Anyone have experience with Brink's 5% savings account?

Question

If you get a Brinks prepaid MasterCard (no initial fees, and you can 
even get a $20 signup bonus) and go through some other gyrations, you 
can presumably get access to a 5% FDIC-insured savings account.

Has anyone does this?

It sounds too good to be true, so I'm suspicious, but banks have done 
weird things before (I once transferred a balance to a Citibank card 
with a -5% fee: my balance decreased by 5% after the transfer).

I want to hear from someone who has actually done this, if 
possible. I've skimmed the terms, and there are various fees, but they 
all seem avoidable if you're reasonably clever.

Since you can borrow money for less than 5% (usually collateralized 
though), this sounds like free money (sort of).

Googling shows some results, but many of them are people asking the 
same question and/or people who are speculating without experience.

JB King · Accepted Answer

Down in the Fine Print are these points to consider for the limit:

For an average daily balance up to but not exceeding $5,000.00, the interest rate for the Savings Account is 4.91% with an annual
  percentage yield (APY) of 5.00%.
  For that portion of the average daily balance of the Savings Account that is $5,000.01, or more, the interest rate is 0.49% with an annual
  percentage yield (APY) of 0.50%.

The interest rates and APYs of each tier may change. The APYs were
  accurate as of March 1, 2014. These are promotional rates and may
  change without notice pursuant to applicable law. No minimum balance
  necessary to open Savings Account or obtain the yield(s). Because
  Savings Account funds are withdrawn through the Card Account (maximum
  6 such transfers per calendar month), Card Account transaction fees
  could reduce the interest earned on the Savings Account. Card Account
  and Savings Account funds are FDIC-insured upon verification of
  Cardholder's identity. For purposes of FDIC coverage limit, all funds
  held on deposit by the Cardholder at BofI Federal Bank will be
  aggregated up to the coverage limit, currently $250,000.00.

Anyone have experience with Brink's 5% savings account?

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