Posted November 30, 2012 at 5:47 pm
Prepaid debit cards tied directly into this high-yielding online savings account.
by Brad Wajnman
Prepaid debit cards first became available in the mid-1990s, and although the primary market for them was initially geared towards the 40 million or so unbanked and underbanked (those without credit cards or traditional bank accounts), their use among consumers from all socio-economic backgrounds is on the rise, and for good reason.
They’re a convenient alternative to carrying around cash in your pocket and can quickly and easily be loaded with funds to use for shopping, bill payments, or everyday purchases.
Dozens of state governments use them to dish out unemployment benefits, and the federal government now uses them to make Social Security payments.
Prepaid debit is actually one of the fastest-growing segments of the consumer-finance industry today. Part of their popularity is no doubt due to the successful marketing campaigns sponsored by the big banks, which has turned them into a trendy fashion statement.
From Suze Orman’s Approved Card to hip-hop mogul Russell Simmons’s RushCard, to B-list celebrity, Kim Kardashian’s Kardashian Kard, millions of people are latching onto these hyped-up, use-anywhere pieces of plastic.
What do prepaid debit cards have to do with high-yield savings accounts, you ask?
Well, we found a prepaid debit card that not only has lower overall fees than most of its competitors, but, as an added bonus, it also offers a linked savings account that pays a whopping 6.00% APY.
Yup, when you apply for this vendor’s prepaid card, you get a savings account tied to it that pays over 40x better than the industry average.
In fact, it’s the highest-yielding FDIC-insured savings account we’ve ever come across offering a stellar inflation-beating interest rate with virtually zero downside risk.
With current interest rates from most banks remaining absolutely dismal, you could be earning 6.00% APY on your savings and essentially making money every month for just parking it there with this hidden gem.
NOTE: The above is a preface of one of several key resources, vendors, or programs that Barry Goss and Brad Wajnman — respectively, the Wealth Vault Managing Editor and Research Director — revealed to our paid-up members on Friday, November 30th. To get the full review of this particular resource, either login, or become a member