T-Mobile Launches a No-Fee, Interest-Earning Checking Account
T-Mobile is making its way into the banking world. Today, the “Un-carrier” unveiled its new no-fee, interest earning checking account.
With T-Mobile MONEY, account holders can earn 4% Annual Percentage Yield (APY) on balances up to $3,000. All account funds after that earn 1% APY, which is still much higher than the average checking account in America.
The accounts have no monthly or annual fees, overdraft fees, transfer fees, and required minimum balance. Cardholders can use over 55,000 fee-free ATMs nationwide, and T-Mobile will not charge ATM fees for out-of-network ATMs.
T-Mobile MONEY accounts are FDIC insured, thanks to a partnership with BankMobile. The debit cards are issued by Mastercard, and come with Mastercard’s Zero Liability Protection.
The company says, “T-Mobile MONEY is built to be mobile-first.” Users can “make mobile check deposits, set up direct deposit, pay bills, send a check, pay with a mobile wallet…transfer money, even make payments person to person” directly through their mobile checking app. T-Mobile does not have physical branches for MONEY accounts, but there is 24/7 customer service available.
Consumers do not have to be a T-Mobile customer to sign up for a MONEY account. Simply download the app from the App Store or Play Store, and register for an account on a phone. You must be 18 years or older to register. The service is currently available in all 50 states, and will come to Puerto Rico “later this year.”