Bank of Chicago).
I plan to call them at (630) 570-7700 on Monday morning. Any other thoughts? Has this happened to anyone else?
I wouldn’t recommend calling to complain, remember that they already killed this deal for most costumers and the one’s left aren’t supposed to be winning, but if you want to take the risk well.. do the math again with all your accounts cuz I don’t think they made any mistake, remember that 5% out of 5k a year is 250$ for each account.
I just did the math on mine and not a single cent they reported higher or less, I got 235.06 for 2018 for all my 3 cards, so go to savings statements and click jan 01 2018 until dec 31 2018 and do the math on all interest posting transaction and you will get your 189.75, do not call them as they might close your account being a grandfathered one, no1 complains on grandfathered accounts unless they want 8t closed.
Their 1099 include interest from 2017q4 to 2018q3.
Thank you all. Just to be clear, my accounts were all closed in July and are no longer active. So I should have only 3 quarters of interest including the interest from 2017q4 that posted on January 1st. But it seems that they reported as if I receive 4 quarters of interest (or, alternately, as if I received 3 quarters of interest on 4 accounts, despite only having 3 accounts). No one in a similar situation then?
I guess, to be clearer, as my accounts were all closed on July 1st, I didn’t receive any interest for 2018q3. Yet, the reported interest on my 1099 seems to include 2018q3 interest for all 3 accounts, despite all 3 having been closed at that point in time and not having received any interest (FWIW, I still have online access to all 3 accounts so I can easily verify that this is the case).
You and all of those that got their account closed after july 1st got their interest posted, unless you closed it before it posted which was a very ugly move on your side(if this was the case)
Yes, but Q3 interest is the interest accrued July 1-September 31st which would have posted on October 1st. At this point, my account was closed and I received no further interest.
In other words, I received 3 interest payments: on 1/1, 4/1, and 7/1. However, my 1099-INT is for $250×3 whereas I only received $180×3.
So it is off by $180, which is not an insignificant amount.
To follow up, I called 630-570-7700 who ended up transferring me to Insight. I spent several minutes on hold and was told that Insight was updating their system, and that I would be sent a 2nd, corrected 1099-INT after the end of January. We’ll see what happens.
Strange their 1099 INT has always been correct for me. Maybe they are adding in interest from the 1099 they forgot to give you from the previous year? Even if they don’t mail you one you are still obligated to report any interest earned though unless it is under $10(anything under $10 doesn’t get reported to the IRS and no 1099 INT’s are generated). Yeah I know you are supposed to report that too but I figure what the IRS don’t know wont hurt me! lol
Thanks sly, as always on the spot, this is the answer I was looking for and couldn’t find, I opened a salemfive account and earned about 2$ or less, closed the acc and never got a statement or 1099, now I know what to do.
You’re right in that I did not get a 1099-INT from RBoC last year, although I still reported it on my 1040.
Additionally, my interest for 2017 would have been $158.63, whereas my 2018 1099-INT exceeds my actual interest by $189.75, so I don’t think that explains it.
Thanks for your suggestion, though.
Also, FWIW, I just pulled my “Wage & Income Transcript” for 2017 from the IRS and it looks like Republic Bank of Chicago DID send the IRS a 1099-INT for me for $158.00, they just somehow didn’t send it to me. So I don’t think they’d include the 2017 interest again in 2018.
After some certified letters with return receipt, faxes, and emails, received my corrected 1099-INT with right amount today.
I just tried to open another one over the phone. I called twice, spoke to two different reps, they said they no longer open them over the phone.
Has anybody else had luck opening them over the phone?
I don’t think they will allow phone applications anymore(or at least they won’t have the 5% savings account attached). The only way to get a new card with the possibility of the 5% savings account would be to go to a “partner location” which would be a check cashing place or payday loan store etc. The only thing I was able to find on where the partner locations might be is here:
https://www.nclc.org/images/pdf/high_cost_small_loans/payday_loans/Report_PaydayLendersPrepaid71515.pdf
you have to scroll down to page 6.
these are the places it mentions as selling Insight cards as of 2015:
– QC Holdings (Quik Cash, The Loan Store, LendNation)
– Approved Cash Advance
– Community Choice Financial (CheckSmart, Cash & Go)
This is not a complete list by far and maybe calling Insight and asking them where they sell them in your state would work.
Thanks Lisa too bad it didn’t work. I figured it was worth a shot. Now if only someone could open a new card at a partner location and see if it still comes with the savings account after loading $10 we would all know for sure if this deal is truly dead for new applicants. Someone over at Doctor of Credit did this but they had 4 cards open, closed 2 and then opened the new one the same day the other 2 were closed. They reported that the savings link didn’t appear but I surmised that it probably takes a while for the computer system to register the accounts as closed. Since 4 cards were the max limit allowed this may have kicked out a computer error not allowing the savings link. So this is still not a definitive data point. I am guessing that a new card would still have the savings account attached in order to compete with the Netspend line of cards that do. You have to remember that the main focus of these cards are the “unbanked” who may not have access to a traditional savings account at a bank. Here is the thread:
https://www.doctorofcredit.com/insight-is-only-closing-5-apy-accounts-opened-online/
I loaded 10$ to an account which previous had the savings acct closed by insight. There is no option to transfer money to savings. When clicking on transfer money under savings tab it simply says you are not enrolled in savings.
I feel bad for FP after writing all this up and helping all of us out he has all 8 of his 5% accounts shut down! I hope everyone at least used his Netspend referral link to give him $20 for his efforts. I would like to personally thank FP once again for his great write up as I would not be earning 5% without it.
Haha, don’t feel bad for me! Just happy that people opening it up in-person are still getting the 5%. I kept all of my insight accounts open just in case it ever comes back, since I have everything automated anyway.
What’s funny is that this Insight post used to be my #1 highest visited post, then after Insight was killed, it dropped to nothing. Oh well.
Hi FP! Just a update for anyone else who still has a Insight savings account. It looks like they have updated their website and the estatements are no longer available(maybe just temporary?) just the transaction history. So no way to tell if we are still getting 5% other than the updated savings agreement at the bottom dated Revised 01/29/2018 which states the account is still earning 5% APY. and that a statement should be available on the website. My November statement showed I was still earning the correct interest. Hopefully we will get a new Dec. statement in order to verify.
That’s a very good observation as always sly you’re one step ahead of most of us, indeed the old web is down and this new one is more complicated as it doesn’t show the monthly interest no more, not even on statement, Jan 1st we’ll get a taste of what they did and hopefully the interest does post, otherwise will have to scavenge on around 3% savings which on my opinion makes no sense that this account’s been open with 5% since regular savings gave less than nothing and now that interest is rising they want to make it harder, shouldn’t the opposite be on track? Just my thought
I totally agree. You can now get 2.5% APY on liquid cash at EBSB direct(FDIC insured) and 2.788% APY over at GM right notes(non FDIC insured) with basically no cap. Short term CD’s at Andrews FCU 8 month 2.86% APY and Inova FCU 3% APY for a 1 year CD. It should be easy to get 5% on a $5,000 capped account by now without the debit card hoops and direct deposit requirements of so called rewards checking accounts. Soon we may be able to get 5% on 5 year CD’s again. There were some 4-5% CD’s out earlier in the year already. It’s funny that for around 30 years 5% was like the typical joke interest rate that all banks paid on savings and if you looked around you could find 6-7% MMA’s/CD’s. Now 5% is like the holy grail of interest.
I just received my 5% apy, check out yours pals, insight is still popping.
Happy New Year! Good to see the interest post today. Still no monthly statements though maybe Jan. will have one. Ohhhhh my aching head! lol
That’s so awesome that Insight is still popping. To confirm, this is just for people that opened up insight accounts in person, right? Like my insight savings accounts all got closed because I opened them all online.
In person at a partner location and also by phone. Apparently I had opened only 2 accounts online and the other 6 by phone. I still have about $32,000(with interest) earning 5% at Insight plus some Netspend cards. There has still been no definitive data points on whether or not a new Insight card from a partner location still has the savings account so that may be worth a shot if someone feels adventurous. These are dead by phone for sure though. I still have 2 Insight cards with no savings accounts and I will load $10 on them to see if the savings link comes back as they have just updated their website and who knows maybe I’ll get lucky. Another great option is DCU credit union 6.17% on up to $1,000 I’ll be opening up this one next.
https://www.dcu.org/personal-banking/savings-reg-shar.html
Yeah, let me know about whether the $10 load works. I kept all of my insight accounts open just in case, and I see that there is the savings option again.
I don’t remember why I haven’t done DCU yet because that one seems like a no-brainer also, but I haven’t done it yet for some reason. There’s no hard pull for it right?
No hard pull at all, same as netspend but you have to donate 5$ to charity totally worth it since you dont need the 1$ transfer to keep it alive unlike netspend, by the way if you haven’t yet you guys should also open pmcu account, 4% apy on the first 2,000 and the referral is 50$ here is the linkhttps://www.pmcu.org/referred-by-a-friend/MXMUWLCKC/, no idea if I’m violating this web policy by sharing this since I haven’t read them, if I dis I apologize just don’t allow this comment to show, you should also open tmobile new account 4% apy up to 3,000 with an easy 200$ transfer every month which you can so through their app back and forth so is easy to meet this req, heritage is a good option at the moment 3.33% but have some read so I actually closed that one since I never really used it.
@FP: I think DCU used to do a hard pull with Equifax but recent data points suggest they now only do a soft pull to join unless you are applying for credit. That PMCU account looks good as well thanks Evilex. Most credits as a general rule do a hard pull when joining even though you are only opening a savings/MMA/checking/cd with them. Very frustrating when you are essentially loaning them your money. Where is the consumer protection for unnecessary hard credit inquiries that drop your score and stay with you for 2 years? Now I just need to find out if DCU or PMCU allow custodial or minor accounts for my kid’s savings, this way I can show them what a decent interest rate will earn them on their savings. As we all know these things are not taught in school.
I wish I had a parent that taught me all of that lol. I had to research on the internet and learn from different sources specially financial panther, I did heard dcu used to do hard pulls but I opened mine after they presumably stopped doing hp and I got a soft pull a few months ago, no hp on the pmcu either. Good bbn luck with the custodial account.
Yes me and sly opened them by phone or in person, most likely online accounts are still dead, hopefully more banks will do this kind of deal as apy is near 3% and 2 more hikes are coming this year.
And thus we have the pros vs the cons.
https://bitcoinist.com/rich-dad-poor-dad-bitcoin-peoples-money/
Well got my guaranteed 5% for August and we seem to be having a major crypto crash today.
https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-crash-cryptocurrency-market-value-ethereum-ripple-eos-cash-a8523761.html
Can’t say I didn’t warn you.
Yuppp!
OK team,
My 3 call-in-registered cards still have savings accounts that show interest accrued this period.
If I wasn’t planning on placing some of my extra cash into crypto, I’d place it back into my 3 remaining 5% apy savings accounts.
Just an update.
