T-Mobile is launching its very own mobile-first checking account with no fees and up to 4.00% APY interest called T-Mobile MONEY. It's available nationwide starting today and is expected to launch in Puerto Rico later this year. Why is T-Mobile doing this?
According to T-Mobile, traditional banks are not keeping up in this digital age where most money management is done on your phone. Furthermore, banks take advantage of customers with high fees and you earn nearly zero percent interest on your balance. In 2017 alone, Americans paid 34 million in overdraft fees, not counting any other additional fees you may have been charged.
Enter T-Mobile, which is offering up to 4.00% APY interest on balances up to $3,000 for postpaid T-Mobile customers, and 1.00% APY interest on every dollar over that amount, but only if you deposit $200 or more into your account each month. If you don't meet these requirements, you'll still earn 1.00% APY on your balance.
T-Mobile MONEY is a no-fee mobile checking account, which means there is no minimum balance requirement. Adding onto its no fees policy, T-Mobile knows mistakes happen, which is why there are no penalty fees for overdrafts up to $50, as long as you bring the balance back up to a positive within 30 days.
Considering T-Mobile MONEY is a mobile-first checking account, it is no surprise that most of your money management will be done with an app or through a website. You can sign up using the T-Mobile MONEY app available for Android or iOS, as well as through the website. If you prefer a more personal touch then you can call 1-866-686-9358, text MONEY if you're already a T-Mobile customer, or sign up in T-Mobile retail stores.
The T-Mobile MONEY app is fully featured, allowing you to make mobile check deposits, set up direct deposit, pay bills, send a check, transfer money, or make payments person to person. It is also compatible with your favorite contactless payment methods, including Google Pay, Samsung Pay, and Apple Pay, making it easy to pay your way.
Since we don't do all our transactions online, your T-Mobile MONEY account will come with a Mastercard debit card with Mastercard Zero Liability Protection. With your T-Mobile MONEY debit card, you'll have access to more than 55,000 Allpoint ATMs worldwide for no additional fee. There are also no fees from T-Mobile for using out of network ATMs.
Keeping your money secure is always a priority, and that's why the apps offer biometric security using fingerprint and Face ID. T-Mobile MONEY accounts are also FDIC insured for up to $250,000 and is a partnership with Bank Mobile, a division of Customers Bank, which should make you rest a little easier about banking with T-Mobile. In order to be eligible for a T-Mobile MONEY account, you must be a resident of the 50 U.S. states with a social security number to open an individual account.
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