As many of you know the Mango Prepaid Debit Card offers a tremendous savings account interest rate of 6% on balances up to $5,000. Keep in mind that you must maintain $800 of net ACH transfers/loads onto you card each month to qualify. Otherwise the interest rate is 2%, which is still not a bad interest rate compared to most savings accounts now days.
Mango Savings Account 1099
For those that actually have an Mango Savings account. You are probably wondering if they are going to send a 1099-INT so that you can report the income on your taxes. This year I never received a 1099, so I was wondering if Mango simply did not issue one, or if I needed to request it. I called Mango Money customer service at 855-687-2036 and the agent confirmed that a 1099 was available, but I needed to request it. He said that I could receive it either by email or direct mail. I requested the email option and he told me it would be sent within 24-48 hours.
The funny thing was I asked what the interest income for last year was and he couldn’t tell me! I just needed the amount to report on my taxes, but he said I needed to wait until the 1099 was sent. So weird!
Update: Mango (Sunrise Banks) Emails Me My 1099-INT
Sure enough two days later I received an email from email@example.com stating that by clicking on the link I give Mango Visa® c/o Sunrise Banks NA and Track1099 LLC to deliver your 1099-INT electronically for tax year 2016. On the page I simply entered the last four digits of my SSN and I downloaded a PDF of my 1099. It was surprisingly easy once I received the email!
It seems strange that Mango never sent me a 1099 in the mail and it sounds like you need to request the statement if you want it. It took me only a few minutes to call, but don’t wait until the last minute if you are doing your taxes!