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finder.com’s rating: 4.8 / 5.0
★★★★★
The popular telco service provider T-Mobile steps into banking with a checking account that earns its wireless customers a whopping 4% APY on their first $3,000 — and reverts to 1% for balances above this amount and for those who don’t qualify.
$0 per month
Fee
Up to 4.00%
APY
$0
Minimum deposit to open
APY | 4.00% on balances of $0 to $3,000 for T-Mobile customers with $200+ in deposits each month 1.00% on balances of $3,001+ |
---|---|
Fee | $0 per month |
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% |
Overdraft fee | $0 |
Nonsufficient funds fee | $0 |
Review by
Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.
The T-Mobile Money earns this provider’s wireless customers an incredible 4% APY on balances of up to $3,000, with free access to more than 55,000 ATMs nationwide. Although T-Mobile doesn’t offer a savings account, this account earns interest and gives you access to your money.
However, it requires you to remain a T-Mobile member in order to get the the highest APY. But if you don’t qualify for the higher APY, the 1% you’ll earn is still competitive and higher than most savings accounts today.
Apply online in five straightforward steps:
Open a T-Mobile Money account if you meet these requirements:
You’ll need the following information to open a 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:
The T-Mobile Money account comes with a smart-chip Mastercard debit card accepted worldwide. Access your account from more than 55,000 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.
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:
If your mobile heart is with another provider or you’re looking to do more banking in one place, compare other checking accounts for a higher APY and more product offerings.
Sprint merged with T-Mobile on April 1. This merge doesn’t affect current T-Mobile customers. However, Sprint customers will soon be eligible to earn the advertised 4% APY. We spoke with a T-Mobile representative who said there should be an update in October 2020.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.