MIAMI and AUSTIN, Texas, June 11 /PRNewswire/ -- Unbanked consumers who choose Mango's low-fee services to manage their money will soon be able to put the money they save to work with a new high-yield savings program – earning an Annual Percentage Yield of 5.1 percent(1) – the company plans to introduce this month. Mango founders Roy Sosa and Bertrand Sosa made the announcement today from the Underbanked Financial Services Forum in Miami.
Mango is a first-of-its-kind financial services store for unbanked consumers that recently opened its first U.S. location in Austin, Texas. The company also offers select services – including the Mango™ MasterCard® Prepaid Card and integrated YAP™ branded mobile money transfer service – available nationwide at www.mangomoney.com. Mango savings accounts, a feature offered with the Mango prepaid card, will be available to all store and online customers.
"Given the importance of savings to reducing Americans' reliance on debt and achieving long-term financial stability, we need better savings products and rates to make it worth their while," said Mango co-founder Bertrand Sosa. "And we need more products designed with unbanked consumers in mind so they have better options for saving than stashing cash at home. If you're doing the right things to manage your money, you deserve the right tools to help you do it."
Customers who choose to save with Mango will earn a market-leading Annual Percentage Yield of 5.1 percent, paid on balances up to $5,000. With only a $1 opening balance required, Mango customers can save any amount that's meaningful to them, and everything they save works for them because they pay no transfer, penalty or monthly service fees.
Customers also enjoy unlimited free transfers for allocating dollars to savings from funds loaded on their Mango prepaid cards and up to six free transfers per month to transfer funds from savings to their cards. Savings account management features, including transfers, are available 24/7 online or by phone, and the integrated YAP™ service enables customers to check their savings balance or initiate card-to-savings transfers with a text message. All savings deposits are FDIC insured and held by Horizon Bank, SSB.
"Our products and services are designed to allow our customers to keep more of their money and in this case, to put that money to work, whether it's saving for the long term or budgeting for the next few months," continued Sosa. "We're committed to providing our customers, many of whom may be new to savings products, a positive experience that encourages a lifelong practice."
Starting June 17, new and current Mango customers who are enrolled in recurring direct deposit can begin saving with Mango by signing up online at www.mangomoney.com.
Horizon Bank, SSB, member FDIC, issues the Mango MasterCard Prepaid Card. Rev North America, Inc. is the program manager for the cards and associated savings accounts, and MPOWER Mobile powers the card's mobile capabilities. Mango Financial, Rev North America and MPOWER Mobile are members of the MPOWER Ventures investment portfolio.
For more information on the Mango Store and its products and services, visit www.mangomoney.com.
(1) The Annual Percentage Yield (APY) as advertised is effective as of June 17, 2010. Rates are subject to change at any time and may change after accounts are opened. The APY advertised applies only to the portion of your savings account balance which is $5,000.00 or less. No interest will be paid on the portion of your savings account balance which exceeds $5,000.00. Please see the Savings Account Customer Agreement for full disclosures.
About Mango Financial, Inc.
Founded in 2008, Mango Financial, Inc. is a consumer financial services company that creates innovative and empowering products to help unbanked consumers manage their money and achieve their financial goals. Guided by a mission to grow adoption of financial services by unbanked consumers, Mango is developing a world-class service experience and integrated suite of advanced financial products that are affordable, relevant and easy to use. Mango is a member of the MPOWER Ventures investment portfolio.
SOURCE Mango Financial, Inc.