[Now Verified] Insight No Longer Accepting New 5% APY Accounts & Existing Accounts To Be Shut Down July 1st?

Update #3 (6/1/18): Email went out today confirming it’ll die on July 1, 2018.

Update #2: Insight 5% is dead for new applicants – they removed mention of 5% from the site. Other high-yield options can be found here.

Update: Somebody is stating they called in and were told that new accounts are no longer eligible for the 5% APY and existing accounts will be shut down on July 1st. Terrible news IF true.

Original post: Insight offers a prepaid card, you can also open a connected savings account that earns 5% APY on balances up to $5,000. Unfortunately there are two troubling datapoints indicating that Insight might no longer be offering this 5% option despite it still being mentioned on the website here. First datapoint comes from reader Bryan stating the following:

I planned on activating the card this afternoon and got a random call from Insight cust service to tell me the details on the card, ask if i’m employed and if I will use DD. Say yes and let them know I plan to use the savings 5% – rep asks for last 4 of social again and puts me on hold. Then comes back and say that is done with. I say what, ask when and she says yesterday and they do not know anymore. I say it’s still advertised on their site and they say they just found out but I will not be able to access the savings account for the 5%

The other datapoint comes from reddit and can be read in full here. Generally speaking shutting down new applications is only a first step and eventually grandfathered accounts are shut down as well. That being said given that the 5% APY rate is still being advertised on the website and they aren’t officially not accepting new applications I wouldn’t go too far with the doomsday scenarios just yet either. As always we keep a list of the best high APY accounts here.
    William Charles
  • On May 22, 2018, 19:41

View Comments (212)

  • @6 and @2 Not sure if anyone still has an Insight 5% APY account -- I still do, despite the fact that this post notes that they shut down all accounts in 2018 -- but I got a notice today indicating that all Insight Card accounts will be shut down on February 28, 2024, with direct deposit loads being cut off after January 15, 2024. The notice is also available via a pre-recorded message if you call into Insight Cards customer service: (888) 572-8472. I plan to remove all my funds from the savings account and card by January 15, just to be safe!

  • Anybody not able to log into their Insight account? Mine says Invalid Credentials even though I saved my passwords using Lastpass. Tried to reset password but it says No account with that information. I haven't logged in since July of this year.

    • I just checked the terms and you are right! Worst possible time with interest rates tanking everywhere. No heads up, no email, no letter either. Maybe this is only for new accounts opened after 7/1/20? I think I will wait and see before taking any drastic action because everything liquid is around 1% now anyway so no big hurry.

      • I've had my account for years and it says 1% for me. Looking at opening a 3 year fixed annuity @3%. Not FDIC insured but apparently is by various state insurance boards. Anybody know any reason why I shouldn't?

    • Crap. What's the cheapest way to transfer money out? Is there a point leaving small balance there in case 5% ever comes back?

      • If you can't finish your balance with billpay ($0 fee), mailing a check (up to $2500?) to someone works - tested this with a $20 check to my sig. other, now increasing $ amount to drain. Bye bye insight.

      • I'm keeping mine open because the way interest rates are dropping the highest yielding MMA may soon be .5% and 1% will look good.

  • Logged in to move money from Savings to card and use Bill Pay, but it seems that option is no longer present.

  • Help! I had $5k in savings account. I just tried to log on and it says invalid. Neither of the two phone numbers above are working nor the one on the insight website. My card does not have the savings balance on it and I didn't receive a check.... What do I do???

  • Datapoint: As of July 1st, I could no longer log into insight, like others had mentioned. I dug up my cards and called the number. I was able to get the balance on the card for free through the automated phone system, and it seemed the entire $5000 + one quarter of interest had accrued and transferred to my card balance. I didn't bother talking to a person (assume had to pay $1) or getting my account re-activated. I did an ACH pull from Ally where I already had the card account linked. So far looks like entire amount for both wife and I pulled into Ally no problem.

    Any fees I should worry about for Insight card sitting with zero balance?

  • I wanted to share a data point. My savings account balance was transferred to my prepaid balance on July 1st, and the savings was closed. I used my Schwab Checking account to pull the money out through an ACH transfer through Schwab's website, and it pulled the money out. So I didn't need to use the Bill Pay feature to withdraw the money.

    • Yes, that's what most people are doing (ACH). The only reason to use bill pay is if you can't get ACH linking working between Insight and one of your other banks, but Insight's instructions focused on bill pay because they don't have any ACH feature on their own website, and many of their customers won't have another bank account to link anyway.

  • I can only logon to one of my accounts, the others show ("invalid logon attempt").
    I see the that the interest is credited on the account to which I could logon. However, the balance has not been transferred to the card.
    I hope that they transfer the full Savings balance today as an ACH is already in process to a locked account, and it will hit the card on Monday.

    • I'm checking the accounts that I can still login, but they haven't been transferred

      • OK, just checked again and the savings accounts have been closed, Savings tab only has e-statements available

        • Correction: only 1 of my account has the savings account closed, those that remain open will continue to accrue 5% interest according to the rep I called

  • I was also locked out, clicked to reset password, reset successful, please log in now...then got the security lock-out out message. Called to reset, wait 20 minutes on hold, and did get a person to activate my account, and have now gotten in, but with $1 deducted. I guess that is their way of saying goodbye!

    You can call and get your exact balance for free via automation. If this amt jives with the amount you should have with recently posted 2nd quarter interest, then maybe you can ACH all of your money out without calling for reset and losing the $1???

Leave a Comment