I have just started my career a couple of months back and plan to save money for emergency funds. I was browsing the internet for a good savings account and came across Mango Money savings (6% APY upto $5,000) and found a detailed post about it. I have read about the prepaid card I need to have to open the account and their $3 monthly fee. As the post mentions I still get about 5% after the monthly fee so I am keen on opening a savings account with them and fine with the above conditions.
I want make sure that I am not missing anything here and want to know any disadvantages of using this savings account to store money as a emergency fund. Can anyone list the pros and cons (other than the ones mentioned above) for this approach? I am mostly interested in the cons.