Coming soon - Get a detailed view of why an account is flagged as spam!
view details

This post has been de-listed

It is no longer included in search results and normal feeds (front page, hot posts, subreddit posts, etc). It remains visible only via the author's post history.

9
NetSpend Savings (5% promotional) is getting less good
Post Body

I got an email from NetSpend today:

NOTICE OF CHANGE IN TERMS TO YOUR SAVINGS ACCOUNT AGREEMENT Effective July 1, 2016 (the “Effective Date”), we are making the following changes to your Savings Account associated with your NetSpend® Visa® Prepaid Card Account:

  1. We are changing the minimum Average Daily Balance requirements to receive the interest rates applicable to your Savings Account to the following:

• For an Average Daily Balance of $1,000.00 or less, the interest rate paid on the entire balance will be 4.91% with an Annual Percentage Yield (APY) of 5.00%.

• For an Average Daily Balance that is more than $1,000.00, the interest rate paid on the portion of the Average Daily Balance which exceeds $1,000.00 will be 0.49% with an APY of 0.50%, and the interest paid on the portion of the Average Daily Balance which is $1,000.00 or less will be 4.91%. The APY for this tier will range from 5.00% to 0.54%, depending on the balance in the Savings Account.

Tl;dr, the promotional rate on NetSpend-branded cards is changing from the first $5,000 to only the first $1,000.

Obviously, this makes it less attractive as you need tons of accounts to make any interest out of it now.

As far as I can tell, Brinks Prepaid Mastercards (backed by NetSpend/Metabank) still offer 5% on the first $5,000. So that is an option. But perhaps Brinks will also lower the benefit they offer soon. I just got the email for my Brinks card as well! It's all going away.

Author
Account Strength
100%
Account Age
9 years
Verified Email
No
Verified Flair
No
Total Karma
71,251
Link Karma
801
Comment Karma
70,121
Profile updated: 3 days ago
Posts updated: 8 months ago

Subreddit

Post Details

We try to extract some basic information from the post title. This is not always successful or accurate, please use your best judgement and compare these values to the post title and body for confirmation.
Posted
8 years ago