T-Mobile MONEY Review (2024)

T-Mobile MONEY Review (1)

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.

T-Mobile MONEY Review (2)

Quick Summary

  • 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

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

1% to 4%

ATM Access

Reimbursement for 55,000+ Allpoint ATMs

Availability

Nationwide

Promotions

T-Mobile cell phone customers can qualify for 4% APY

Table of Contents

Is It Safe And Secure?

How Do I Contact T-Mobile MONEY?

Is It Worth It?

T-Mobile MONEY Features

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.

Attractive APYs

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.

Overdraft Protection

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.

T-Mobile MONEY Review (3)

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.

T-Mobile MONEY Review (4)

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:

  • Checking or savings accounts
  • Overdraft
  • Account maintenance
  • Keeping a minimum balance

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.

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T-Mobile MONEY Review (5)

T-Mobile MONEY Review (6)

T-Mobile MONEY Review (7)

Rating

Top APY

4%

4.09%

4.65%

Interest-Earning Checking

Cashback Checking

FDIC Insured

Cell

OPEN ACCOUNT

READ THE REVIEW

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

Account Types

  • Checking
  • Savings

Minimum Deposit

$5

APY

1% to 4%

Account Opening Fee

$0

Monthly Fees

$0

Branches

None

ATM Availability

55,000+ Allpoint ATMs

Out-Of-Network ATM Fee Reimbursements

None offered

Customer Service Number

Yes, as little as $1

Branches

None (online-only bank)

Customer Service Number

866-686-9358

Customer Service Hours

Monday-Sunday, 8 AM-12 PM (EST)

Mobile App Availability

iOS and Android

Web/Desktop Account Access

Yes

Direct Deposit

Yes

Bill Pay

Yes

FDIC Certificate

3444 through Customers Bank

Promotions

T-Mobile cell phone customers qualify for 4% APY

I am a financial expert with a deep understanding of banking and personal finance. My extensive knowledge in this field allows me to provide valuable insights into various financial products and services, including online banking. Now, let's delve into the details of the article discussing T-Mobile MONEY's online checking and savings accounts.

What Is T-Mobile MONEY? T-Mobile MONEY is a unique offering from the well-known wireless phone company, T-Mobile. Through a partnership with BM Technologies and Customers Bank, T-Mobile has expanded its services to include online checking and savings accounts. It's crucial to note that these accounts are provided by Customers Bank, a financial institution insured by the Federal Deposit Insurance Corporation (FDIC).

What Does It Offer? T-Mobile MONEY provides attractive banking features, such as no overdraft fees and the ability to get paid up to two days early with direct deposit. The standout feature is the high Annual Percentage Yield (APY) offered for both checking and savings accounts. T-Mobile wireless customers can earn an impressive 4% APY on checking account balances up to $3,000 and 1% APY on balances beyond that. Even non-T-Mobile customers can enjoy a 1% APY on all balances, making it a relatively competitive option in the market.

Other notable features include overdraft protection, True Name by Mastercard for transgender and non-binary customers, zero liability protection against unauthorized transactions, and the ability to receive payments faster with direct deposit.

Are There Any Fees? T-Mobile MONEY stands out for its fee structure. There are no fees related to checking or savings accounts, overdraft, account maintenance, or keeping a minimum balance. The only potential fee is the out-of-network ATM fee, which can be avoided by using one of the 55,000+ Allpoint ATMs.

How Does T-Mobile MONEY Compare? The article compares T-Mobile MONEY with other interest-bearing checking accounts, such as Consumer Credit Union Rewards Checking and OnJuno. The goal is to help readers assess the competitiveness of T-Mobile MONEY's features and APY against other options in the market.

How Do I Open An Account? Opening a T-Mobile MONEY account is a straightforward process. Existing T-Mobile customers can use their T-Mobile ID, while new customers need to create a T-Mobile ID and provide basic information, including email address, mobile phone number, and address. Additional information, such as Social Security Number and government-issued identification, is required to set up the account.

Is It Safe And Secure? T-Mobile MONEY prioritizes safety and security by partnering with BMTX to offer accounts through FDIC-insured Customers Bank. FDIC insurance ensures that deposits are protected up to $250,000, providing peace of mind to customers.

How Do I Contact T-Mobile MONEY? Customers can easily contact T-Mobile MONEY via phone, text, or email. The company offers bilingual support 365 days a year, with specialists available daily from 8 a.m. to 12 a.m. ET.

Is It Worth It? The article concludes by addressing the question of whether T-Mobile MONEY is worth considering. For T-Mobile cell phone customers, the 4% APY makes it an attractive option. However, for those not willing to switch phone carriers, there are other competitive options in the market with reasonably attractive APYs.

In summary, T-Mobile MONEY offers a compelling online banking solution with features like high APYs, no fees, and various customer-friendly services. The decision to open an account depends on individual preferences, especially for those already part of the T-Mobile ecosystem.

T-Mobile MONEY Review (2024)

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