Mango Savings Account 6 Percent APY

A savings account with a 6 percent APY these days when the FDIC's average savings rate is .10 percent? That's right, you can get a 6 percent savings account rate on a Mango savings account! That rate has to be the best savings rate available today.

Here's the catch, the savings account rate is tied to setting up direct deposit into the Mango Savings account. The last catch is the 6 percent rate is only on account balances up to $5,000. Account balances over 5k earn .010 percent, the pathetic national average rate as reported by the FDIC.

If you're not interested in setting up direct deposit you can still earn a rate of 2 percent on the savings account by having a Mango Debit Card. The account will only earn 2 percent up to $5,000, balances over 5k earn only earn 0.10 percent. 

Is it worth your while to open a Mango Savings Account to earn 6 percent of 2 percent savings rate? That depends on whether or not you are in need of setting up direct deposit. At a 5k max deposit at 6 percent a year the return is $300. To earn $300 at the FDIC's national rate of 0.10% you'll have to deposit $300,000 into an account.

The 2 percent rate at 5k will give you a $100 in interest earnings. At the national rate it would take $100,000 to earn $100 in interest earnings for the year.

Compare the Mango savings rate to the highest savings rates around which are just north of 1.00 percent the Mango rate is great but the cap of 5k almost doesn't make it seem worth it. The though of opening a savings account to earn $100 or $300 in interest for an entire year isn't worth it to me.

It almost seems better just to keep my money in a CIT Bank savings account which was recently increased to 1.05 percent APY or a Barclays Bank savings account at 1.00 percent APY.

I also forgot to mention the Mango savings rate is a promotional rate that can change at anytime but that is the case with any account but it's more likely with a very high yielding promo rate than a rate of around 1.00 percent.

If you don't mind opening an account with a promotional rate you might be better off with an EverBank money market account which has a current promotional rate of 1.25 percent for up to 6 months.