If you signed up for up to three NetSpend prepaid card accounts with a 5% savings account, here’s an opportunity to get two more accounts that work the same way.
[Updated on June 1, 2016. The maximum earning 5% drops from $5,000 to $1,000 starting on July 1, 2016.]
Brinks Prepaid MasterCard is also run by NetSpend, just under a different brand, with a different underlying bank. This is similar to how the same car is sold under two different names or how the same flight is code-shared by different airlines.
NetSpend limits each person to up to five accounts regardless of brand, but no more than three accounts with the same underlying bank. If you already have three NetSpend-branded accounts, you can get another two Brinks-branded accounts.
Close Redundant Cards
Before you start, there’s a bit of house cleaning if you followed my steps for the NetSpend cards. If you don’t have any NetSpend cards, you can skip this part.
Remember when you funded the NetSpend card account by ACH deposit, NetSpend automatically sent you a Premier card for the same account? I said just activate it as usual. Now you have two cards under each account. The redundant cards will cause a problem when you try to activate new Brinks cards. Had I known I shouldn’t have told you to activate the Premier card. Sorry about that.
Log into your NetSpend account, click on My Account, and then My Prepaid Cards. You will see your two cards there. Write down the last four digits of the two cards. Decide which one you will keep in this pair. Repeat for each of the three accounts.
Call NetSpend customer service at the number on the back of your card. Tell the rep you have two cards under one account and you’d like to close one card and keep the other. The rep can see all your accounts. You don’t have to call three times.
After the redundant cards are out of the way, the rest of the setup for Brinks Prepaid MasterCard is the same as the setup for the NetSpend card.
You go to brinksprepaidmastercard.com and order a card. If you already used my referral link for extra $20 when you signed up for the NetSpend card, you can’t get another bonus again. If you haven’t, you can click on this refer-a-friend link for extra $20 when you order your card (I will get $20 too).
After you get the card in the mail, you activate it, set up ACH link, fund the account, open savings account, transfer the money to savings, and set up recurring ACH deposit to avoid the inactivity fee. Rinse and repeat for a second account. Remember to completely finish all steps for one account before starting another account. For detailed steps, see previous article on NetSpend.
Interest is also posted quarterly. Exit would be the same as NetSpend if you ever want out.
With two more Brinks Prepaid MasterCard accounts, you will have another $2k earning 5%. If you are married and you get two accounts each person, you will have another $4k earning 5%. That’s like having another $20k earn 1% in a high yield savings account!
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