After NetSpend negative change, it comes to Mango Money. As you may know, Mango offer 6% APY Savings for customers who have $500 direct deposit into the account. Starting September 1st, 2016, it will changed to net $800. Please note net refers to amount of total deposits minus all ACH withdrawals. Also, Mango will enforce one savings account per SSN. All savings accounts linked to the same SSN except the highest balance one are going to closed by Mango. Basically, if you cannot meet the new direct deposit and spend requirements, you can still earn interest on 2% APY instead of 6% APY.
- Each natural person will be limited to one Mango Savings Account. If you currently have more than one Mango Savings Account we will close all of your Mango Savings Accounts except for the one which had the highest average daily balance during the month of June, 2016. The balances remaining in any of your closed Mango Savings Accounts will be transferred to your linked Mango Card Account at the time of closure.
- The method for qualifying for a higher rate of interest (6.00% APY vs. 2.00% APY on the first $5,000 in savings) on the funds held in your Mango Savings Account has changed. In order to qualify for the higher 6.00% APY for a calendar month, you will have to have “net direct deposits” $800 or more to your Mango Card Account during the calendar month. Each month we will calculate net direct deposits by calculating the total amount of ACH direct deposits to your Mango Card Account for the month and then subtracting the total amount of ACH debits made from your Card Account during the month. ACH debits include bill pay transactions and any other transactions debited from your account via ACH.