T-Mobile has officially launched its Money checking account for all US T-Mobile customers, following its soft launch back in November 2018.
If you’re wondering why you would want to sign up for a T-Mobile checking account to begin with, the company is hoping to sway you with an annual interest yield that’s considerably higher than the national average at 4 percent.
However, that interest will only be available if you deposit a minimum of $200 per month into the account. That’s a pretty standard requirement for most accounts of this nature, so it probably won’t be an issue for most users.
There’s a secondary limitation too, though: the 4 percent APY stops kicking in on balances above $3,000. Anything higher than that will reduce it to 1 percent.
Like many modern checking accounts, T-Mobile’s Money accounts support most mobile payment services, like Google or Apple Pay. And, of course, you’ll receive your own T-Mobile Money debit card, if you prefer to go the physical route for payments. Other perks of using T-Mobile Money include the lack of fees or minimum balance requirements, overdraft protection, and “24/7 customer support.”
T-Mobile states that 55,000 Allpoint ATMs across the US will not charge a fee.