Cheers, SW
Confirmed all 6 of my accounts that were opened by phone are still earning 5% APY. I’ll keep my cash in FDIC insured real dollars backed by the full faith and credit of the U.S. Government. Yeah I know that’s not saying much but it beats a non-existent currency backed by……………well nothing. I know it’s none of my business but these crypto currencies are going to crash hard and you don’t want to be the one holding them when they do. Be careful It’s like the wild west out there!
Same as above still getting 5%, you should take your money out of that pyramid called crypto and put it on a real thing, i.e stock market, crypto is going down it has no way of revenue other than new clients buying more and giving their money to the ones below then.
Any of you having issues leading insightvisa.com? For me it won’t open, did they close it already and now we have to sign up at the “new” not really new one insightcards.com? I own the same email for all my 3 accounts so I don’t want them to sign me up and mess up my accounts by saying I only own 1 or something xd
I just logged in to https://www.insightvisa.com and everything seems fine. I’m using Chrome incognito mode. Not sure what your issue is. Try clearing your browsing data and re starting your computer and modem as this will sometimes fix connection issues.
While the call-in accounts seem to be accruing interest, has anyone actually had it post at the end of September, beginning of October?
I believe a buddy of mine said he got his interest. You should have had it post since it’s now Q4.
When did his post? I don’t see anything posted on my account even though it said interest accrued.
I got mine 10/1. Don’t see the transaction on Insight’s website but Mint captured it and my balance increased.
https://imgur.com/a/Za5XGi0
@SW: You should have left the 3 cards that still have the savings accounts fully funded as I believe they are still earning 5% APY. They also pay 5% APY on all the interest above $5,000 that accrues. You can now only add $5,000 max back in those accounts. We have to wait until the statement comes out on 8/1 to be 100% certain……………..fingers crossed.
S1,
When did these accounts ever accrue 5% above 5k?
SW
Since inception I believe. I posted on this before and the math proves it out as well. The interest also compounds daily even though it is only credited quarterly. What happens is that the daily compounding amount keeps increasing as your balance increases.
From the Insight savings account addendum and agreement:
SECTION 3: ANNUAL PERCENTAGE YIELD AND INTEREST RATE. The interest rate for your Insight Savings is 4.88% with an Annual Percentage Yield of 5.00%.
SECTION 4: BALANCE COMPUTATION METHOD. We use the daily-balance method to calculate the interest on your Insight Savings. This method applies a daily periodic rate to the principal in your Insight Savings each day.
I’m bored so I’ll do the math.
4.88% is the APR and 5% is the APY
Original balance: $5,000.00 x .0488(4.88%) = $244.00/365 days = .66849 round up to .67(interest earned per day)
1 year later balance: $ 5,261.27 x .0488(4.88%)= $256.75/365 days = .70342 round down to .70(interest earned per day)
As you can see the the interest earned per day has increased .03
I used my last statement balance as a example and it was about 15 days shy of a year.
If the interest was not compounding on the amount above $5,000 you would only have $244 exactly in one year. $261.27 -$244 = $17.27(this was from the amount over $5,000 compounding for the first year) So I should be earning .70/day to start the next quarter and this will increase through the year.
This information on compounding applies to all savings accounts and CD’s as well. Most banks only do monthly/quarterly compounding.
This is why daily compounding is always better than monthly/quarterly/semi-annually/annually.
Math correction to my post above:
If the interest was not compounding on the amount above $5,000 you would only have $250 exactly in one year. $261.27 -$250 = $11(this was from the amount over $5,000 compounding for the first year)
I used 4.88% instead of 5% on the original $5,000 which accounts for the difference.
OK team,
After reading the resent posts, I, too, have noticed that my only online-registered account has no savings link, but my 3 call-in-registered accounts still have active savings links.
Maybe I’ll put some cash back into them to see if they accrue.
I still have to get on the phone for the 3rd time to tell them that my 4th card is PAY-AS-YOU-GO dag nabbit!!!!
Stay tuned.
Cheers, SW
I used this number when calling 1-855-355-8117 my guess is that they both take you to the same place. I also have never had the $1 fee assessed when using this number. Over at Doctor of Credit people are saying that you will know your accounts are completely closed when you can no longer log in to your account.
So I called this other number and it bypassed all the computer auto menu prompts. Rep cancelled my cards and the savings accounts both. She said she I would not receive any closure notice in the mail. Maybe this number will help others.
1 (877) 874-3025
This is the number which I called – 1-888-572-8472
Great thank you!
I called twice to close my account and both the times customer service confirmed that it would be closed but as of today my account is still open! I also sent secure message and got response that I need to call customer service to close account. Not sure what to do….!!
If you happen to have it handy, what was the number to call?
@Dwayne: If you stop the automatic $1 ACH transfers Insight will charge you a $3.95 inactivity fee. If you intend on keeping the card open I would advise to leave the $1 transfer in place. If you intend on closing the cards you can call or secure message them. It has been reported on doctor of credit that the Insight card itself is actually separate from the online account. So when closing the cards make sure to clarify to the CSR that not only do you wan’t to close the card but the entire account as well. Then ask for a confirmation email that everything is correctly closed. Make a PDF copy of the closure confirmation just in case. Then and only then would I stop the $1 deposits. As for me personally since they only closed 2 of my savings accounts I only emptied out 2 cards and I’m leaving everything open for now including the $1 ACH transfers. I don’t want them accidentally closing my other accounts.
Lol that’s exactly what i would do if i was in your situation, you’re very smart heheh, those savings are useless unless you opened them via phone or inbranch, i left my 5k on each of them cuz is 99% sure we will keep getting the 5% for now since we did not receive any mail about the closure like the ppl who opened it online did.
@Evilex: I don’t know about smart but I’m feeling pretty lucky right about now! lol I’m still wondering what would happen if you got a card from a partner location after July 1st. Would the savings account still be there? Not that I would do it but just out of curiosity. If anyone out there knows the answer please post.
Thanks Sly one! My two cards have $1 on them…for now. So I guess I’ll need to call in and close them.
FP, I have successfully moved my 5% savings balances into my Ally account! But what do you recommend regarding the two debit card accounts? I still have the Auto ACH transfers scheduled from Ally onto the insight debit prepaid accounts. Should i leave them in place or actually close them? If I close them what’s the best way to do that? If I leave them both open is it correct that they both would still require $1 deposits every other month? Or could I leave them both open and then cancel the $1 Auto deposits?
Right now, I’m just leaving them open and leaving the $1 transfers onto them. You can just set it up to automatically send you back those same $1 like 2 weeks after you send it. My rationale is that its really not any work for me to just leave them open, and I figure I’ll wait until end of the year before doing anything, just in case anything changes. Just note that if you leave them open, you’ve got to keep the transfers going just to avoid the inactivity fees.
Did anyone figure out a way to transfer your savings back on to your card to transfer back to your bank? When I go to the savings tab, it only as an E-Statment. I do not have the option to transfer.
My savings were closed today by insight themselves. I did earn the interest and it was transferred to card with line item saying: Closing Transfer to Card. They did lock my accounts like everyone else and had to call to get them unlocked.
Considering they targeted the online accounts first and flagged them. I’m going to close my accounts after all the funds show up in my bank. I don’t think will see these online opened accounts get the savings back.
Perfet timing lol i was just transfering the money out nof my insight when i saw your msg XD i have 3 accounts and i can confirm i did not receive any notification about closing my savings neither they indeed are closed, i can still transfer to and from the savings, maybe they were just scared that all that money was going to move out all at once so they made it that way(my only gues)
Not all savings account are closing! If you opened it by phone or in-person you probably did not get a June 1 closing email from Insight. Insight’s closing Savings account if it was opened online.
See https://www.doctorofcredit.com/insight-is-only-closing-5-apy-accounts-opened-online/
I got only 3 closing email notices and no email for my 1 account opened via 855-355-8117.
Another live customer service number is 888-796-1516
Thank you Johnz! I was just about to move all my cash out! I only had 2 accounts that were opened online and then the online application kept failing so I opened the other 6 by phone and those accounts still have the savings account. Now the question is are they still earning 5%? I’m going to assume they are and leave them funded. I only had 2 account closing emails as well. Great news!
I’m keeping my remaining account too. After July 31 you can verify the interest and APY for July by displaying Savings->E-Statement and selecting July’s; has columns for Accrued Interest This Period and APY.
Right John we only have to wait a month for the next statement to verify if the accounts are still earning 5%. I would think that they would want to keep the savings earning 5% on $5,000 for their debit card using customers that do not have access to a traditional bank due to chex and/or bad credit score etc. as this is the only thing that would differentiate them from Netspend. Those customers would most likely have opened a account by phone or at a partner location. They only need to close some of the savings accounts to make the card viable. I bet most folks who are using these just for the savings opened them online.
how are you transferring out the funds? when i move savings to card it saids transfer limit hit. Can we use ally to ach out from the savings immmediately?
I got ‘transfer limit hit’ yesterday (transfers ok today) only for my 1 account that Insight’s not closing savings. Maybe wait a day or later today. I tested transferring $1 savings to card but couldn’t move it back: ‘over $5000 balance limit’.
You can’t ACH out of savings. For 3 accounts yesterday after transferring savings to cards I used Ally to pull out each cards balance. The Ally ACH’s pulled them out this morning, those 3 card balances are zero now.
Update: thank you for the above suggestions from pandax and johnz. I called the 855 number and got my cards unlocked. My two savings accounts had been removed.
I had similar experience. I was able to logon my two accounts this early morning and saw the interests had posted in my savings accounts. I just tried to log on again, but a message shows “invalid logon”. Should I call insight or just pull the money out from my personal checking account, the one links to insight? Thank you for your feedback.
Well I spoke too soon! I was able to login to 6 of my 8 accounts today but 2 were locked and somehow Insight had them marked as dormant as well! I have $1 going in every month to keep activity. I had to call in to regain access. The 2 accounts that were locked were also the only 2 that had the savings accounts closed and the balance transferred to the card. The other 6 still showed the separate savings account. I have a funny feeling the other 6 will somehow end up being locked up as well when I try to login tomorrow. So much for a smooth transition out. I’m going to transfer the balances out on the first 2 with fingers crossed that all goes well. Good luck everyone “May the force be with you”
I too am having issues accessing all four of my accounts today.
Even after going through the password reset process I’m getting an invalid login.
I’ll give it a day or two to see if they are having some technical issues..
Having similar issues across all accounts, but seems like some people were able to access their accounts before 10 AM. Now am locked from accounts after trying password reset. No direct customer service rep, but likely due to weekend. Hoping this gets fixed in the next couple days.
Call (855) 355-8117, the rep unlock my account, and I am able to log in now.
Awesome! Thanks for this tip!
had same issues today, ‘Invalid login’meant my accounts were locked, had to call 855-355-8117, a real human answers, one-at-a-time give them your card and id info, request your account unlocked, they unlock, use Forgot My Password link to reset pw, login.
