Save Big with a 6.00%*** Annual Percentage Yield Savings Account
Start saving today. Get a savings account and start earning interest†. If you enroll in our free Direct Deposit you can open a Savings Account with as little as $1 and get up to 6.00% Annual Percentage Yield. You can enjoy up to 6 free transfers out each month and even transfer money from your prepaid card to your savings account with a simple text message.
Every Mango Cardholder is invited to Save
Active customers that are not enrolled in Direct Deposit will be able to open a Mango Savings Account with a rate of 2% Annual Percentage Yield, reinforcing our commitment to help everyone save more.
Why is the Annual Percentage Yield so high?
We believe that savings is an important element of financial empowerment. That’s why we don’t offer things like expensive overdraft, or 400% loans. No matter how low the fees, or if fees are waived, our customers will not be empowered unless they have the tools and the habit to save.
How can we afford it?
Basically, we’ve shifted a big chunk of our marketing budget to paying our good customers instead of advertising channels – no TV or print ads. We think word of mouth is much better. After all, having good customers is good for business, but having more good customers that find value in our values is even better.
Why we drop it to 0.10% over $5,000
We believe that the amazing 6.00% is our contribution to improving our customers’ finances, and building a better America. Once customers have savings in excess of $5k, they have the tools and have established the right habits. And, with $5k in savings, a person is no longer part of America’s 60% that lives without a rainy day fund.