T-Mobile Money is an online/mobile checking account that’s offered through large wireless telephone company T-Mobile. The premier advantage of the account is its impressive 4.00% annual percentage yield (APY). To qualify for that rate, though, you’ll need to be enrolled in a qualifying T-Mobile wireless plan; be registered for perks with your T-Mobile ID; and deposit at least $200 to your checking account within the current calendar month (excluding promotional deposits from T-Mobile). If you don’t meet those criteria, that rate will shrink to 1.00%. Also be aware that the 4.00% APY only applies to the first $3,000 in your account; balances beyond that will earn the 1.00% rate.
There is no minimum deposit necessary to open an account with T-Mobile Money. There are also no fees to speak of: The bank has managed to eliminate all monthly account fees, maintenance fees, overdraft fees and ATM fees. This is virtually unheard of, giving this account a sizable step-up over its peers.
You might be wondering how you can withdraw cash from your T-Mobile Money checking account if its services are solely online and mobile. To combat this, the bank joined the Allpoint® ATM network, which is 55,000 machines strong. All T-Mobile Money customers can use these ATMs for free. The account comes with the T-Mobile Money Mastercard® debit card, which is what you’ll use at these ATMs and for other transactions.
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T-Mobile Money Overview
T-Mobile Money is owned by T-Mobile USA, Inc., a mobile phone service company. T-Mobile provides these banking services in conjunction with BankMobile, a division of Customers Bank, Member FDIC. Customers Bank is a traditional, brick-and-mortar bank with 15 branches in New Jersey, New York and Pennsylvania.
T-Mobile Money Checking Account
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The T-Mobile Money checking account offers a 4.00% APY, but there are a few stipulations you must meet to earn it. This rate only applies to account balances up to $3,000, with a 1.00% APY taking over after that. Also, should you miss any of the three requirements for the 4.00% APY, T-Mobile will relegate your entire account balance to the same 1.00% APY.
First and foremost, you need to be enrolled in one of T-Mobile’s qualifying plans, including the T-Mobile ONE plan, the T-Mobile ONE+ plan, the Simple Choice plans and other postpaid plans (excluding the No Credit Check plan). On top of this, you must register for perks with your T-Mobile ID.
The third and final requirement for this APY is that you must deposit at least $200 in your account during the current calendar month. Note that this total cannot include what T-Mobile terms as “promotional deposits.” In general, this refers to deposits that T-Mobile gives you as an incentive or reward for meeting certain guidelines within a promotion.
Perhaps the best perk of this account is that it’s completely devoid of all fees. In fact, there are no monthly maintenance fees, no overdraft fees and no fees for using in-network Allpoint® ATMs. T-Mobile won’t charge fees for using out-of-network ATMs, but the owner of the ATM probably will; unlike some other mobile/online banks like Ally, T-Mobile does not reimburse ATM fees charged by out-of-network ATMs. To use these ATMs and complete other transactions, all customers receive a free T-Mobile Money Mastercard® debit card with an EMV chip.
Compare T-Mobile Money to Other Competitive Offers
Where Can I Find T-Mobile Money?
T-Mobile Money is an online/mobile bank, so it does not operate any physical branch locations. However, residents throughout the U.S. (except Puerto Rico) can open an account. To gain access to the funds in your account, stop by any one of the Allpoint® ATM network’s 55,000 ATMs. T-Mobile Money has it set up so that its customers can use these cash machines free of charge.
What Can You Do Online With T-Mobile Money?
The entirety of T-Mobile Money’s banking services are accessible through its Apple and Android mobile apps and its website. Between the Apple and Android app stores, the T-Mobile Money app holds an average rating of about 3.3 stars out of 5.
Customers of T-Mobile Money can take advantage of a number of useful features. You can log onto your mobile or online account at any time and view your debit transaction history as well as your current and past bank statements. From either of these platforms, you can also quickly set up direct deposit to ensure your money is transferred to your account as quick as possible.
A major concern of prospective online/mobile banking customers is how they’ll go about depositing checks in a non-branch environment. To quell this worry, T-Mobile offers mobile check deposit that can be completed by simply taking a picture of your check. In addition, you can pay your bills with funds from your account directly from the T-Mobile Money app and website.
If you want, you can connect your T-Mobile Money Mastercard® debit card to any of the popular virtual wallets. You’ll be able to add your card to your Apple Pay, Google Pay or Samsung Pay account.
How Do I Access My Money?
The best way to take out cash from your T-Mobile Money account is to swipe your T-Mobile Money Mastercard® debit card at an Allpoint® ATM. This massive network is made up of 55,000 fee-free ATMs throughout mostly the U.S., though there are some in Canada, Puerto Rico, Mexico, the United Kingdom and Australia. T-Mobile’s mobile banking app features an ATM locator that can help you find Allpoint® ATMs in your area.
To keep an eye on your money, you can log onto T-Mobile’s online banking website or mobile apps at any time. If you still have questions, you can call T-Mobile Money’s customer service hotline at (866) 686-9358. T-Mobile wireless customers can also dial **MONEY on their device to contact the hotline.
How Can I Save More Money With a T-Mobile Money Account?
The 4.00% APY available through the T-Mobile Money checking account speaks for itself. While this rate is limited to a $3,000 account balance, it can have a big impact on your finances. To be specific, this 4.00% APY would bring a $3,000 balance to $3,600 over five years.
It’s not uncommon for checking, savings and money market accounts at most banks to have monthly maintenance fees, overdraft fees and other charges. By contrast, the lack of fees at T-Mobile Money gives the bank a distinct cost advantage over most other financial institutions.
What’s the Process For Opening an Account With T-Mobile Money?
The requirements for becoming a T-Mobile Money account holder are the same as they would be at any bank. To join the bank, you need to:
- Be at least 18 years old
- Have a Social Security number
- Have a street address within U.S. borders
- Have valid government-issued identification, like a U.S. driver’s license, State ID, U.S. Passport or U.S. Military ID
As far as the actual signup process goes, you can apply for an account from the T-Mobile Money website or the bank’s Apple and Android mobile apps.
What’s the Catch?
On the surface, the 4.00% APY attached to the T-Mobile Money checking account is fantastic. Unfortunately, the peak of its possible benefit is restricted by its $3,000 account balance cap. It is worth mentioning, though, that the bank is upfront about this precondition.
Fee-free access to 55,000 Allpoint® ATMs is about as strong an ATM network as any banking customer could hope for. In most areas of the U.S., it shouldn’t be a problem to find an in-network ATM. Nevertheless, on the off chance that you’re nowhere near an Allpoint ATM, you may incur a fee from an out-of-network ATM. Unlike some online banks, like Ally, T-Mobile Money will not reimburse the fees that the other bank charges you.
Most Americans have a checking account, or at least something similar to one. But if you’re looking to open a savings account or a certificate of deposit, you’ll have to look somewhere else. If you’d like to open one of these accounts and want all your deposit accounts under one roof, another bank may be a better option.
If you’re a T-Mobile customer and you meet the requirements of the T-Mobile Money checking account’s 4.00% APY, the growth potential of owning an account is undeniable. The zero-fee nature of the account is another bonus for banking customers wary of fees. While it has a couple of drawbacks such as the rate cap, the lack of ATM fee refunds and no secondary account options, its checking account appears to be a solid choice.