Insight’s in process of transfering savings balances to card balances so you might find yours already transferred or you might be able to transfer yourself, or your savings-to-card transfer fails with error message ‘Transfer limit reached for this month’ meaning you have to wait for Insight to transfer it.
Hi guys. Well I just checked my Insight cards today and they did post the correct interest to the savings. They did not close the savings account yet however. I’m a bit unsure of what to do. I think maybe because it is a Sunday everything banking seems to be shut down. Funny how that works even though everything is computer controlled and automated nothing happens over the weekend. ACH transfers never seem to post until Monday either. I wonder who benefits from this inactivity? Oh yeah the banks! lol R.I.P 5% I’m really starting to miss the 80’s right about now.
anyone able to login to their account? The site to login will not load for me
I haven’t had any issues. Maybe try resetting your password?
I called Insight at the fee-free phone number (855) 355-8117 to close out my own partially-set-up account (card activated but hadn’t set up online access or ACH links) today, Sunday afternoon 6/24. After a few brief pauses and funny phone system noises, but no phone-tree menu or hold time, I was connected directly to a live Insight rep in the US. She asked my card number, name, and last 4 of social. I told her I never got around to loading money on this card because right when I was about to, I found out they were shutting down the savings account feature, and I already had ‘other cards’ that could do the other stuff theirs does, so now I had no reason to ‘switch’ to their card. She said she understood and would close my account, and that I would receive a letter in the mail confirming the closure.
Thanks for the info Ann! I wonder if I can call once and close 4 accounts? I’m thinking about keeping the cards open for a year after they end the savings accounts though. I just have a feeling after all their customers move to the Netspend cards in a mass exodus they may reconsider if management is smart that is. I mean why would anyone choose Insight over Netspend now? Particularly those who are supposedly “unbanked” and need a savings account as well as a checking. They could be doing this just to get all us smart folks to actually close our accounts before they bring back the savings accounts and cap them @ $1,000 or $2,000 just to sweep us away. This could be their way of trying to outsmart us.
You could spread out the closures in separate calls a day or two apart if you want to avoid possible awkwardness about you having so many, and they start off the call by wanting to know the debit card number which would be associated with just one of your accounts. But if you’d rather save time, it’s not as if they could do much to you at this point for calling attention to your multiple accounts (threaten to close your accounts? lol).
If they do eventually decide to bring back lower-capped savings accounts, I don’t expect it to be any time soon. I had no money in my account yet, so I didn’t look like an obviously non-profitable customer yet, and what I said on the call implied I would’ve used the card too… but the rep nonetheless had no encouragement to offer to avoid losing my ‘business’ (e.g. she could’ve said something like “we’re just closing the savings accounts temporarily, if you stick with our card they’ll be back later this year”, but nope).
I might also just leave my accounts open just in case they ever bring it back. Everything is already automated anyway, so not a lot of harm just leaving your account to send a dollar and pull the dollar back.
I opened insight account two weeks ago before seeing that 5% no longer is offered so atleast I did not transferred $5K amount. I sent email to customer service a week ago asking for confirm 5% interest and have not received any response. Do I need to call them to close account or it can be done online? Also is there any charge for calling customer service to close account (with zero balance)?
You will need to call. Someone on DoC tried using the online secure message thing to ask to close their account yesterday, and were just told they had to call. Try the (should-still-be) free phone number first: 855-355-8117.
So what if you have over $5000 in the savings account (due to interest)? I assume they will transfer the entire balance to the card?
Yeah, if its not automatically done, then just move it over yourself as soon as the interest posts.
Got the following email from Insight:
Important – Please read carefully
Dear Valued Customer,
Effective July 1, 2018, the Insight Savings account offered to online Insight Card customers will be discontinued.
This letter is to notify you that the Insight Savings account associated with your Insight Visa Prepaid Card you acquired online will close on July 1, 2018. Interest due as of July 1, 2018 will be credited, and the balance will be automatically transferred to your Insight Visa Prepaid Card account and subject to the prepaid card’s terms and conditions.
If you wish to withdraw any portion of your account balance at no charge, you may do so by issuing a bill payment check to yourself after July 1, 2018. If you wish to close your account prior to July 1, 2018 you will forfeit any interest accrued but not yet paid.
Instructions to complete a bill payment check to yourself:
Login to your account online at http://www.Insightvisa.com
Under the “Spend Money” tab, select “Bill Pay”
On the Bill Pay menu, Select the “Add Biller” tab
Click the link that says “Click here to add your biller manually”
Complete the Biller form with your name, account number, home address where you would like your check mailed and phone number
Select “No” to “Make this a scheduled Payment”
Click “Add Biller”
You will receive a confirmation that “Your biller has been added”
Next, click the “Single Payment” tab on the Bill Pay menu.
In the “Pay to:” drop down, select your name (the biller you just added)
Select the Payment Date that you wish for the check to be sent
Complete the amount that you wish to be sent.
Hit Continue and verify the amount and payment date
Select “Pay Bill” to process the check payment. A check will then be mailed to you and should be received within 7-10 days.
We apologize for any inconvenience this change may cause. We encourage you to continue taking advantage of the many other features and benefits your Insight Visa Prepaid Card has to offer.
If you have questions regarding this notice, or any other matter related to your account, please call the number printed on the back of your card.
Insight Card Services
Since it specifically says “acquired online”, is anyone trying to acquire some in person through their partner check cashing stores? I wonder if those will be next to go or will stick around for a while.
Bummer that they are closing these! FP, I’d be really interested to read a post on where you recommend moving our savings to if you have any!
Just wrote up a post with ideas – make sure to check it out!
I just got an email today that the Savings Account is being discontinued. What a major bummer!
Yep got the dear John letter(email) from Insight today. As if that wasn’t bad enough they have some convoluted instructions on getting a check mailed out through the snail mail. No thanks I’m planning to ACH the money out rather than lose 10-30 days of interest waiting for a check. To those with a Redneck/All america accounts they have a $5,000 daily limit on ACH pulls but you can call and get it bumped up for a one time withdrawal. I’m just going to pull it out in 2 transactions. This is going to take some time to close out all 8 accounts. I can’t believe they are just ending the savings altogether rather than just lowering the rate or the cap. On the plus side we just got blowout jobs numbers today so the FED will be hiking interest rates this month and savings accounts should follow. PurePoint Financial and Northern Bank Direct has a 3% and 3.01% 3 year CD available nationwide. Northpointe and Purepoint both have a 1.9% and 2.05% savings accounts. These are just some options for where to put your money when you cash out.
I just saw an add with some indian banks offering 6% on savings account, i’m currently digging into it to see how it works for non indian residents living abroad since it seems very appealing, yesbank specifically as of now i’m trying to find a post explaining the fees if applicable and the workaround.
Non Indians will not be able to avail those. Yes bank does a 6% thing on Savings account and a normal FD/CD rate is ~7%. Deutsche is giving as high as 10% APY for that matter.
I don’t think we can open a savings account based in India unless you meet specific requirements like working for a company that is based there. Then you money would also be in Rupees which could drop in value compared to the U.S. dollar and there would also be foreign currency exchange fees which could be like 3% in and 3% out so 6% could end up being a net negative.
Hehe yea i read that from other person yesterday, too bad we can’t invest there, there are some countrys offering 20% apy but is rly volatile.
I got the notification today as well that effective July 1 the savings account will be closing. Such a bummer but it was a great deal while it lasted!
I got same notifications just now. It’s stated it will pay interest on July 1st and will auto move funds from savings to prepaid card. So just wait for that then do an ACH or bill payment to self like it stated in notice. I’ll be doing a ACH.
Got my notification as well. Sounds like the balance will be moved to my card. I’ll just do an ACH withdrawal after they move the funds. Was good while it lasted!
Important – Please read carefully
Dear Valued Customer,
Effective July 1, 2018, the Insight Savings account offered to online Insight Card customers will be discontinued.
This letter is to notify you that the Insight Savings account associated with your Insight Visa Prepaid Card you acquired online will close on July 1, 2018. Interest due as of July 1, 2018 will be credited, and the balance will be automatically transferred to your Insight Visa Prepaid Card account and subject to the prepaid card’s terms and conditions.
If you wish to withdraw any portion of your account balance at no charge, you may do so by issuing a bill payment check to yourself after July 1, 2018. If you wish to close your account prior to July 1, 2018 you will forfeit any interest accrued but not yet paid.
Instructions to complete a bill payment check to yourself:
Hey FP,
Got a notification that Insight is closing the savings accounts facility starting July 1. The first thing we outghta do is withdraw our money but the prepaid card is no use for us anymore. Should we close it?
Thanks,
Ashish
Instructions to complete a bill payment check to yourself:
Login to your account online at http://www.Insightvisa.com
Under the “Spend Money” tab, select “Bill Pay”
On the Bill Pay menu, Select the “Add Biller” tab
Click the link that says “Click here to add your biller manually”
Complete the Biller form with your name, account number, home address where you would like your check mailed and phone number
Select “No” to “Make this a scheduled Payment”
Click “Add Biller”
You will receive a confirmation that “Your biller has been added”
Next, click the “Single Payment” tab on the Bill Pay menu.
In the “Pay to:” drop down, select your name (the biller you just added)
Select the Payment Date that you wish for the check to be sent
Complete the amount that you wish to be sent.
Hit Continue and verify the amount and payment date
Select “Pay Bill” to process the check payment. A check will then be mailed to you and should be received within 7-10 days.
Should people who are just setting up (or attempting to) the insight savings account be able to set up the savings account and it just won’t accrue 5% apy (and conveniently not indicate that you are not getting 5%), or should people just signing up for the card and trying to set up the saving account not see the savings tab at all? So in other words – If the insight home page still has the savings tab does that mean it is still allowing transfer to the savings account for the 5% APY?
I heard that the savings tab was put back up at least for those who complained about it. If you have the tab stick $5,000 in the savings account pronto because you will be earning 5% until July 1st at least. We still don’t know for sure if they will be closing out existing accounts. I have not yet received a email or letter stating that my savings account is closing. All we have is one data point on Reddit that says it will be going away on July 1st. It does however look like reliable information since the same poster also said that Insight would removing the savings feature for new applicants and it was taken off their website the next day. I’m still crossing my fingers that I will not get a dear John letter from Insight. I’m not doing anything until my interest posts one way or the other or I will be losing over $500 for the quarter.
Even if it is true for existing customers don’t close the account until after the interest posts on July 1st or you will lose all the interest for the quarter. I plan on leaving my accounts open until I hear from Insight one way or the other. They may let current users keep the savings accounts or they may change their mind later and just cap the savings @ $1,000-$2,000 as this will deter folks from just opening them for the savings like Netspend did. Too soon to tell how this will all shake out. I’m thinking you should be able to close the account by using their online messaging center(for free) after transferring funds to the card and ACHing the balance back to your bank.
Very good point. I’ll add this to the top of the post as a reminder – terms specifically say if you close the account before the quarter ends, you don’t get any interest for the quarter. Don’t do anything yet!
