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5 Bank/PrePaid Accounts That Pay 5% Interest Or More

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These days interest rates have gone to an all-time low, with some of the highest-yielding savings account giving you an annual return of only 1% at most on your money. Some even go as low as .02% APY. However, it doesn’t have to be this way. There’s a few of bank accounts that aren’t publicly known that can get you as much as 5% or even 6% interest on your cash. See one that’s not on the list? Let us know in the comments below.

1. NetSpend

NetSpend is mostly known as a prepaid debit card spending account, but what most people don’t know is that there’s a 5% savings account that you can access as long as you meet a few of their minimum requirements.

What’s The Deal?

You can earn 5% interest on up to $5,000 by opening up a NetSpend Premier Account at no cost. In order to trigger the 5%, you need to meet the following requirements:

  • Apply for a NetSpend Debit Card
  • One time deposit of $500 in payroll or government benefits

In the past you could simply make a $500 ACH transfer to qualify for the Premier Account, but as of 1/22/16 you need to have a direct deposit setup for that same amount. Those who applied before this date will not be governed by this new rule.

Once you make the deposit, your account will automatically be upgraded without any additional work on your end.

Avoid The Fees

When you have money deposited into your NetSpend Debit Account, you’ll be charged in one way or another. However, there’s a way to keep these fees at a minimum so you end up only having to pay $1 every 3 months. Here are the possible fees you can accrue:

  • $5.95 – 90 days of inactivity
  • $1 – Signature Purchase Transactions
  • $2 – PIN Purchase Transactions
  • $2.50 – ATM withdrawal

The best way to avoid the 90-day inactivity fee is to use the card at least one time every 3 months. Make one purchase and you’ll pay $1, or a total of $4 per year. If you’re gaining 5% interest on the maximum amount of $5,000, you’re earning $250 in interest annually, so it’s definitely worth it.

NetSpend does promote their FeeAdvantage Plan that costs $9.95 a month that allows you to make unlimited monthly transactions without any one-time purchase fees. However, we recommend that you use a cash back credit card to earn more and just use the card once every 3 months to avoid fees. You can view a list of all their fees here.

Furthermore, you don’t have to worry about losing your money if NetSpend ever goes bankrupt. They’re FDIC insured on their Visa and MasterCard cards on up to $250,000.

Referral Program

NetSpend has one of the best referral programs out there. When you sign-up for a new account using a referral link, you get a bonus of $20 after your first $40 deposit. Not only that, but each friend you refer that deposits their first $40 also nets you an extra $20.

Convince your friends to sign-up for a new account using your link to get a free $20, and you can keep earning extra cash. At this time, the amount of referrals is unlimited.

You can also refer people to the Ace Elite Card and have them go through the same process, but the referral bonus is only $10.

How Do I Sign-Up?

In order to ensure you that you get your $20 bonus as well as start earning 5% interest in your NetSpend Premier Account, we’re going to walk you through it step-by-step.

1. Register. You can register for a new account by clicking this link here. Just like any other bank account, you’ll need to enter in a bit of personal information such as your address, proof of identification and your social security number. It can take up to a week for your debit card to arrive.

2. Deposit $40. Once your card arrives, log-in to your online account and activate it. Link to an external bank account and make an initial deposit of $40. This triggers the $20 registration bonus. It’s important not to deposit funds until your card has been activated.

3. Activate a NetSpend Premier Account. When you make your first deposit of $500 from either Payroll or government benefits, your account is automatically switched to a NetSpend Premier Account. Wait for your Premier Debit Card to arrive.

4. Deposit an additional $4,500. At this point you should already have $500 in your account after your initial deposit. Deposit another $4,500 to max out your savings account and take full advantage of the 5% interest. This deposit does not need to be from payroll or government benefits; a simple ACH transfer will do.

5. Refer a friend. Each friend that you refer that deposits $40 gives you and your friend a $20 bonus in your NetSpend Account. There’s no limit to referrals. Do the same thing for your spouse to  have another account earning 5% interest on up to $5,000. Also make sure to use the card at least once every 90 days to avoid the monthly inactivity fee.

2. Northpointe Bank

Northpointe is your typical bank located in Grand Rapids, Michigan. However, no matter what state you live in, you can setup a checking or savings account straight from their website.

What’s The Deal?

When you open up an Ultimate Account at Northpointe Bank, you can earn 5% interest on balances of up to $5,000. Not only that, but it also reimburses you up to $10 a month in ATM fees and $3 a month in person-to-person payment fees.

Here are the current requirements that you need in order to ensure that you get the 5% interest:

  • Make 15+ debit card transactions per month that total $500 or more
  • Enroll in estatements
  • Setup a direct deposit or automatic withdrawal of $100 or more

If you don’t comply with these 3 requirements, you’ll only earn an interest rates of 0.10% APY. Any amount over $5,000 will also earn this amount of interest.

Are There Any Fees?

The great thing about this account is that there aren’t any fees and it’s free to open. You just need a minimum opening deposit of $100. While there are withdrawal fees depending on the machine that you use, you’ll get reimbursed on amounts that total $10 or less.

