T-Mobile MONEY Account Review: Better Online Banking (2024)

4.7

SCORE

GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.

Quick Take: T-Mobile MONEY is carving its way as a trailblazer in the banking space by offering zero account fees (including no overdraft fees), early delivery of payroll direct deposit1, and a 2.50% Annual Percentage Yield (APY) on checking and savings balances. Plus, if you're a qualifying T-Mobile customer who has registered for perks, you can earn an amazing 4.00% APY2 on checking balances up to $3,000.

  • Fees

    5.0

  • Payday Perks

    4.6

  • APY

    5.0

  • Accessibility

    4.2

How did we calculate this?

Pros

  • Zero monthly account fees and no overdraft fees
  • Up to two days early direct deposit of payroll
  • Notably high APY on eligible accounts, up to $3,000
  • Users can access over 55,000 no-fee ATMS

Cons

  • Only eligible T-Mobile wireless customers get the APY of 4.00%; everyone else gets 2.50% APY

What is T-Mobile MONEY?

T-Mobile MONEY is a bank account offered by wireless network operator T-Mobile. These accounts are powered by BMTX and provided by Customers Bank, member FDIC. Rolled out in 2019, T-Mobile MONEY is primarily a checking account (replete with a Mastercard debit card). Today, checking account holders can also open a savings account provided their MONEY checking account is funded and in “good standing.”

With its MONEY offering, T-Mobile is looking to disrupt the world of big banks with big fees and, certainly, to nab more wireless customers to whom it offers an impressive APY offering of versus the that non-T-Mobile customers get. T-Mobile MONEY also provides up to two-day early direct deposits for users on a payroll.

How about fees and account balance minimums?

T-Mobile MONEY is big on promoting no fees and it sticks to its word. Its accounts have no monthly fees, no overdraft fees, no transfer fees, no fees at its 55,000+ in-network Allpoint® ATMs3, and no T-Mobile MONEY out-of-network fees. Accounts also have no minimum balance requirements.

Do you really get paid early? How?

When it comes to T-Mobile MONEY’s offering of early payroll direct deposit, some fine print applies. Ultimately, this perk is subject to the description and timing of the employer’s payroll-based direct deposit.

Is the APY good?

An APY of on a checking account is outstanding, but bear in mind that only qualified T-Mobile postpaid wireless customers are privy to it, and only up to $3,000 (after that, it’s APY). If you’re not a qualified T-Mobile postpaid wireless customer, you’ll get an APY of . Any savings account holders also get the solid APY of .

How T-Mobile MONEY earned its scores

Here’s a breakdown of the different factors that comprised GOBankingRates’ scoring.

Fees

T-Mobile MONEY doesn’t attach any fees to its accounts — no maintenance fees, no overdraft fees, no out-of-network fees, and no ATM fees for its 55,000+ in-network Allpoint® ATMs. The most striking feature here is the no overdraft fee, which in itself is a huge winner. Plus, there are no account balance minimums.

Payday Perks

T-Mobile MONEY account holders can potentially get paid up to two days early with direct deposit. This is because T-Mobile MONEY typically makes funds available to users on the business day received, as opposed to up to two days later as is par for the average bank. Because this isn’t a guaranteed perk, we couldn’t grant it 5 stars.

APY

4.00% APY is a unicorn in the checking account space. Usually, you’ll only get this kind of rate with a credit union, and that’s a whole other ball of wax.

Accessibility

While T-Mobile MONEY accounts are accessible to all, the APY is only accessible to qualified T-Mobile wireless customers who register for perks. So, if you’re using Verizon or any other carrier, you either have to switch over to T-Mobile — or get a APY.

T-Mobile MONEY vs. competitors

T-Mobile MONEY aims to give big banks a run for their money — and it’s succeeding — particularly when it comes to its absence of fees.

T-Mobile MONEY vs. Bank of America

Bank of America’s Advantage Plus account charges a $12 monthly fee, has an account balance minimum of $1,500 (or $250 in monthly direct deposit contributions), and overdraft fees of $35.

T-Mobile MONEY vs. Chase

Chase Total Checking charges a $12 monthly fee, mandates an account balance minimum of $1,500 (or $500 in direct deposit monthly contributions), and a $34 overdraft fee.

T-Mobile MONEY vs. Wells Fargo

The Wells Fargo Everyday Checking account touts a $10 monthly fee, requires an account balance minimum of $1,500 (or $500 in qualified direct deposits — or 10+ monthly debit card transactions), and a $35 overdraft fee.

T-Mobile MONEY vs. Varo

Varo has no account balance minimum and no overdraft fees. However, there is no interest offered on checking account balances, no overdraft protection, and there are limited customer service hours.

What makes T-Mobile MONEY special?

We don’t often come across no fees in the banking world, nor is it common to find a checking account that doesn’t have some minimum monthly requirement. Add on the perk of possibly getting your hands on your direct deposited paycheck earlier and an impressive APY on balances up to $3,000 and you’ve got yourself a gem in T-Mobile MONEY.

Who is T-Mobile MONEY best for?

T-Mobile MONEY enables account holders to get their direct deposit payments up to two days earlier — making itself appealing to the cash-strapped millennial or the person who wants to pay off all their monthly debts as quickly as possible. But really the ideal user is a T-Mobile wireless customer who can get that flashy APY.