My only concern is what will happen to my money in the savings account once it closed on July 1? Do you think the money will just be transferred to my Insight card account or will they mail a check? Too bad about the 5% savings account being ended.
Just wait until the interest posts on July 1, then pull it all out. That’s my plan. Although…did we get the official announcement yet from Insight that the 5% is done. I haven’t been checking my emails to be honest.
Nothing yet FP and I have been checking mail and email daily. Nothing posted on the savings tab on the website either. I’m not transferring anything out or closing the accounts right away either. Maybe if enough people close their account early we will get grandfathered in as the number of 5% accounts will be greatly reduced and no new ones are opened.
Doctor of Credit states that the Insight savings is no longer being offered and that the current savings accounts will be deactivated July 1st? Is this true? If it is how do I close my account?
It looks to be the case, but don’t do anything until July 1st at minimum. If you close the account, you’ll lose out on your interest for the quarter per the terms.
This is a really bad move by Insight even for their debit card using customers. Supposedly these folks are “unbanked” and therefore do not have access to traditional savings and checking accounts. These cards filled that gap allowing them to still have access to typical banking services. By completely eliminating the savings account rather than just lowering the cap(like Netspend) or the interest rate they are in effect alienating the vary customers they are hoping to attract. A very bad move strictly from a business standpoint. Maybe they will rethink their approach as customers will be leaving in droves after this bonehead move.
Hey FP I think we killed it. I sure hope they are not closing the 5% on existing accounts as I have $44,000 tied up in these cards now! This was the worst possible scenario that could happen if this is true. Am I surprised? Not really as this was the reason I kept coming back here just to check. I just opened a GM right notes account which pays 2.02% APY on balances of $50,000 or more and a 2 year 2.7% add-on CD. There is now a 3.25% 5 year CD available. At least rates are rising now so there will soon be more high interest options if we are forced to migrate. This just really ticks me off because I just got 8 cards all set up and running.
Is there any advantage to having the $1 auto-transfer to each debit card in the same months? In the process of setting up my 2nd Insight card and might had the auto-transfer withdraw on a different month, no real reason except that two months from now is July but when I set up my first account two months down the line was June. Am I making this too confusing? Haha sorry, if so.
Yeah, I don’t follow all that. Just make your hub bank account send $1 to each Insight card account at the beginning of each month and then pull the dollar back around the middle of each month if you want to make it simple. The activity requirement is just once (in or out) every 90 days, so you could spread it out more if you want to, but some banks might not do scheduled transfers on more unusual intervals, and you definitely want something no less often than every 2 months to be safe (since 90 days is not a full 3 months).
Hello,
I’m in the process of setting up my first insightcard savings account. I’m just waiting for the Ach transfer to be completed from my ally bank account. I noticed that the option to activate the savings account is no longer there as opposed to when I first logged into my online account. This happened after I successfully verified the insight account from ally’s trial deposit. Has anyone encountered this before? I just wanna make sure I’m still on the right track. I’m hoping it’ll show up after I have at least $10 dollars on the card.
is there any money in the account? or did ally remove their deposit to leave the balance $0? maybe the option will re-appear once you have money on the card.
I tried today and was told the savings option is no longer available to new cards. I’m still asking them questions, but it looks dead.
Dear xxx, Thanks for your inquiry. I apologize for the inconvenience, but the Insight savings account feature has been discontinued for new enrollments. The account is still active, and you can continue to use your card and the other card benefits and features available to you. Thank you for being a valued customer of Insight. We really do appreciate your business have a great day! http://www.insightcards.com Toll-Free Account Information Line: 1.888.572.8472 Customer Service: 1.888.572.8472
This is HUGE. And horrible news. But thanks for reporting. Think you might be the first.
I guess that’s why when I’ve tried signing up for a 3rd card it would never prompt for background questions and would go straight to go to a partner store error. Thanks for the heads up.
Thanks for the comment Steve. I’ve updated the post to reflect this information – still a fluid situation until we get final confirmation that this is happening.
In the meantime, this means that Netspend is even more important to use. Yes, it’s only $1,000 per card, or $5,000 per person, but that’s still not bad. For two people, that’s $10,000 put away earning 5% interest, so good for an emergency fund.
I have not looked at Netspend, since the Insight card would have been good enough for me. I thought I read somewhere that they recently stated they need it to be treated like a real account and actually used. I’ll have to look into it, thanks
There’s no requirement to use netspend like a “real” account. Three years with Netspend for me with no issues ever.
Looks like we’re a week too late getting it funded. The savings account option is not coming back even when your money shows up. 🙁
https://www.reddit.com/r/churning/comments/8lbku2/insight_visa_prepaid_card_discontinued_5_savings/
https://www.doctorofcredit.com/unverified-insight-no-longer-accepting-new-5-apy-accounts/
Even those who already have one or more Insight savings funded are going to have them all shut down at the start of the next quarter (July 1), reportedly.
Noooooooooooooooo! You have got to be kidding me I have 8 cards funded. That really sucks after all that work.
That is the correct number. What happens is that some of the employees over at Insight are just too lazy(or just don’t know how) to take your application over the phone so they just refer you to the website or a partner location. Just keep calling back until you get to a competent employee that is willing to do your application over the phone. This happened to my wife so I just told her to call back and the next CSR took her application no problem.
Ok, I called a different number and this time I was able to apply for the card, but at the end, the person told me they will mail me the card, but I won’t be able to activate it without emailing them or faxing them a picture of my social security card and driver’s license…
Should I do this? Is it worth the security risk? How do I get them to activate without this information? I already told them my social numbers and id numbers over the phone…
There is always some small amount of risk in sending copies of your driver’s license anywhere, but I’ve had to do it before for other financial accounts. Fax is traditionally regarded as safer than email for stuff like that, but modern corporate fax systems often convert them to emails on the receiving end anyway, and people often send them using online services on the sending end too, so it may be a moot point these days.
Just finding out this afternoon that they’re pulling the plug on 5% savings anyway, so don’t bother sending them your ID through either method.
Hello, can someone confirm if the 855-355-8117 number is a legitimate number for Insight?
I got the error when applying online so I called this number and the first thing the customer service rep said was “social security number please”, and I just gave it to him but he said the same thing as the website that I need to go to a partner location to apply and he can’t do it over the phone because they need to verify my identity.
Now I’m scared this number could be a scam and they have my social security number now, what do I do? 🙁
Hi Pang, it is legit. I’ve used it. Others have used it successfully .
Why am I having so much trouble getting an Insight Card? I can’t get it online and can’t through the phone either, is there something wrong with my social security number?
I only have 1 credit card and 2 bank accounts, why is this happening?
Honestly, you might just need to go into a partner location and get it in person. My friend has gotten 4 Insight cards by going to some payday loan place near him. He said it took him 5 minutes or less each time. No idea why you’re having so much trouble – your credit and bank accounts have nothing to do with it. Probably just a random thing.
Wow that sounds crazy! It can’t be your credit score because they don’t even check it. I wonder if you have something on your chexsystems report they don’t like. I do seem to recall seeing another poster with this problem either here or on DoC. I have had this happen to me with a credit card before even though my score was very good like 780-800. This particular bank just arbitrarily closed my card with no reason or warning and denied my application for a new card(this was during the financial crisis). No reason or adequate explanation was ever given. You can’t really do anything either and they don’t need to give you a reason. About the only thing you can do is call back and ask for a supervisor or ask if they have a retention department.
I may try calling them back and asking for a supervisor. I’m just very confused why this would happen. I have a 820 credit score, and no outstanding debt/loans at all. I haven’t opened or closed a bank account in years either. I have no idea what could be on a ChexSystems report that would trigger them.
I just received my second Insight card in the mail today, and I attempted to activate it by phone. When I got to the end of the activation sequence, it said my card had been previously deactivated, and directed me to customer service. I called customer service, and they said Insight had cancelled the card 6 days ago, and the company has chosen to end their business relationship with me. I asked how it was possible my card was deactivated before I even received it, and she said they could not tell me any information about their decision, and it was final.
So I asked her to check on my first Insight account and see if there were any problems. She checked, and said that it was deactivated as well, and they would be mailing me a check for the current balance in the Savings Account ($5000). I would receive it in 4-6 weeks.
So I’m pretty mad right now. Not so much about the Insight card being cancelled (that’s crap too…), but about them mailing me a check. So I have to wait a month or more to get that $5k back, and just pray something doesn’t happen to it in the mail??
Anyone have advice how to proceed with this? Anyone had this happen to them in the past?
Discover does pull the test deposits back now. I had it happen to me and it failed.
Ok, I was all excited to apply for an Insight Card, but after I entered all my information and social security number, the next screen showed “We are sorry but we are unable to issue you an Insight Card at this time. Please visit any of our partner locations to apply for your Insight Card.”
What did I do wrong? I tried again but the same message showed up, how do I apply for this card now?
I can’t find any resources online that shows a list of their “partner locations” and I am afraid there will be fees if I try to apply by phone…
🙁
@Pang: Just apply by phone. There will be no fees because you don’t have a card yet and they can’t charge you a fee without a card number to charge it to. It’s much easier because you don’t have to worry about answering some obscure identity verification question wrong and setting off a error in their system.
@Kieth: Redneck/All America bank checking and/or mega money market accounts work well with both Insight and Netspend cards. I have 10 cards now and they have all linked the first try every time so long as the name on the card matches the name on the bank account. Also Redneck/All america pays 1.75% APY vs. Discover 1.5% and Ally 1.6%.
Hello, I tried calling their customer service number, but there is no option to talk to a representative.It keeps telling me to enter my card number, but I don’t have a card yet, and the only other option is to report a card lost or stolen. There is no option to speak to a representative…. 🙁
You need to call their secret number that bypasses the card number prompt: 855-355-8117
Make sure to tell them the account needs to be “pay-as-you-go” with no monthly fees.
Hi, I have questions about the website urls for Insight and Netspend
The netspend referral url is “mynetspendcard.com” but the official website looks like “netspend.com” Are these the same?
Also, your Insight link is “insightcards.com” but there also appears to be a “insightvisa.com”. Are these different or the same?
Thanks.
These are all the same.
Signed up and awaiting both my Insight and Netspend cards. It’ll be a week, and my biggest question has to do with the linking of accounts.
So many data points suggest that people run into trouble with Insight’s crazy ACH policies, does anyone know of guaranteed way that my trial deposits will work without the hassle?
I have a Discover Savings account, and I’ve read somewhere that may be the way to go.
The only potential issues that come up with linking is the fact that Ally sometimes tries to pull the test deposits back before they are actually in the insight card. Discover doesn’t pull the test deposits back, so if you want to be 100% safe, link discover first, then put a few bucks onto the card, then link Ally.
Much appreciated. Discover it is. Thanks.
Thank you for this post! The step-by-step is really appreciated. I was getting a little confused on how to send funds to Insight without incurring my BoA ACH fee and was about to give up on trying before finding your post. Happily, I have Ally and am now waiting for my Insight card to arrive. 🙂
Yes Insight earns compound interest daily even though it is only credited quarterly and this includes everything over $5,000. Netspend on the other hand only compounds quarterly and pays only .5% APY on balances over #1,000.
