A fee-free account reserving the strongest APY in banking for existing wireless customers.
The popular telco service provider T-Mobile steps into banking with a checking account that earns its wireless customers a whopping 4% APY on your first $3,000 — and a mediocre 1% APY for everybody else.
|APY||4.00% on balances of $0 to $3,000 |
1.00% on balances of $3,001+
|Minimum deposit to open||$0|
|ATMs||More than 55,000 no-fee ATMs worldwide with the Allpoint ATM network|
|ATM transaction fee||$0|
|Out-of-network ATM fee||$0|
|Foreign transaction fee||0%|
|Nonsufficient funds fee||$0|
|Deposit methods||Ways to deposit|
What are the benefits of the T-Mobile Money account?
Account holders can leverage benefits that include no fees or minimums, but the strongest APY goes to T-Mobile wireless customers:
- Earn interest. Eligible T-Mobile wireless customers earn a whopping 4% APY on balances of up to $3,000. Other account holders earn a mediocre 1%, compounded monthly.
- No fees or minimums. Open a T-Mobile Money with no monthly fees, balance requirements or deposit requirements.
- Fee-free ATMs. Access your money at more than 55,000 fee-free ATMs with no fees for using out-of-network machines.
- 24/7 support. Call **MONEY or a toll-free number for help whenever you need it.
- Additional overdraft protection. Got Your Back provides up to $50 in overdrafts to eligible customers.
- Online banking. Set up direct deposit, pay bills, deposit checks, use mobile wallets and more from your phone or computer.
T-Mobile ATM network and fees
The T-Mobile Money account comes with a smart-chip Mastercard debit card accepted worldwide. Access your account from more than 55,000 fee-free Allpoint ATMs — a larger network than other banks offer.
T-Mobile extends its no-fee credo to out-of-network ATMs, leaving you to pay only fees charged by third-party ATM owners.
What should I look out for?
T-Mobile partners with the digital BankMobile to offer this account with FDIC protection. But its highest yields got to T-Mobile wireless customers, among other potential drawbacks:
- Eligibility for 4% APY. Your rate reverts to 1% if you fail to:
- Enroll in an active T-Mobile postpaid wireless plan.
- Register for perks with your T-Mobile ID.
- Make at least $200 in qualifying deposits each month.
- Limited 4% earnings. Eligible customers earn 4% APY on balances of up to $3,000, reverting to 1% for balances of $3,001 or more.
- Digital only. You can’t visit a bank or T-Mobile store for assistance with your account.
- One account only. T-Mobile doesn’t offer joint, small business or savings accounts.
Compare with other checking accounts
How do I apply?
Apply online in five straightforward steps:
- Visit the T-Mobile website and click Sign up.
- Indicate whether you’re a current T-Mobile wireless customer.
- Enter your personal information and proceed to the next step.
- Verify your information and agree to the terms and conditions.
- Choose your account options, fund your account and then Submit your application.
- At least 18 years old
- Valid Social Security number or tax ID
- Valid state-issued ID
- Valid US residential address
- Name and residential address
- Email and phone number
- Date of birth
- Social Security or tax ID number
- Driver’s license or other state-issued ID
What other checking options does T-Mobile offer?
None. This wireless provider dips its digital toe in banking with the T-Mobile Money checking account only.
The T-Mobile Money earns this provider’s wireless customers an incredible 4% APY on balances of up to $3,000 with fee-free access to more than 55,000 ATMs nationwide. But if your mobile heart is with another provider, compare other checking accounts for a higher APY.