Insight Is Only Closing 5% APY Accounts Opened Online

Insight offers a savings account that earns 5% APY on balances up to $5,000. We’ve previously reported that all of these accounts were set to be shut down on July 1st, 2018 (today). It looks like that isn’t accurate as only savings accounts that were opened online have been shut down and those with accounts opened via phone or in person have been kept open. Reader dubs3011 called in and asked what was going on, got escalated to a supervisor and confirmed that this was the case. It’s possible that these accounts will be shut down at a later time, but for now it seems like they will be safe. Unfortunately it doesn’t look like you can just open a new account via phone or in person as they aren’t allowing any new accounts to be opened.
    William Charles
  • On July 1, 2018, 17:43

View Comments (161)

  • Does anyone know if 5% APY still applies to all funds beyond the initial $5k deposit?

    At one point, all money in the account was compounding at 5%, including the quarterly interest received after the initial $5k deposit.

    • Yep you'll still get 5% on anything above $5k. I have three still opened, all at different times, and the quarterly interest are all different. I'm letting it roll as long as they let me. Over $16k now in these accounts.

    • Interest compounds above $5,000 but you just can't add anything above that. At least that's how it works on the old accounts. We still have no data points on new accounts opened in person at a "partner location".

      • New accounts as in after July 2018? I opened three at a local cash checking place before they nerfed the program and they are still going strong. The ones opened online obviously closed them.

        • All 3 were opened at once? I'm flying out to a spot that supposedly has them and want to make sure I can open multiple.

          • Does any one knows where are these retail location? I have check many places I know that sell other prepaid cards and I have never seen them. I read some comments about local cash checking places but there are not many in my area.

          • The best places to look are check cashing places and payday loan stores. Search your local area and call to see if they carry the black/grey card as the green card is different and only pays 1%. Here is the search link just plug in your zip code and uncheck greendot and visa ready link options as these are just reload locations.
            https://www.insightvisa.com/store-locator/
            This is a good starting point and also lists the phone numbers for each store. Let us know if it works.

  • Just a heads up for folks who still have this account. It looks like the online statements for the savings accounts are back again.

  • Does anyone know if we're still getting 5% since the redesign or we're all waiting and seeing 4/1?

    • Savings ToC hasn't updated to say anything other than 5%

      Not sure there's any indication anything is changing here

  • Anyone know where the transfer from Card to Savings and vice versa are with the redesigned website? I asked through their secure message system and the reply was that to ensure the security of my account I'd need to call. What a ridiculous response.

    • Are you able to access your savings account at all ?
      In the new dashboard all i see is that i have card balance xx and savings balance 5xxx.xx and when i click savings Link, it just takes me to my card balance and transaction history.Not able to access savings act balance at all form the website currently.

      • Savings -> E-Statement shows the Savings transactions. Clicking either the Card or Savings from the dashboard shows the Card transactions.

        • Many thanks! I think the site was undergoing maintenance and i could not see the top tool bar at all. Now i am able to see the estatement menu under savings.

        • They must have forwarded my secure message because it's back under the Savings tab where it belongs.

  • Anybody else gotten cards in the mail with the message "We want you back"? And trying to get you to set up direct deposit or tax refund deposit into the card. I believe the two cards I got mailed to me were in relation to the accounts closed last year that were opened online.

  • Looks like they've been updating their website and that could be an explanation for some of the issues I was having.

    Today was able to get the passcode within seconds of requesting it and only had to request a passcode the one time as it now remembers my computer.

    Also, never noticed it before but it shows Green Dot owns Insight (Copyright © 2019 Green Dot Corporation. All rights Reserved.). Is this new or is it just now more obvious since they updated their website? First time I've noticed it.

  • Is anyone else having to have Insight send a one time passcode in order to login?

    This is happening each time I want to login and usually it takes them up to an hour to send the code at which time it is too late to enter the code and I have to request another one. Eventually they come early enough to login but it is getting annoying.

    Trying to find out if it is just my computer or is it happening to others. Only had it happen a couple of times in the past but usually after I clear my cache or try from a different computer.

    • I had the same problem using the phone call method. By the time they called it was like a hour later! Then I started using the email method and it worked. I hate all this 2 factor verification BS as it takes forever when you have many accounts to check.

      • I've never gotten the phone method to work and the email method continues to be delayed.

        Noticed that their emails have a 4 hour time difference later from mine (I'm in California) and wonder where they are sending from since there aren't too many eastern time zones in the US that are different by 4 hours?

        • I'm in Michigan and The phone call is anywhere from 30 min. to a hour off. Email takes about a minute. I know this can be very frustrating. Maybe try using another email address or a different phone number land line/VOIP/Cell If you have one. I'm using Yahoo mail btw. I have had these same issues with 2 factor authentication from other banks as well. Some send a text/email that never arrives or a phone call that doesn't work with VOIP systems. They need to stop putting security off on the end user.

          • The passcodes are e-mailed within a few minutes, but the date header is malformed. The e-mails will be appear to be a few hours older than what they really are, so make sure you look through your older e-mails.

          • Could be. Today's time was 7 hours earlier so who knows where their email servers are positioned around the world.

  • Just a update for anyone else who still has a Insight savings account. It looks like they have updated their website and the estatements are no longer available(maybe just temporary?) just the transaction history. So no way to tell if we are still getting 5% other than the updated savings agreement at the bottom dated Revised 01/29/2018 which states the account is still earning 5% APY. and that a statement should be available on the website. I still received the correct interest for the last quarter of 2018 on 1/1/19.

    • Can confirm that @guest_620286 is correct and estatements are not fixed on my two accounts. Seems odd they changed it and didn't mention it. Makes me wonder if they are getting ready to make more changes, or shutting down. They were mostly upfront when they dropped all the internet opened accounts, so I would think they will be upfront again for the remaining users.

  • Just received another survey request from Insight on my last remaining card with them.

    The last time they sent out a survey, they soon after notified everyone that they are getting rid of the 5% savings account for those accounts opened online.

    Wonder if maybe this is the first step to do away with all other 5% savings accounts?

      • Not sure about that date but all my accounts that were opened by phone were opened prior to 7/1/18 and are still earning the 5% as of last quarter and the amount over $5,000 is also earning the 5% as well ; ).

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