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T-Mobile Money account review
A fee-free account reserving the strongest APY in banking for existing wireless customers.
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 your first $3,000 — and a mediocre 1% APY for everybody else.
$0
Monthly fee
4%
APY
$0
Minimum deposit to open
Details
| APY | 4.00% on balances of $0 to $3,000 1.00% on balances of $3,001+ |
|---|---|
| Monthly fee | $0 |
| 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 |
Expert review
Review by
Peter Carleton
peter.carleton@findercrew.comPeter 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.
Expert review
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. However, it doesn’t come with a savings account option, and it requires you to remain a T-Mobile member in order to get the best APY.
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.
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.
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.
Eligibility
- At least 18 years old
- Valid Social Security number or tax ID
- Valid state-issued ID
- Valid US residential address
Required information
- 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.
Frequently asked questions
Checking account ratings
★★★★★ — 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.