This is from their savings account terms and conditions respectively:
INSIGHT:
SECTION 4: BALANCE COMPUTATION METHOD. We use the daily-balance method to calculate the interest on your
Insight Savings. This method applies a daily periodic rate to the principal in your Insight Savings each day.
SECTION 5: COMPOUNDING AND CREDITING. Interest for your Insight Savings will be compounded daily and credited
to your Insight Savings quarterly.
NETSPEND:
If your average daily balance is $1,000.00 or less, the interest rate paid on the entire balance will
be 4.91% with an Annual Percentage Yield of 5.00%.
An interest rate of 0.49% will be paid only for that portion of your average daily balance that is
greater than $1,000.00. The Annual Percentage Yield for this tier will range from 5.00% to
0.54%, depending on the balance in the Savings Account.
Frequency: Interest will be compounded on a quarterly basis and credited to your Savings
Account quarterly.
Is the general consensus that Insight Savings Accounts earn compounded interest (interest on the interest made over $5,000) but the Netspend Savings Accounts do not? Thanks.
Has anyone gotten Insight to ever successfully mail something WITH an apartment number on the address?
I am trying to get cards for my SO and it seems like they are being sent back because no apartment number is listed.
Checking back my old letters from them, NONE of them had my apartment number on them, but my name is somewhat unique so it seems that I got them nonetheless.
Any advice appreciated!
This happened to me with my 1st card. For my subsequent cards, I put my apartment number in the Street Address AND Apartment/Suite fields. Those cards have arrived with no issues.
I see. Thanks so much for the tip! It looks like I can’t order any more cards for my SO (we ordered 2 and I guess that they count them as “existing” cards despite not having received them), so we will call and try to get the mailed again to a different address (my parents’) without an apartment number.
Thanks!
Why do you suggest $1 bi monthly transfer and not $0.01?
I know I’m missing something here, but just want to get some clarity around this.
I just suggest $1 for no particular reason – maybe it’s the minimum transfer amount I could do in Ally? You don’t need any specific amount though, but $1 shouldn’t be a problem for most people.
Thank you!
Just another data point: I was able to sign up for my first card, but when I tried to sign up my wife for hers, I got that error message. Was able to call and apply on the phone, but not sure why she was rejected- maybe because I used the same address/email.
That is what stops me from a lot of other accounts, but the biggest turn off is the direct deposit requirement for many. For the debit card deal, I just use it first when buying gas, always around $1,before using a rewards like Costco 4%. I have made a new career of moving money around to new accounts for bank bonuses.
Redneck Bank is working great for linking, micro deposits, and transfers. The Redneck Checking also pays 2.25% up to $10K as long as you do 10 transactions a month on the debit card, so a few $1 gas purchases and Amazon loads takes care of that. They have a max of 10 transfers a month for free, over that is .50 each.
@Judy Jones: Another little known trick with Redneck is that you can actually have 2 accounts(per ss#) and 12 transfers from savings a month(6 per account). This may just be a computer glitch so don’t ask them about it as they will just tell you one account only. Just go the the All America bank website(Redneck’s parent bank) and apply for another Mega Money Market account there. Say you are a NEW customer when they prompt you during the application process. When the new account is opened just login to your Redneck account as usual and you will see both accounts listed on the main page. No need to set up another username and password. When I did this all my previously linked accounts for ACH transfers worked with the second account as well. I have 4 Redneck accounts 2 for me and 2 for the wife. This way we can automate all the insight cards and still have some transfers left each month. All this and the ability to earn 1.75% on $50,000 per account, 24 hr. ACH transfers, many linked accounts and free online bill pay to boot. These are by far my most useful accounts for moving money around quickly.
Cool, but I did the checking for the 2.25% interest for up to $10k. I assume that we can one Checking and a money Market account with no problem?
@Judy Jones: If you are doing the rewards checking then then you don’t even have to worry about the 6 withdraw per month limit. I just don’t have time for the debit card hoops as I use 2-5% cashback credit cards for all purchases. I do have to say though that Redneck’s requirements of only 10 debit card transactions per month is pretty light as far as rewards checking accounts go.
Hi when setting up an ally account it’s the checking and not the savings right?
You can use either, but savings accounts are limited to no more than 6 outgoing transfers per month. And the microdeposits to link accounts to it will count against those 6.
The trial deposits (“microdeposits”) do not count against the 6 allowable monthly savings account withdrawals.
I’ve recently obtained an Insight card, and linked it to my Ally savings account, with a bit of difficulty. The first time I tried to set up the link, the two trial deposits made it to the Insight card, but for whatever reason Ally could not pull the money back (I suspect that Republic Bank/Insight card would not allow it because it would have brought the card balance to $0). Ally said that the deposits failed, and also that the outside account was not an “eligible” account for receiving the trial deposits, both of which were not true. I could log in to my Insight card account and see the trial deposit amounts, and I told an Ally rep. what the amounts were. If I had this information, how did the trial deposits fail, and how could the outside account not be eligible? (Note that the trial deposits do not come from the Ally account you are trying to link; otherwise, you could see the amounts of the trial deposits, which would defeat the idea of only being able to know and report the amounts because of your access to the outside account they are being sent to.) So the trial deposits were stuck in the Insight card, and Ally would not take my verbal confirmation of the amounts and establish a link. Without waiting a week, which has been suggested here, I initiated a new set of trial deposits. This time, maybe because the previous trial deposits that couldn’t be retrieved were responsible for creating a positive balance on the card, there was no issue with the new trial deposits being sent to the Insight card and then pulled back to Ally. I was then allowed to confirm the trial deposit amounts through Ally’s normal procedure. And the first set of trial deposits still sit on the Insight card, with no corresponding debit from the linked Ally account. Thanks Ally!
Maybe Ally doesn’t count them as withdrawals, but some banks/credit unions definitely do, I’ve experienced it myself (haven’t used Ally).
You can do either. Checking is easier for the automated transfers because then you don’t have to worry about the 6 transaction limit per month regulation. So, I’d recommend checking. But, Ally is a totally free bank account with no minimum requirement, so really, you should just open up a savings account too just to have it.
Yeah. Maybe push 26$ and pull 25$ each time?
Tried to setup recurring $1 transfer from Discover Bank checking, but can’t. Discover checking won’t allow external transfer less than $25.
If you’re going to use Discover as your external account to avoid inactivity fees, then my advice would be to push $25, then a week later, pull $25 back. This can all be automated – set up a $25 push on the 1st of the month or something, then set up a $25 pull on the 10th of the month or something. You don’t need to have any money on your Insight card – you just need that activity on it every 90 days to avoid the inactivity fee.
After registering my second insight card, I cannot log into my first insight account. It says “for security purposes, your account has been disabled. Please call Insight customer service at 1-888-572-8472”. Should I call them? Has this happened to anyone? Thank you very much!
Yikes! Did you apply for the second card separately or just click the “add a card” link on your first account? Also how long did you wait between applications because if you apply too soon after your first card that may have flagged something in their system.
I would just call them and tell them you want both cards active and that everything is ok. Then request that they refund the $1 fee for the call.
Thank you for your reply. I applied the second card separately. I waited for more than four months between applications.
I would definitely call them and get that first account unlocked before they arbitrarily close it or something. I have 8 accounts(4 for the wife) and never had a problem like that.
I’ve been able to obtain 2 cards for me and 2 cards for my wife. When I apply for a third for either of us, I get an error message. Would you recommend attempting to use the “add a card” link within the portal (rather than their primary “get a card” link on their main page)? Or will using the “add a card” link trigger a red flag?
The same thing happened to me! — except I got that message via email and text several times. And then, because they always tried calling me while I was at work, I missed a bunch of calls from Insight. A few days passed (maybe a week or so?) — I had no issues logging into my account (that I recall).
But I grew concerned and I called the call center. The rep I spoke with couldn’t find anything on my account, no notes or holds or anything. I told them I got both an email and text messages to call… I also requested they refund the $1 call fee they would charge, because it was THEM that requested I call in. They said they would.
I think what may have happened was I failed the KBA during the 2nd application and they were trying to verify my identify via an outbound call… or maybe I applied too soon after the first card? In any case, my 2nd attempt did not go through and I never received the card in the mail. I applied again for a third time and I got my 2nd card without any further issues.
This was a month or more ago. A few days ago, I see a $1 charge for a call center customer service fee — which I can only assume is the fee from that call. Now I’m in a bind, call back (risk getting another fee) to dispute the charge.. or just let it go, because it’s only a $1.
I am going to let it go but am so annoyed and paranoid about future charges. I set up a recurring transfer to avoid the inactivity fee but wonder if I did it right. It is going from my Ally bank account to the Insight card every 2 months — is that enough? Do I need to be transferring the balance to the savings account?
Sorry about that. Still, as long as you’ve got your automated transfers set up, you’ll be fine. You’ve got it right – a $1 transfer onto the Insight card every 2 months will avoid any inactivity fee.
What I do is just leave the $1 on the card because I’m lazy, so at the end of the year, each card will have $4. Then just withdraw that 4 bucks later. You don’t need to transfer the balance to the savings account and you won’t be able to if you’ve maxed out your savings account anyway.
I was wondering the same thing! I may try it. Let use know if someone else has done this.
I was just wondering if it would be possible to get a 5th Insight card by using one of those “partner locations” They sell them at cash advance places near me. My only concern would be paying for the card and then not being able to activate it. This could be a possible way to get more than 4 cards. I heard those cards are temporary at first and that they mail you a permanent card later. Just thinking outside the box but not sure I’m willing to be the guinea pig on this one. If anyone cares to try this please post back with the results.
Just a quick question now that I have my first Insight card up and running. When I get the second Insight card, can that be under the same login, or do I need to set up a separate account AKA, User name Card 1, Card 2, and so on? Thanks! Mom died and I am trying to protect the life insurance proceeds for the future and generate as much income as possible from it.
@Judy Jones: You must set up another user name and password as this will be a different account. You will also be prompted to change your password every 3 months so keep that in mind.
Nope. When I requested for it to be added they stated it wasn’t one they planned to add.
Maybe if more requests for it they will add it. This was last year when I did that request.
Has anyone been able to link their Insight card to their Personal Capital account? If so, how?
I set up my NetSpend and Insight accounts many months ago after reading your posts, and I still come back to reference them whenever I have questions. Thanks for the effort you put into this!
@Lisa: This is from the Republic Bank of Chicago INSIGHT SAVINGS ACCOUNT ADDENDUM AND AGREEMENT.pdf:
SECTION 4: BALANCE COMPUTATION METHOD. We use the daily-balance method to calculate the interest on your
Insight Savings. This method applies a daily periodic rate to the principal in your Insight Savings each day.
SECTION 5: COMPOUNDING AND CREDITING. Interest for your Insight Savings will be compounded daily and credited
to your Insight Savings quarterly.
