When you think about T-Mobile, your mind doesn’t immediately jump to an online checking or savings account. But with T-Mobile MONEY’S recent launch of its high-yield checking and savings accounts, it’s worth gaining a better understanding at what this well-known cell phone carrier has to offer. Especially if you’re interested in stashing your funds away in a high-interest savings account.
The most notable is their current, 4% APY on checking balances up to $3,000 and 1% APY on all balances after that.
Let’s take a closer look at T-Mobile MONEY so you can decide whether or not it’s the right fit for your situation.
- Earn up to 4% APY only if you’re a T-Mobile customer
- Earn up to 1% APY without switching phone carriers
- Highly rated mobile banking app
T-Mobile MONEY Online Checking and Savings
Reimbursement for 55,000+ Allpoint ATMs
T-Mobile cell phone customers can qualify for 4% APY
What Is T-Mobile MONEY?
T-Mobile is a wireless phone company. But with a recent partnership with BM Technologies through Customers Bank, they’re able to expand their offerings to include online checking and savings accounts. The accounts themselves are actually provided by Customers Bank, which is an FDIC-insured financial institution.
What Does It Offer?
T-Mobile MONEY offers very attractive banking features, such as no overdraft fees and getting paid up to two days early with direct deposit. Here are more ways T-Mobile can help you take your MONEY further as well as what sets this platform apart from the crowd.
The main draw of T-Mobile MONEY is the higher-than-average APY offered for both checking and savings accounts.
If you are already a T-Mobile wireless customer, you can earn 4% APY on checking account balances of up to $3,000. Then, it’s a 1% APY on all balances beyond that.
Even if you aren’t a T-Mobile wireless customer, you can still sign up for T-Mobile MONEY. But you’ll earn 1% APY on all checking and savings balances. Although it’s less than the 4% for T-Mobile customers, it’s still a relatively high interest rate compared to the rest of the market.
T-Mobile MONEY’S Got Your Back offers overdraft protection of up to $50.
To qualify for this overdraft protection program, you need to make at least 10 qualifying purchases with your T-Mobile MONEY card. These qualifying purchases need to have been posted to your checking account before the last business day of the month. This purchase requirement only needs to happen once to receive the Got Your Back benefits.
True Name by Mastercard
True Name by Mastercard for T-Mobile MONEY enables customers, including transgender and non-binary customers to “be their authentic self with their chosen name on their T-Mobile MONEY debit card.”
It is a move that follows T-Mobile’s carrier side of the business, which allows cell phone customers to have their chosen name displayed on Caller ID.
According to T-Mobile’s website, it matters because “transgender and non-binary Americans face substantial challenges and even discrimination and harassment when names on their bank cards don’t match who they truly are. And it’s difficult to get those cards updated. T-Mobile makes it easy for all customers to be themselves every day.”
Zero Liability Protection
If an unauthorized charge hits your debit card, you can disable your debit card immediately. T-Mobile MONEY won’t hold you responsible for unauthorized transactions. With that, you don’t have to worry about being on the hook if fraudsters go on a spending spree with your debit card.
Get Paid Faster
You can get paid up to two days early when you hook up a payroll direct deposit. With that, you can receive your paycheck or government benefits early every time.
Are There Any Fees?
T-Mobile MONEY doesn’t have any fees related to:
The only fee you may likely to encounter is the out-of-network ATM fee, which varies based on location and bank provider. However, it’s easy to avoid this fee by choosing to withdraw MONEY at one of the 55,000+ Allpoint ATMs.
How Does T-Mobile MONEY Compare?
T-Mobile MONEY isn’t the only interest-bearing checking account with an attractive APY.
Another top option is the Consumer Credit Union Rewards Checking. As of May 2022, you can earn up to 4.09% APY on checking account balances up to $10,000. Without any fees or minimum balances, Consumer Credit Union gives T-Mobile MONEY a run for its money.
OnJuno also offers an interest-bearing checking account. And you’ll earn 1.20% APY on balances of up to $50,000.
If you want to explore all of your interest-bearing checking account options, take a look at our full list.
How Do I Open An Account?
Ready to sign up for T-Mobile MONEY? Here’s how.
If you are an existing T-Mobile customer, you can use an existing T-Mobile ID. This number is attached to your wireless account. Essentially, this allows T-Mobile to pull up some information about you.
As a brand new T-Mobile customer, you’ll have to create a T-Mobile ID to start the process. But you’ll need to provide a bit of basic information, including:
- Your email address
- Your mobile phone number
- Your address
Once your T-Mobile ID is created, you’ll need to provide additional information to set up your account. Be prepared to include your:
- Social Security Number
- Government-issued identification, such as passport or drivers license
- Existing bank account numbers to fund the account
Is It Safe And Secure?
T-Mobile MONEY has partnered with BMTX to provide these bank accounts through Customers Bank, which is FDIC insured. FDIC insurance means that your funds will be insured for up to $250,000. This may help you feel more safe and secure with T-Mobile MONEY, should they go out of business.
How Do I Contact T-Mobile MONEY?
T-Mobile MONEY makes it easy for customers to contact the company via phone, text, or email. Their T-Mobile MONEY specialists are available daily from 8 a.m. to 12 a.m. ET. They also offer bilingual support 365 days a year.
- The customer support number is 866-686-9358.
- If you’re calling from outside the U.S., call +1-414-751-6700.
- If you’re a T-Mobile cell phone customer, you can dial **MONEY from your device.
Is It Worth It?
The big draw is for T-Mobile cell phone customers to make the switch and reap the benefits of a 4% APY. Plus, it’s a relatively frictionless process to open and fund your T-Mobile MONEY savings or checking account.
But if you aren’t a T-Mobile wireless customer, it might not be worth making the switch. You can find reasonably attractive APYs through other checking accounts without disrupting your phone service.
If you aren’t able or willing to switch to T-Mobile wireless for the 4% T-Mobile MONEY offering, don’t sweat it. You can find another option for your MONEY. Are you looking for the right fit? Check out the top high yield checking accounts.
T-Mobile MONEY Features
Out-Of-Network ATM Fee Reimbursements
Monday-Sunday, 8 AM-12 PM (EST)
Web/Desktop Account Access
3444 through Customers Bank
T-Mobile cell phone customers qualify for 4% APY