3. Brink's Prepaid Mastercard Debit Card Offer 5% APY Savings Account

Brink's Prepaid Mastercard Debit Card Offer 5% APY Savings Account

me1004
me1004   |     |   855 posts since 2010

I was just watching a commercial on TV for Brink's Prepard Mastercard debit card, and it says you can get a 5% savings account with it. I have confirmed that at the Brink's Money Website, but found that while true, the APY is only for amounts up to $5,000.

The savings account is FDIC insured through BofI Federal Bank.

Not much, I won't bother with it, but for someone just starting out without a lot of money, that might be a very nice way to get things going. It can be accomplished while avoiding any fees, and no debit card purchases are needed, so the fees for those also are avoided.

You can see some information about the card at:

Brink's Prepaid MasterCard > How It Works

A clearer explanation of how to do it and avoid all fees is at:

How to open a Brinks Money Savings account with 5% interest and a possible $20 account bonus

That second fee notes that there is no fee for ACH in or out, and that is a key to getting this done free. I don't see anything at the first link saying ACH is free, but there is nothing on the fee list there mentioning any fee for ACH. Of course, there is nothing on the page even mentioning ACH.

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gateway22
gateway22   |     |   6 posts since 2012
Can anybody provide some feedback on this Brink account that has used it in the past?
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LR
LR   |     |   6 posts since 2016
I got one last year. Interest is credited every quarter, and on $5,000 you will make a little over $60 a quarter. Anything over the $5,000 is at 0.50%. You need to make a transaction every quarter to avoid fees. I ACH in $5 from my credit union every 3 months (you push to the debit card and transfer to savings) and have never been charged a fee. There are some steps to go through, as you can read on FatWallet. Basically you're not using the debit card at all, you're just using it as a stepping stone to getting the savings account. It's legit, and you will get a 1099. I haven't ever withdrawn anything yet, so I can't speak to how easy that process is, though.
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RevJoe
RevJoe   |     |   1 posts since 2019
They suck that is why I'm going to a real bank that has real people
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gateway22
gateway22   |     |   6 posts since 2012
Thank you so much for the information, LR. 
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LR
LR   |     |   6 posts since 2016
This just in... DO NOT BOTHER with this card now. They just changed the T&C, and now will only pay 5% up to $1,000, not $5,000 as before. This goes into effect on July 1. I'll keep $1,000 in there for 5%, but will be pulling out the rest on July 1.
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allquoteone
allquoteone   |     |   1 posts since 2016
good card. is there ach fee
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LR
LR   |     |   6 posts since 2016
Read the replies as well as the original post (which, BTW, says no ACH fees). This deal is basically dead above $1,000.
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