I’m almost embarrassed to write this post because this is something I should have done months ago. But better late than never, right? So, let’s cut right to the chase. Why should you open a prepaid Netspend account (similar to Serve) ? A few reasons:
- It’s a gateway to opening a savings account that pays 5% return on up to $5,000. It’s a perfect place to stash your emergency fund, and you DON’T have to make a certain number of transactions per month in order to receive this payout. There is inactivity fee, but you can avoid it by purchasing 0.50 Amazon gift card every 90 days. Very easy, no-hassle option for busy families.
- You get $20 upfront when you load $40 on this card, and the person who referred you gets the same bonus (more on that later). You can leave it at that or proceed with the previously mentioned option (and you should).
- There is no hard credit pull and the initial set-up process only takes few minutes. There is also no fee.
So, I finally pulled the trigger on this one, and it was extremely simple. Here is the page you go to to begin with:
After creating account, here is what log-in page looks like:
My initial impression is that it’s created for IT simpletons like myself. And that’s a good thing! Chuck at DoC has written an excellent guide to opening a Netspend account, so I suggest you head on over and read all the details. Do it first before starting the whole thing to make sure you follow the steps correctly.
I suggest you use Chuck’s referral link if you decide to enroll. He didn’t ask me to include it, but I feel it’s the right thing to do since he probably spent several hours on that post and all the research that went with it. Like I said, there is no credit pull and you don’t even have to provide SSN or date of birth. At the very least, it’s an easy way to make $20 for maybe a total of 15 minutes of work. I got an account for myself as well as my husband. Hopefully, this will let us stash away $10,000 and earn a terrific rate.
I don’t yet know how smoothly the whole process will go, but so far so good. Will keep you updated. The reason I wanted to write this post now is because deals like this tend to die eventually, so the sooner you get the ball rolling, the more chance you have at being grandfathered. Getting 5% return on a liquid savings account is nothing to sneeze at.
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