So even though the interest is only added every 3 months it’s as if it is credited on a daily basis and the math seems to work out that way as well. At least that is how I would interpret it. This is the best type of compounding.
Well I have some bad news to report. I called to get my 5th card and the CSR said that the application would not go through. She talked to a supervisor and confirmed that it is because I already have 4 cards. I didn’t tell them I had any cards it looks like the system blocks any new card applications after 4 even when calling to apply! She actually told me the limit was supposed to be 2 so I quickly got off the phone not wanting to push the issue and lose the 4 I already have. Does anyone have more than 4 cards and if so how did you do it? Oh well 8 cards isn’t bad 4 for me and 4 for the wife. All totaled we have about $42,000 earning 5% APY with the accumulated interest and with daily compounding that should grow fairly quickly. Thanks for this blog FP I would have been earning much less without it.
Thanks for being the guinea pig there! 42k earning 5% guaranteed interest is not a bad thing to have. If you’ve already gone through the process with Insight, you might as well also snag all of the Netspend accounts you can get too – max out your 5% interest at 50k!
Thanks FP! I just hope I didn’t red flag myself in the process. Now that I know that Insight has a 4 card max cap I may do the Netspend cards next. I have been focusing on bank bonuses and monthly paying dividend stocks. The best thing about these Insight cards is that the interest compounds daily even though it is only credited quarterly. The interest is earning the 5% APY as well so these accounts will be growing and so are essentially not capped. Most people don’t seem to understand the power of compound interest over time.
“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it” – Albert Einstein
How do you know it’s compound daily?
I get denied applying for ally checking account…do u have any recommendation linking bank account to trasnfer money to insight? dont say discover because it has a minimum tranafering requirement of $25. i cannot bear transfer 25*4+25*5 to net spend and insight every two months
Maybe you can set up a transfer to and from to move the money back and forth?
@Nigel: You really can’t beat the Redneck/All America bank mega money market account. It works very well with the Insight cards and pays a very respectable 1.75% APY on up to $50,000. No minimum balance requirement. I have had no problem linking the insight cards with them even with a $0 balance. They just can’t pull back the trial deposits so you get a little bonus for linking. You can schedule $1 ACH transactions monthly to avoid the quarterly inactivity fee. You can also link multiple external bank accounts for ACH transfers. ACH transfers are also fast and free within 24 hrs. As a bonus kids love the goofy Redneck website which makes teaching them to save a bit easier. I’m going for my 5th Insight card today I’ll post back with the results.
Can’t find your repply about trying to get the 5th card but i did receive an email and read it, hopefully the manager won’t red flag your account, the best thing you did was hung out after hearing the limit is 2, if the manager was in a bad mood or is too honest with his job or just thought you wasted their time for free the worst excenario would be getting a check refund to your home for the total amount of 2 accounts being closed. Hopefully none of that happens.
Have you tried Simple bank? I’ve used them as a good back up option. Why’d you get denied for an Ally checking account? I honestly don’t know what makes someone get denied for a bank account.
In case I needed the full balance back to my Ally account at once (Emergency for example), will they allow it? Or there is a daily limit to ACH Out transfers?
There’s no limit. You can withdraw all of your money at once. I’ve pulled 5k out in one go with no issues.
Thank you!
One more question please, the saving account can’t be joint, correct?
The savings account for Insight is an individual account. No joint accounts for them.
To avoid unintended tax backup withholding check your Savings account’s Tax Preferences (see below) .
The Netspend cards (Ace, Brinks, H-E-B, Netspend, WesternUnion) have started withholding some of the posted Savings interest even if you weren’t previously subject to it. Each account withheld $0.51 of my $12.11 interest on $5K posted 3/31/18. I’ve had the cards 2 years and they never withheld interest before.
To check and set Tax Preferences, login, click Move Money -> Savings Transfers, scroll down & click Tax Preferences, check the box ‘I am not subject to Backup Withholding’, click Continue.
Others have reported the interest withholding too https://www.doctorofcredit.com/netspend-neuters-5-apy-savings-account-effective-july-1/#comment-576290
Thanks for sharing. I noticed the same withholding as well this quarter for all of my Netspend accounts, so good to see there’s a way to fix that. I’ll update the Netspend post to include this information as well (doesn’t look like any issues with the Insight cards at least). It’s good for people to know. It’s not the worst thing since, technically, we’ll owe taxes on our interest anyway, but I’d also rather just turn that off. Not sure why that happened.
Ally bank sent two small deposits to Insight last night. I received text confirmation from Insight this morning and Immediately verified amounts on Ally. Do you think it’s fine for me now to upload $10 to $5000 to the Insight card to setup the savings account today? or should I wait a couple of days. It seems like everything is working so fast (which is good, but don’t want any setbacks.
Also, I use Mint to track income/expenses. Is the Insight card and savings account compatible with Mint?
I love your blog! Keep up the good work!
You’re good to go, but you can always send a token deposit if you’re nervous.
Mint will pick up both checking and savings.
Thanks Mr. PTM!
I will give it ago later today.
Thanks! Yep, you should be good with your Insight account now. It’ll link to your mint account with no problem.
I received my Insight card this week, but there is no check or welcome package, just a schedule of fees. they do show online the routing and account numbers. None of my regular banks work for it,not even BankDirect. I opened an account at the Redneck Bank (Which I first thought was a joke in the forums). I am waiting for Ally to do some kind of opening bonus to set up an account there. I see that we can fund from Paypal for free, can we withdraw thru Paypal as well for free? Might be a way to get the Kiva loans for miles from credit cards involved into this as well.
Well I followed the instructions on the Insight website to link Paypal to it to transfer from my balance and of course it will not work, it rejects the routing number… Anyone else having issues?
@Judy Jones: Paypal was noted not to work with these accounts for a long time now. Since you have the Redneck/All America account you can use that account to link to the insight card for ACH push and pull. I also use the Redneck/All America to set up the $1 monthly transfer to avoid the inactivity fee as well. I have 8 Insight cards all linked successfully with Redneck(multiple accounts). With 1.75% on up to $50,000 it’s no joke not to mention you can link multiple external accounts for fast ACH transfers which only take 24 hrs. to complete.
Thank you for the reply. Funny that they still list PayPal, and of course the Ingo option seems like a rip. As soon as the Redneck opening deposit is credited I will set it up for funding. Mom passed away and I am trying to preserve the capital while earning the most I can across decent interest accounts and bank bonuses.
You have 8 to yourself or 8 with you and your SO?
@LC: 8 cards with SO. Seems like 4 per person is the limit.
Hi, how did you get the savings portion of the Insight Visa to show up in your Mint? When I link it, it only shows the $0 left on the card after transferring $5k to the savings part. Thanks for any help you can give!
It showed up in my Mint automatically. I didn’t have to do anything special with it. I know that doesn’t really help you, but that was my experience.
I opened mine with no issue and the card should be arriving soon (I guess). Tried to order another card for my wife, it doesn’t allow me!
Anyone else with the same issue?
Thanks for the great post.
1- So the transaction to avoid the inactivity fee has to be a deposit? can it be a withdrawal of a $1 from the interest? That way no need to worry about Ally 6 transaction limits or open another Ally checking!
2- Can I have the saving account as a joint account? And would this affect the number of cards combined, that me and my wife can get?
1) a withdrawal should work, but you can process an external withdrawal from the checking (“prepaid”) account, so you’d have to manually move some interest out of the savings to the checking, then initiate an external withdrawal. Much easier just to set up an auto-transfer *to* the Insight checking *from* your main bank (as recommended by FP) even if it eats up one of your six savings account transfers.
2) don’t think it matters. Seems to be max four accounts per person.
*can’t process an external withdrawal
Hi, I just received my 1st Insight card and I used my USAA bank to add the account. I used the routing & account # that was on the voided check (like you mentioned). I just received a notification from USAA that they sent the trial deposits. My question is how do I verify these deposits? When I logged into my Insight account, it doesn’t show anything. Did I have to create an online profile with Republic Bank (the bank on the voided ck and the issuer of Insight card) to see the trial deposits?
“Did I have to create an online profile with Republic Bank”
No. Definitely not.
Your deposits probably didn’t show up due to the unfair way Insight processes transactions. You’ll have to call Insight to find out what the failed deposit amounts were.
Oh, and another possibility: it may just be delayed. Some people have to wait a few days for deposits to show up on Insight.
Give it a day or two and see if the deposits made it in. Otherwise, use Ally or another bank.
It worked! Thanks for all of the responses.
FYI: If anyone is a part of the military and has an account with USAA Federal Bank, the Insight card works with them as well.
Does anybody have more than 4 insight cards under the same social security number? (i.e. not counting your spouse’s cards)
They said 4 is the max, but I do not believe them. Is there anyone with more than 4?
Does anybody have more than 4 insight cards under the same social security number? (i.e. not counting your spouse’s cards)
I’ve read every comment about Insight here and at doctorofcredit, and in those over 1500 comments, don’t recall any of them managing to get more than 4.
Do you have a referral code for the Insight card? I started the process today and they ask the question but I don’t see one in your post.
Hi Patti. Unfortunately, I don’t have a referral code for Insight and as far as I’m aware, they don’t have any signup bonus. Make sure to sign up for Netspend if you’re looking for a bonus and need some more 5% interest space.
Hi there. I have signed up for the netspend card.
The insight card application says:
Referral Code (if you were referred by a friend)
might be worth looking into.
FP- Thank you for all the advice on getting these hight interest savings accounts.
When setting up the 2,3,4th Insight cards. Do you have to setup completely separate logins to view the accounts or can it all be done with the same single login?
Similar question about linking them to my Ally account. You mention that you have 9 linked accounts to your Ally. I would then assume that you did not setup a joint account with you and your spouse on the same Ally account? That is how we set ours up, so I would guess we would have to have 18 linked accounts if we were able to max out all cards?
They would all be separate logins on the Insight site, and all separate links to your Ally account.
Perfect, Thank you for the quick response.
Hey Danny, I set them all up as separate accounts. So the usernames are basically FP1, FP2, FP3, etc.
My wife and I don’t have joint accounts, so I’ve linked my Insight and Netspend accounts to my own Ally account, and her Netspend and Insight accounts are linked to her Ally account. You can’t link Insight or Netspend to an account that is not in your name. If it’s a joint account, I’m guessing you can probably link it, but I actually don’t know.
I can confirm joint accounts work, my wife added me to her chase joint account and i’ve linked about 15 accounts to my chase account because the account itself has his own account number, my wife has one and i have my own even though is joint, if your account is this way you can do it, if the account has only one account number for you and your wife tou wont be able to link any account i believe.
JJ, fyi Insight probably charged you $9.95; there’s a “Secondary Card, Replacement Card, or Custom Card Fee – $9.95”
No fee had shown up yet, and it has been a while.