After you deposit the initial $100, there’s no minimum balance that you need to maintain. Unfortunately, they don’t have any referral program at the moment.

How Do I Sign-Up?

Signing-up with a Northpointe Bank Account can be done directly from home and is incredibly easy to setup.

1. Register. You can open a new account by clicking this link here. Just like the other accounts on this list, you’ll need to enter in your personal information to get started.

2. Deposit $100. The only initial deposit that you’re required to make is $100. You can withdraw it immediately after without accruing any fees, but you’ll probably want to leave it in there to earn the 5% interest. From there you can deposit the other $4,900 to maximize your benefits.

3. Meet the requirements. As long as you’re meeting the minimum requirements each month, you’ll continue to earn 5% interest. If you don’t, you’ll only be earning 0.10%, which is almost nothing.

 3. Consumers Credit Union

Consumers Credit Union claims to have 100% free checking with really high interest. While their rates aren’t at 5%, it’s at 4.59% which is still pretty close. Not only that, but you can get this rate for up to $20,000.

What’s The Deal?

Apply for the Consumers Credit Union high-interest checking account to get their 4.59% APY on amounts of up to $20,000. While it sounds simple enough, they do have somewhat hefty requirements:

  • Complete 12 debit card purchases per month without using a pin
  • Every month either do a direct deposit, ACH transfer or use it for online bill-pay at least once.
  • Log-in online at least once a month
  • Enroll in e-statements
  • Spend $1,000 or more per month using a CCU Visa Credit Card

While the requirements may be a bit strict, that’s not to say that the account doesn’t come without some great benefits aside from the high interest rates. You get free, unlimited checks, access to over 30,000 ATMS nationwide without any withdrawal fees, and you get overdraft coverages. Amounts over $20,000 will be given 0.01% APY.

If you feel like the requirements above are too much, you can earn just 3.59% interest by doing the same requirements as above but only spending $500 or more per month using a CCU Visa Credit Card.

Even smaller are the 3.09% qualifications. However, this only covers up to $10,000 for this amount of interest. Earn just 3.09% APY by completing the following instead within the same month:

  • 12 debit card purchases
  • A direct deposit, ACH transfer or use it for online bill-pay at least once.
  • Log-in online at least once a month
  • Enroll in e-statements

Unfortunately, their interest used to be 5.09%, but it’s lowered. We’ll be sure to keep you updated if this happens to change.

Are There Any Fees?

The great thing about this account is that there are not any fees associated with maintaining account. The only thing you might have to worry about are overdraft coverages, which do cost you something. We also couldn’t find any mention of an account termination fee. Here you can check out their fee schedule.

There also used to be a referral bonus of $50, but this too has also been taken away as of September 30th, 2015. We’ll be sure to update this post and make a new post if this happens to change.

Credit Cards That You Need

Since you need to use a CCU Visa Credit Card to meet the monthly requirements to earn 4.59% interest, here are a few to get you started:

  • Platinum Card – No annual fee, competitive rates, and each transaction automatically doubles the manufacturers’ warranties.
  • Platinum Rewards Card – No annual fee and 1% cash back on all purchases.
  • Student VISA – No annual fee and great as a starter for those getting their first credit card. Eligible only to those aged 13 – 21.
  • VISA Signature Cash Rebate Card
    • 3% cash back on groceries
    • 2% cash back on gas
    • 1% cash back on all other purchases
    • No annual fee
    • Maximum cash rebate on $6,000 annually
    • No fee for balance transfers
  • Visa Signature Rewards Card
    • No annual fee
    • Same percentage of cash back as the Cash Rebate Card mentioned above

How Do I Get Started?

We’re going to walk you through on how to get started as to avoid any confusion in just 4 easy steps.

1. Apply. While the bank is located in Illinois, anyone can apply by clicking this link here. You’ll need to enter in some personal information just like you would with any other account.

2. Meet requirements. Their requirements are a bit steep, but it’s worth it if you’re going for the full 4.59% APY. Otherwise, we don’t really see it as worth it.

3. Earn 4.59% interest or lower. You can opt-in for lower requirements, but again, you won’t be earning as high of a rate. See what’s best for you.

4. Brinks

Brinks is actually associated with NetSpend, and they also have a specific 5% interest account. When you apply you’re automatically guaranteed approval. You can be located in any state to apply.

What’s The Deal?

Without any minimum balance requirements, you can maintain a Brinks account at 5% interest for free on amounts of up to $5,000. This option is available to those who are eligible for a Brink’s PrePaid MasterCard Upgrade.

A lot of their fees and benefits are very similar to the NetSpend PrePaid Card mentioned above. One difference is that you can put a picture on your card and personalize them for extra security.

Furthermore, when you qualify you’re automatically eligible for free life benefits. What this means that if you happen to get injured or killed, your family members will receive benefits. There’s also a lot more tools to help you budget and manage your money.

One of my favorite features with Brinks is that when you use their debit card, if you’re ever short of funds they may cover you on purchases of up to $10 within reason.

