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T-Mobile Money account review

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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.


Monthly fee




Minimum deposit to open


APY4.00% on balances of $0 to $3,000
1.00% on balances of $3,001+
Monthly fee$0
Minimum deposit to open$0
ATMsMore than 55,000 no-fee ATMs worldwide with the Allpoint ATM network
ATM transaction fee$0
Out-of-network ATM fee$0
Foreign transaction fee0%
Overdraft fee$0
Nonsufficient funds fee$0

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

Name Product APY ATMs Fee
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
A full-service account with convenient, surcharge-free access to two massive ATM networks.
BBVA Premium Checking
BBVA Premium Checking
More than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
(can be waived)
A full-service interest checking account that offers automatic rebates of ATM fees.
Access to 16,000 ATMs and nearly 5,000 branches nationwide
(can be waived)
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 5,000 branches.
38,000 fee-free ATMs nationwide
Linked checking and savings accounts from a mobile-first bank that’s light on fees.
1,000 fee-free ATMs across the country
Pay a $0 monthly service charge and get free access to BBVA ATMs.
Access to 16,000 ATMs and nearly 5,000 branches nationwide
(can be waived)
Get a $300 signup bonus as a new Chase checking customer when you open a Chase Premier Plus Checking account and set up direct deposit.

Compare up to 4 providers

How do I apply?

Apply online in five straightforward steps:

  1. Visit the T-Mobile website and click Sign up.
  2. Indicate whether you’re a current T-Mobile wireless customer.
  3. Enter your personal information and proceed to the next step.
  4. Verify your information and agree to the terms and conditions.
  5. 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

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.

Bottom line

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.

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