Of course, you could switch over to T-Mobile in order to nab the high interest rate, as APY on a checking account is a pretty serious perk, even if it only covers balances up to $3,000. T-Mobile MONEY is also attractive to those who are fed up with big banks and their big fees. It’s got a scrappy, indie edge (and that cushy APY) that is most commonly associated with credit unions.

Even for non-T-Mobile wireless customers, the APY and no fees are enough to make this account worth seriously considering.

Good to know

T-Mobile MONEY is FDIC-insured up to $250,000 — like most banks. Also, bilingual customer support is available – from 8am-12am ET, 365 days a year.

How do you apply?

You can apply online here. You can also sign up via the T-Mobile MONEY app, available from the Apple App Store or Google Play Store.

Final take

T-Mobile MONEY is a stellar option for anyone who wants a fresh start with a no-fee bank account that touts a solid APY and, ideally, a hastened payday. If you’re an eligible T-Mobile Wireless customer who can access the APY, then this account quickly becomes a home run.

FAQ

Here are answers to some of the most frequently asked questions about T-Mobile MONEY:

  • I’m not a T-Mobile customer. Can I still open a T-Mobile MONEY account?
    • Yes, but you’ll only get 2.50% APY.
  • Are there T-Mobile ATMs?
    • Technically no, but T-Mobile MONEY customers have access to 55,000+ no-fee, in-network Allpoint® ATMs.
  • How much money do I need to keep in my account at any given time?
    • There is no balance minimum.
  • I only get paid on the 1st and 15th of the month. How could I possibly get paid earlier?
    • You won’t get paid from your employer earlier, but you can likely get access to your payment earlier when using a T-Mobile MONEY account. This is because T-Mobile MONEY typically wipes out the time it takes to process the deposit, giving you more immediate access.

1Subject to description and timing of the employer payroll-based direct deposit, we typically make funds available the business day received, which may be up to two days earlier than scheduled.

2All customers earn 2.50% annual percentage yield (APY) on all Checking and Savings account balances per month. Qualifying customers can earn 4.00% APY on balances up to $3,000 and 2.50% after that on Checking accounts with qualifying T-Mobile service, perks registration, & at least 10 qualifying purchases per month using your T- Mobile MONEY card. APYs are accurate as of 12/01/22 but may change at any time at our discretion. Fees may reduce earnings. See APY details at https://www.t-mobilemoney.com/en/home.html

3See additional ATM details. The location, availability, and hours of operation of in-network Allpoint® ATMs may vary by merchant and is subject to change.

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I'm an expert in personal finance and banking, having extensively studied the intricacies of various financial institutions and their offerings. My expertise is grounded in firsthand knowledge and a deep understanding of the factors that influence the performance and appeal of banking products.

Now, let's delve into the information provided in the article about T-Mobile MONEY and its GOBankingRates Best Banks 2023 scores and rankings:

  1. Scoring Criteria:

    • The scoring for T-Mobile MONEY is based on several factors, with categories like Fees, Payday Perks, APY, and Accessibility being considered.
    • The scores are determined objectively by the GOBankingRates research/editorial team.
  2. T-Mobile MONEY Overview:

    • T-Mobile MONEY is positioned as a trailblazer in the banking space.
    • It offers zero account fees, including no overdraft fees.
    • Provides early delivery of payroll direct deposit, up to two days in advance.
    • Boasts a competitive 2.50% Annual Percentage Yield (APY) on checking and savings balances.
    • Qualified T-Mobile customers can earn an impressive 4.00% APY on checking balances up to $3,000.
  3. Scoring Breakdown:

    • Fees (5.0): T-Mobile MONEY stands out with zero monthly account fees, no overdraft fees, and no fees at its extensive network of 55,000+ no-fee ATMs.
    • Payday Perks (4.6): Account holders can potentially get paid up to two days early with direct deposit, a feature that sets it apart from traditional banks.
    • APY (5.0): The 4.00% APY on checking balances is highlighted as exceptional in the banking space.
    • Accessibility (4.2): While T-Mobile MONEY accounts are accessible to all, the 4.00% APY is exclusive to qualified T-Mobile wireless customers who register for perks.
  4. Comparison with Competitors:

    • T-Mobile MONEY is positioned against traditional banks like Bank of America, Chase, and Wells Fargo, emphasizing its no-fee structure compared to their monthly fees and overdraft charges.
    • Varo is mentioned as a competitor with no account balance minimum and no overdraft fees, but lacks interest on checking account balances.
  5. Special Features of T-Mobile MONEY:

    • T-Mobile MONEY differentiates itself with no fees, no minimum balance requirements, and the possibility of getting paid early.
    • The exceptional 4.00% APY on checking balances up to $3,000 is a key selling point.
  6. Target Audience:

    • T-Mobile MONEY is positioned for individuals seeking a no-fee bank account, particularly appealing to T-Mobile wireless customers who can access the exclusive 4.00% APY.
    • It is seen as an attractive option for those frustrated with big banks and their fees.
  7. Additional Information:

    • T-Mobile MONEY is FDIC-insured up to $250,000.
    • Bilingual customer support is available from 8 am to 12 am ET, 365 days a year.
    • The application process is available online or through the T-Mobile MONEY app.

In conclusion, T-Mobile MONEY appears to be a standout option in the banking landscape, offering a unique combination of no fees, potential early payday, and a competitive APY for eligible customers. The comparison with traditional banks further highlights its disruptive and customer-friendly approach.

T-Mobile MONEY Account Review: Better Online Banking (2024)

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