Just like NetSpend, you’ll need to meet some requirements in order to be upgraded to their Preferred Account after you initially apply. In order to be eligible you must make a total of $500 in deposits in payroll or in government benefits. From there it will send you a new card and you’ll be automatically upgraded.

When you apply for this account or any other account on this list, it’s considered to be a soft pull.

Can I Get This Account And Also A NetSpend Account?

Yes. Both bank accounts are FDIC insured but are backed by different institutions. Therefore with both of these accounts you can earn 5% interest on values of up to $10,000 provided that you meet the minimum requirements.

That’s an easy $500 per year. Make sure to get an account for your spouse in order to double this amount.

Avoid The Fees

The fees are the exact same as a NetSpend account. To reiterate what we mentioned above, just be sure to use your debit card once every 90 days in order to avoid an inactivity fee. Each transaction will cost you $1, so this will only cost you a total of $4 per year.

Refer A Friend

Unfortunately, you can’t get a referral bonus for both NetSpend and Brinks since they’re located under the same link. However, you can still earn some extra cash by referring friends to one or the other.

When you make your initial deposit of $40 using a referral link, you’ll receive a free $20. Furthermore, every friend you refer from there on out will also give you $20 in your account as long as they make their initial deposit of $40 or more.

How Do I Sign-Up?

The process is very similar to a NetSpend account, but we’re going to show you in detail on how to get started.

1. Apply. You can register for a new account and get the $20 bonus by using a referral link. You’re automatically guaranteed approval upon registration. Fill in your personal information like you would with any other financial institution.

2. Deposit $40. When you deposit your first $40 you’ll receive an automatic bonus of $20 in your account within days.

3. Deposit $500. You’ll need to setup a direct deposit in Payroll or government benefits of at least $500 in order to qualify for the 5% interest account. Once you get your new Preferred Card in the mail, activate it and deposit the remaining $4,500 to take full advantage of your account.

4. Refer your friends. Once your friends sign-up using your link and deposit $40, you’ll receive $20 and so will they. This doesn’t need to be a direct deposit; a simple ACH transfer will work as well.

5. Mango

Like NetSpend and Brinks, Mango is also a PrePaid Debit Card account that also offers a high-interest savings rate. However, instead of your typical 5% interest on a limit of $5,000, they offer a 6% interest rate, the highest on this list.

What’s The Deal?

In order to get the 6% interest, all you need to do is activate your Mango Debit Card and open a Savings Account with a minimum deposit of $1. There’s a maximum of 6 transfers out each month. As long as you’re a Mango cardholder you can apply.

Any amount over $5,000 will only accrue 0.10% interest. The only requirement is that you initiate a direct deposit of $500 or more on a monthly basis and keep maintaining a $1 minimum account balance at the end of the month. They also have a free mobile app that’s incredibly easy to use.

While you get a maximum of 6 ACH withdrawals per month, there is a cap at $2,500 per withdrawl. If you don’t happen to do the direct deposit of $500 per month, you’ll still be awarded 2% on your first $5,000, which is still much better than most savings accounts.

Your account can’t be funded using a credit card, but you can use your PayPal account. Opening an account is only considered a soft pull. Mango is FDIC insured.

Are There Any Fees?

There are a few fees associated with this account, but if you have the full $6,000 you’re definitely earning a lot more than you’re spending.

  • $3 monthly fee (no waiver)
  • $1 for an AMT balance inquiry
  • $2 per ATM withdrawal
  • 2% foreign transaction fee

Since you’re spending $3 a month ($36 per year) just to maintain an account, you’re going to be spending $36 a year. With the full $5,000, at 6% interest you’ll be earning $300, or a total of $264 annually assuming you don’t accrue any other fees.

If you don’t have the full $5,000, it doesn’t make sense to have this account over one of the others on the list since your monthly fee severely limits the amount you can earn. You’ll also receive a 1099-INT form for taxes at the end of the year if you’ve earned $10 or more in interest.

While they used to offer a $10 referral program, unfortunately they’ve discontinued this promotion. We’ll keep you updated if this ever comes back.

How Do I Get Started?

We’re going to walk you through step-by-step on how to apply for a new Mango Savings Account.

1. Apply. Since it’s a PrePaid Debit Card Account, anyone who applies will be automatically guaranteed and be sent a card. You can sign-up by clicking this link here.

2. Activate your card. Once you get your card, activate it and then make sure your first initial deposit is at least $1. You can deposit your first $5,000 to start earning 6% right away.

3. Make Direct Deposits. Be sure to make a direct deposit of $500 or more each month in order to keep earning 6% interest on your money. The $3 maintenance fee will be automatically taken out each month.

Final Thoughts

Out of all of these, we recommend the Mango Savings Account if you’re getting some form of direct deposit. You could earn $264 per year after fees, which is a total of roughly 5.3% interest. This is much better than most bank accounts out there.

We greatly appreciate it when you use our referral links on this page, as it inspires us to keep writing articles like this. If there’s an account on the list that also offers 5% but is not listed here, please tell us about it in the comments below. Enjoy!

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