T-Mobile is launching a new venture called T-Mobile Money, a checking account service for T-Mobile customers. The service is run by a digital bank called BankMobile, which is a part of Customers Bank. T-Mobile Money is still a real checking account, with FDIC insurance for balances up to $250,000, a Mastercard-powered debit card, and the ability to send paper checks directly from a smartphone app. You can also add a T-Mobile Money account card to Apple Pay, Samsung Pay, or Google Pay.
Offer & Requirements
Everyone earns 1.00% Annual Percentage Yield (APY) on all balances. T-Mobile wireless customers with qualifying service who deposit at least $200 a month can earn 4.00% APY on checking account balances up to $3,000.
As a T-Mobile MONEY customer you earn 4.00% annual percentage yield (APY) on balances up to and including $3,000 in your Checking account each calendar month when:
- you are enrolled in a qualifying T-Mobile wireless plan;
- you have registered for perks with your T-Mobile ID; and
- you have deposited at least $200 in qualifying deposits to your Checking account within the current calendar month.
- Promotional deposits and refunds are not eligible toward the $200 in deposits.
- Balances above $3,000 in the Checking account earn 1.00% APY.
- Customers who do not qualify for the 4.00% APY will earn 1.00% APY on all Checking account balances for any month(s) in which they do not meet the requirements listed above.
T-Mobile Money has no overdraft fees, no account fees, no maintenance fees, no minimum balances, and no fees at Allpoint® ATMs.
A weird venture from T-Mobile, but no reason to complain. This is a pretty good deal to earn 4% on $3,000. Must be enrolled in a qualifying T-Mobile wireless plan and deposit at least $200 every month to get that rate. You can automate the deposits and make $120 a year.