I had no problem requesting a 2nd card online, and it showed up in the mail. I had to set up/enroll a second account at insightvisa.com web account for the 2nd card. But now, there is no menu for “Savings” when logged into the second account, the way there is for the first. It does have a separate account number for ACH purposes, and I linked it to Ally successfully, and transferred money to the 2nd card hoping that would make the “Savings” menu appear. No luck. (And the card balance seems to be shared between the two cards despite them having to different account numbers and two different website log-ins). Has anyone else seen this? Anything to do, other than close the 2nd card and be happy with 5% on $5000?
You needed to apply from scratch for the 2nd card (the exact same way you applied for the 1st card). Did you, instead, use the ‘request another card’ (don’t recall the exact phrasing) option available while logged into your 1st card’s account? It would help for others to know exactly how you ended up in this situation, to avoid it.
Regardless, sounds like that 2nd card is useless to you, so you might as well close it. Then you’ll have to call to request a new completely-separate card, or locations near you to get another one in person.
Yes, I asked for the additional card from within the website being logged onto the first card. So I guess the answer is indeed “Don’t do that”. Thanks.
When trying to add external account to Ally, something happened during the verification process that made it error out. I waited a week, but I continue to get this message when trying to add the Insight account…
“According to our records, this account has been denied the Funds Transfer Service therefore it cannot be added at this time. For information relating to this account, please contact a Ally Bank customer service representative.”
Have you heard of this happening? what would you advise in this situation?
Yes, I have had this happen with my wife’s last Insight account. It seems like, in some circumstances, if the link fails, then Ally just bans that link completely. I probably would not risk calling Ally, because, well, you don’t necessarily want eyes on your account when you’re linking to a prepaid debit card.
My solution was to use my Simple bank account to link Insight and Simple bank. Simple is an online, only checking account with no fees that’s actually a really good bank to just have in your back pocket. I only keep a few bucks in my Simple bank just in case I need to use the account for anything (since it’s 100% free, there’s no downside really to having the account).
What I then did was moved $1 to my Simple bank checking account, then automated a monthly $1 transfer from Simple to the Insight card, followed by a $1 monthly ACH pull back from the Insight card to my Simple account a week later. In other words, I’m just moving back and forth that same $1 over and over, every month, between my Simple checking account and the Insight card (takes no thinking to do this since I’ve automated it).
You’ll end up having to use Simple to get your money into your Insight savings account, but in the end, you’re basically doing the same thing as what you were doing with Ally. Note that Simple only lets you link 5 external accounts, and you’ll need 1 external account to link Simple to your main bank.
Thanks for reminding me about this issue. I’m going to add a section in the troubleshooting guide with this suggestion. Let me know if you have any questions.
Hi guys, With the dreaded tax season just around the corner I thought I would ask about the 1099 int’s. I only received 2 1099 int’s from insight so far one for me and one for the wife. It looks like they may be combining all accounts into one 1099. Are you guys with multiple accounts only getting one 1099 as well? It doesn’t look like all the accumulated interest is showing up on one form either. I’ll go poke around their website maybe I will need to download a PDF or something.
They should only include the interest that was paid out to you during calendar year 2017. The interest accrued during the fourth quarter doesn’t get paid out till early January, from what others have reported.
What type of Ally account are you opening Interest Checking, Online Savings, or Money Market? I am not sure if any limitations, besides 6 transaction per bill cycle with savings, exist? Are you able to link 20 external accounts with all products?
I have an Ally checking account and an Ally savings account. When you automate your transfers, use the checking account to avoid the 6 transactions per bill cycle limit. When you link an external account in Ally, you can transfer to either checking or savings. You don’t have to link to specifically checking or specifically savings, if that makes sense.
Awesome thank you for the quick reply
Does anyone have any data points that would suggest that this card effects 5/24? I will have an open slot in April but I just applied for this card on Friday. So I’m wondering if I screwed myself out of a Chase card.
No, these cards do not impact 5/24. They’re prepaid debit cards and are not credit cards, and do not appear on any credit reports. Moreover, these cards do not result in any credit pull at all and no Chex inquiry either. Remember, these are cards made for the poor and unbanked – folks that have such poor credit and chex history that they literally cannot open a bank account at any bank.
Does anyone know how often they make you change the password?
I think its every few months. I think I’ve had to change my password at least 4 times now.
Yes every 3 months just like clockwork and a real pita for those of us with many accounts! I’m quickly running out of password ideas as I have around 60 bank and credit card accounts to maintain. I’m really getting tired of the 2 tier account verification process at most banks and credit unions just to login to my account as well. I wish they would stop pushing off security on us customers. I never had a account hacked because i didn’t change my password but I have seen many banks get hacked and their whole database downloaded due to their lack of internal security.
Hi FP, i connected my discover card to insight. Discover sent a trial balance to confirm the insight account but after confirmation the balance stays in there. Then i transferred 5000 to insight.now it has been 6days.discover shows transfer complete while insight still only shows the trial balance. what should i do?
Discover tends to be slow with ACH. Give it a few more business days. This is banks transferring money between banks – the money is definitely somewhere. It’s not lost.
Has anyone else have issues with spurious call center fees?
Not a major problem but just annoying and sneaky.
2/2 I requested a card on https://www.insightcards.com/
2/14 I activated my first Insight account thanks to this blog post.
2/15 I called the bank, same way I do with all new financial accounts, to be sure I had opted out of personal information sharing, and to verify my account was set up for ‘pay as you go’.
I asked if I’d be charged a fee, considering there’s no way to confirm opting out on the website, and the lady said no.
2/28 Initiated an ACH transfer from my savings account into Insight.
3/2 Today on my account history I see an entry called “Fee – Call Center Customer Service Fees”, posted for 3/1/2018, even though the call was made in mid-February.
So they were waiting for external money to post before dinging me. Sneaky.
I would normally call the bank to dispute, but for $1 it’s not worth it.
Reminds me of the way BofA stacked overdrafts to maximize their fees.
You actually earned that fee, this post clearly states in order to avoid any fees do not use the card or any service they provide including calling, otherwise a fee will be charged, also, when you received your card it clearly shows all fees you will incur for doing what you did which was pointless, but if it made you feel more confortable with the account i think it was worth the dollar fee, this is a prepaid card for poor ppl or ppl with horrid credit that won’t be allowed to open a regular bank account, that’s why they charge a fee for anything you do, is the way they profit from this, otherwise would be pointless to give free cards.
Hey Patrick – yeah, you never want to call them because of that $1 fee. I think I might add a section to the post just to make clear to not call in unless absolutely necessary.
For now, I’d just say, chalk up that $1 fee as a learning experience. You’ll make more back in interest, so no need to waste your time calling to try to get it waived.
Hey Kevin, yeah not bothered about the $1, just disappointed with the IMO sneaky way Insight posted it, combined with the ineptitude of the phone rep. She was nice enough on the phone but either wrong, careless, or dishonest when she said I wouldn’t get hit with a fee for my inquiry*.
Fair warning to folks, it’s probably best to assume you’ll get dinged even if the rep indicates otherwise.
Kevin I agree it’d be nice to edit the post with a section clarifying this.
* Under the Gramm-Leach-Bliley Act customers of US financial institutions can opt out of some (but not all) personal information sharing. An Insight mail insert claims they don’t do information sharing, but I still like to call to verify these things (also the ‘pay as you go’ status) from the institution’s eyes.
If it costs $1 to receive less spam, no problem there!
Most banks I use don’t offer the ability to opt out via their website, but heads up to readers, Ally’s website actually does.
Yeah, you have to remember what this is – its a prepaid debit card meant to prey on the poor and unbanked. If it was up to me, products like this would not exist. You and I are not using it as intended – we’re basically taking advantage of the one good thing with it. I’m in a Facebook group that is made up of Netspend and Insight card users and it’s really eye-opening to see how people in that world live.
I can imagine. I suppose Insight earns quite a bit based on fees alone.
I’m curious, what do you think it is about their business strategy that leads them to offer this high interest rate? Do they anticipate needing a defense strategy on the day the regulator comes knocking about “predatory” fees?
Am no banking expert, and I really do appreciate this post!
Just find myself curious why Insight does this in the first place.
No clue why they do it to be honest. Interest rates are a product of supply and demand, right? When banks need money, they offer higher interest rates. When they have a surplus, they offer lower interest rates. Perhaps Insight is able to lend this money back out in the form of payday loans or something? Again, no real idea, but my guess is that the percentage of prepaid debit card users that save money is close to 0%.
How do you call in and get a 3rd card? I was not able to. Was denied again on the phone. Is it luck with different try’s?
Probably just hang up and call again is my guess.
I just ordered my first one earlier today online, and everything went fine, saying I’ll receive my card in the mail. Then I decided to try immediately ordering a second one, and everything went fine again (it said I’ll receive the card in the mail). It was only after I ordered my second that I read the part in this article advising to get the cards one at a time (i.e. waiting for card, activating it, funding it, and activating the savings account, before ordering the next card). What’s the problem with ordering the second immediately after the first? Should I not expect my second card to arrive?
The main issue is that they might just send you two of the same card or other hassles might happen. Let us know how it works out. Generally, I recommend taking your time with these, just to avoid any possible issues like that.
Curious if people are having luck getting more than 2 insight cards. I applied for my 3rd today on the website and paraphrased, it said it was unable to issue and I’d have to visit a partner location.
I saw at least one post above where another person was able to get a total of 4? How is this accomplished? Thanks!
I got my 3rd and 4th Insight Cards by calling 1-855-355-8117, and make sure I sign up “Pay As You Go” plan over the phone. You may give it a try this way. Good Luck !
Just beware. They can already see you in the system and they cannot issue a 3rd or 4th one. The system is not allowing them to issue a new card. Also, they ask for your social. Maybe this is something new. Are you guys trying different phone numbers or address?
They did mentioned about I had Insight account already back in July 2017, and I asked her if I can have more card/account, and she said yes, I also asked if I can order 2 different accounts, and she said yes, so I ordered 2 cards on 12/26/2017 and cards arrived at 1/7/2018 with ” Pay As You Go” plan.
I used same phone number and same address. Maybe I am just lucky…. ^.^
Probably lucky, and so are others who got it that way. When I tried recently, they are getting an error for my address and said, you already have an account. Unless it’s a replacement account, you can’t have more than one.
Hang up and call again.
I called for my So for 2nd Insight card/account right after I ordered mine, the CSR I talked to seems new and no clued about how to get 2nd card/account, but at least she tried and put me on hold back forth few times, finally got my SO the 2nd card.
Keep trying until you got the new card. Good Luck!
Nope. Called 4 times. I am repeatedly told I can have only one account at a time. They sent me subaccount, rather than a new one.
Tough luck!
Oh I see. There are 5 month apart between my 2nd and 3rd account not sure if it the reason to make it differently.
FWIW, I got my 4th account about a month ago by calling in. Used all the same info as my other three cards, no issues.
Requested a second card for my wife and actually got 2 cards in the mail, each with their own seperate account number. Has that happened to any of you all? Being that they are seperate accounts im assuming there both good to go? also how can i confirm if the cards are on the pay as you go plan?
thanks
Got the 2nd insight card by phone almost 2 weeks ago. I am one deposit from being fully complete this week. Any ideas on how to ask for a 3rd card?
