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T-Mobile Money account review

A free account with a strong APY for existing wireless customers.’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


Up to 4.00%



Minimum deposit to open


APY4.00% 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
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

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.

Expert review

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.

How do I open a T-Mobile Money account?

Apply online in five straightforward steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the T-Mobile website, click on the Banking tab at the top of the page.
  3. Click Sign up.
  4. Indicate whether you’re a current T-Mobile wireless customer.
  5. Enter your personal information and proceed to the next step.
  6. Verify your information and agree to the terms and conditions.
  7. Choose your account options, fund your account and then Submit your application.


Open a T-Mobile Money account if you meet these requirements:

  • At least 18 years old
  • Valid Social Security number or tax ID
  • Valid state-issued ID
  • Valid US residential address

Required information

You’ll need the following information to open a T-Mobile Money account:

  • 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 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 1%, which is compounded monthly and still competitive.
  • No fees or minimums. Open a T-Mobile Money with no monthly fees or opening deposit requirements.
  • Free ATMs. Access your money at more than 55,000 free ATMs with no fees for using out-of-network machines.
  • 24/7 support. Call **MONEY or a 866-686-9358 for help whenever you need it.
  • Additional overdraft protection. Got Your Back provides up to $50 in overdrafts to eligible customers.

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 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. But you can set up direct deposit, pay bills, deposit checks, use mobile wallets and more from your phone or computer.
  • 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 T-Mobile Money with other checking accounts

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
55,000 free in-network ATMs
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Finder Rating: 4 / 5: ★★★★★
more than 38,000 ATMs in the MoneyPass ATM network
The Douugh app is an AI assistant focused on your finances.
Chase First Banking℠
Finder Rating: 4.3 / 5: ★★★★★
Chase First Banking℠
16,000 ATMs nationwide
A debit card for teens and kids with a set of digital tools to help them learn good money habits in the Chase Mobile app. Requires parent to have or open a Chase checking account.
Chase Secure Banking℠
Finder Rating: 4.2 / 5: ★★★★★
Chase Secure Banking℠
Access to 16,000 ATMs and more than 4,700 branches nationwide
Chase Secure Banking offers no overdraft services
Finder Rating: 4.8 / 5: ★★★★★
1.20% on balances of $0 to $50,000
0.25% on balances of $50,000.01+
More than 85,000 ATMs nationwide
A free account for crypto and cash that earns a 1.2% bonus rate plus 5% cashback on purchases from participating retailers.

Compare up to 4 providers

What does the T-Mobile and Sprint merge mean for me?

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.

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.

Read the full methodology of how we rate checking accounts.

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