Hi, just received my 2nd insight, with my last name spelled wrong, even though the rep asked me like 6 times my last nsme and told me badista and i said nono, batista, and i spelled it for her, t as toy and she repeated my name and now i got my card and is badista lollll, is there a way to fix this? I dont think they will let me link my bank to it with that last name…. i dont care about the name on the card i dont need it xd
Anyone try to apply for multiple cards at a time?
Don’t do that, be patient, 10 days pas by quickly, set up one card and them apply for the other.
LOL Too funny as this also happened to my wife! Yes you can fix it just call in and tell them to send you another card with your name spelled correctly and tell them not to charge you the $1 fee as this was 100% their fault. Now speak very slowly as they are not too bright over there.
If I already have an Insight card, but not a Netspend card, can I still go back and get $60 worth of referrals for me and my wife by signing up for Netspend cards?
Yes, you can. It’s worth doing the Netspend referrals since it’s a free $60 you’ll get plus the 5% interest you’ll get on your Netspend accounts. Just remember that Netspend only lets you get 5% on $1k per account. Still worth doing since the process is exactly the same as Insight.
Hey can we add the insight savings account to mint.com to monitor?
Yes. You can.
Very curious to try this out. However, my understanding is that the maximum you can personally deposit to one savings account is $5,000 (the earned interest will, of course, take the total over the amount). However, if we can only add up to $5,000 personally, what happens to the $1 automatic transfer every two months to avoid the convenience fee? Is it rejected and sent back to the original account?
Remember, there are two parts to the Insight account – (1) the prepaid debit card (which has no limit to what can go on it), and (2) the actual 5% interest savings account (which has a $5,000 limit). The $1 transfer is going to the prepaid debit card, which is just to avoid the inactivity fee. The savings account portion needs no activity.
Ahhh I see. Thank you for the clarification!
That’s odd, received a call today from insight, coulsn’t answet due to work, what could they want i wonder, can’t call cuz i haven’t received my card yet since i applied 2 days ago, have any of you received calls from insight after applying?
Nothing to worry about. They’ve called me each time I got a card, I missed most of those calls. When I did answer they’d pitch the speed of direct deposit, warn that using the card at a gas pump could result in the pump putting a7 -day hold on $125 of my card funds (they advise it’s better to pay at the cash register), and they’d ask if you have any questions. The calls are just a customer service thing.
Hehe i see, thanks.
They sign you up for the $10 a month plan. Nothing you can do about it. That is is how they make money. Otherwise they don’t care. Good luck!!!
I am having issue connecting Ally account to Insight, when i enter routing number on Ally site it says Citizens Bank & Trust Of Chicago instead of Republic Bank of Chicago.
Will it not link? I think that’s the same bank.
I called 1-855-355-8117 to apply for a 2nd card. I was told I already had an insight credit card. I was asked if I wanted to change plans on the card I have away from the pay as you go plan, and I said no. Any more ideas on how to get a 2nd card over the phone?
I called 1-855-355-8117 on December,2017 ask for new card, they did mention about I had 2 cards already, I asked if I can get 2 more new cards different accounts, they said YES ! I did make sure I sign up for Pay-As-You-Go plan, so now I have total 4 of Insight Card Account.
Good luck !!
Is the only way to close the insight account by calling costumer service? I’ve been trying to find the option at insight web with no results, today i finally got aproved for my own insight and would like to close the one from my wife which i unsucessfully tried to push money into from my bank, it has a 0.47 balance because the two trial deposits were succesful but they reject any transfer from the linked account.
Can you link your wife’s bank account to that card? No reason to close it if you can do that.
She don’t trust these prepaid cards, she think is a scam, if i tell her i opened an account under her name i can already imagine the yelling lol, i better close it without letting her know.
Evilex, Regarding closing account,
Login to the account you want closed, click Account Mangement-> Contact Us, scroll dow to Secure Email and send them a request to close the account.
To view their response (in a day or two) click Account Mangement-> Message Center
Forget about the .47 balance or use the free Billpay to pay it to one of your credit cards or other bills.
They’ll ‘close’ the account but you’ll still have login access for the rest of year.
Also, when you get the message saying they’ve closed it, make sure to screenshot it and file it away somewhere. Just in case is my thought.
Received my 2017 (1099 INT) from Republic Bank of Chicago in yesterday’s mail…??. Does anyone know if they only issue one 1099 INT regardless of how many Insight debit accounts we have? Asking because the 1099 I received only listed one of my Insight account numbers and the interest earned only reflects that one account. Guessing that they will mail additional 1099s for the other card account numbers. Im very happy with the accumulated interest!
Thanks it worked, he replied it was unsucessful due to the name being different and agreed to close it, i still have access to it and no email or msg about closure received, so, as panther suggested i took screenshot of it just incase.
Well I have tried for a 2nd card online around 12 times now after getting the 1st about 3 months ago. Any ideas on how to get a 2nd card?
Typical route is to call in and ask for one. There is a number in the comments that will get you to a real person at insight. Just make sure to triple check that it’s on the pay as you go plan when you get it (make them confirm it multiple times).
1-855-355-8117
I tried to link my Insight account to my Paypal. It couldn’t link. And I was charged $1 by Insight. : ( I hope I can get the $1 fee back.
I tried PayPal as well, and I was unsuccessful too. I was not charged $1.00. I called PayPal, and they told me that the routing number was not allowed to be linked. When I asked Insight about it, they said to call them about the issue. I never did because I just found an alternative way to move funds.
Hi Kyle, did you email Insight or call them about why they don’t allow the account to be linked to Paypal? The fee I was charged is called POS Decline fee. But I didn’t use any POS machine at all. By the way, I linked Netspend. It was successful.
Yes, I emailed Insight, but they responded and said they could only assist me with that issue by phone. I never made the call.
Lol, i get the same answer everytime i ask that guy by email anything, i wish my job was of that guy, apparently his answer for everyone no matter the question is, rhabks for reachinf us, for your safety you are required to ask that by phone to one of our reps to this number: ……….. xd
I guess that they just want to charge you the $1 fee to talk to them.
Have any of you tried calling or mailing a letter to a partner location to open an account with insight?
When do we usually see tax statements from these netspend accounts?
I’m assuming I can just put on my Tax Return a single Entry for Metabank for the total of all interest received on the 3 different prepaid cards?
Assuming same thing for BOFI FEDERAL BANK that has two prepaids that I only add all interest between both accounts as a single entry for reporting that interest earned.
I’ve been only able to open one Insight card but if I was able to open up additional cards would I only have to add up all the interest each card but report all interest as one entry for REPUBLIC BANK OF CHICAG?
Or would I need to report each card’s linked savings account as a entry each…
MetaBank xx.xx
MetaBank xx.xx
etc, etc
It’ll probably be like 2016’s 1099-INTs when I got one for each Netspend card, 3 from metabank and 3 from BofI.
Does anyone know if Insight (Republic Bank of Chicago) mails out 10-99 INTs? Assuming that they will mail something rather than us having to go online to retrieve it.
RBoC bank mails them, got one Saturday, one 1099-INT reporting total interest from my 3 cards.
Thanks, I’ll be waiting for mine!
Does it have an option to add a beneficiary?
When I called in they told me there is no option to add a beneficiary, which a huge red flag and should probably be mentioned in the post
Red flag of what exactly, if I may ask? (i.e. you don’t recommend using these accounts, you think your money will be stolen, or something else?). To be honest, I don’t think I’ve ever even set a beneficiary to a bank account (at least not that I can remember), so setting a beneficiary isn’t something I’ve ever thought about.
If you had a will, couldn’t you simply designate the funds to go your intended recipient in your will, and create an inventory that would be attached as an appendix to your will (i.e. bank account A goes to Bill, bank account B goes to Bob, etc etc?) If you died intestate (i.e. with no will), wouldn’t these funds then go into probate? It’s not like a bank can just take your money when you die, right?
Helpful insights can be found…
here: https://www.thebalance.com/what-is-a-payable-on-death-or-pod-account-3505252
here: https://www.nolo.com/legal-encyclopedia/free-books/avoid-probate-book/chapter1-1.html
here: https://www.nolo.com/legal-encyclopedia/what-happens-bank-accounts-your-death.html
and
here: https://www.nolo.com/legal-encyclopedia/probate-shortcuts-in-your-state-31020.html
Cheers, SW
I agree, it’s a very real consideration. Your family/heirs/estate will have to spend a lot more time and maybe legal fees to extract $1000 out of each of multiple banking accounts versus a Payable-on-Death account that names the beneficiaries.
If anyone’s interested, you can get at least 3 Brinks cards. I got 2 in 2016 when they paid 5% on $5000.
Just for yucks I tried for a 3rd Brinks today and its on its way (7-10 business days).
Is there any reason not to do Brinks INSTEAD of Insight?
Brinks = 5% on up to $1,000.
Insight = 5% on up to $5,000
Your best bet is to do both of them – get as many Insight cards as you can, and get 5 Netspend family of cards. That’ll give you between $20k and $25k earning 5%.
Ah, of course. Missed that little detail. Thanks!
Do you have more than 5 total Netspend style cards? My understanding was that you could only get 5% on up to 5 cards from the Netspend family of cards.
I opened these 6 Netspends in early 2016 back when they gave 5% on $5000:
Ace Elite, Netspend, Western Union (these 3 use Metabank);
2 Brinks, H.E.B. (these 3 use BofI Federal Bank )
Today I applied online for 3rd Brinks and 2nd Ace, both approved and on their way. I used same name, address, phone as on the earlier 6 cards.
The Brinks application let me define my new online userid/pw and login, showed the new Flashid but I couldn’t Flashpay $1 to it from another card yet, the Direct Deposit link gave me the new checking account number and BofI’s routing number. I expect account’s really functional once the debit card arrives and I activate it.
The Ace Elite application didn’t do userid/pw but offered a button to download a Direct Deposit form which held the new Checking account number and Metabank’s routing number.
This is really tempting….. keep us updated on how it goes, i thought you would get inmediately denied if you applied for the 6th netapend hence i didn’t even try to open a 6th.
wish I had been denied , was a waste of time, they’ll send lots of cards but you can’t activate more than 3 per bank.
https://financialpanther.com/insight-card-5-percent-interest-savings/#comment-6216
This really works, i opened a 2nd brinks today and that makes 6 netspend cards(2 brinks, 1WU,1NS,1AE,1HEB), before applying for another metabank acc i will wait for your feedback when you get the new ace elite.
Interesting. Does it look like you’ll earn 5% interest on that 6th card too?
Apparently it looks like i will be earning 5% on it because i created a new user id, password and got a new acc number for it and all the welcome msgs like a new costumer, the reason why i haven’t applied for another metabank yet is because above you guy said that he wasn’t able to create a new account, although he got his new account number so i’m almost 100% positive he will also get the 5% on both he applied. But just incase will wait for him to get it.