T-Mobile Money banking service launches nationwide

tmobile-money-launch

Following a quiet pilot launch at the end of 2018, T-Mobile Money is ready for its national debut.

T-Mobile Money is a mobile-focused checking account. You can open and manage an account from your smartphone, get 24/7 support over the phone, and use the T-Mobile Money app to find one of 55,000 ATMs if you need to get cash. T-Mobile Money is open to everyone, T-Mo customer or not.

With this new service, T-Mobile postpaid customers can earn 4.00% APY on balances up to $3,000 and 1.00% APY on every dollar after $3,000 when they sign up with their T-Mobile ID and deposit at least $200 every month. All other customers get 1.00% APY.

T-Mobile Money also boasts a feature called Got Your Back overdraft protection. Available to T-Mo’s postpaid customers, Got Your Back overdraft protection will let you go $50 in the red without penalty, so long as you bring your account back to a positive balance within 30 days.

There are no monthly fees or account balance minimums with T-Mobile Money. You can use the companion app to perform many of the actions that you’d want from your bank, including making mobile check deposits, setting up direct deposit, sending a check, transferring money, making peer-to-peer payments, and paying with a mobile wallet like Apple Pay, Google Pay, or Samsung Pay. The T-Mobile Money app also offers account alerts and the ability to disable your debit card.

You can download the T-Mobile Money app for Android right here, and the iOS app can be found here.

T-Mobile Money comes with a Mastercard debit card for those times when you need a physical payment method. You can also use the card to get cash at more than 55,000 Allpoint ATMs around the world.

T-Mo has partnered with BankMobile to get T-Mobile Money going. Deposits made with T-Mobile Money are FDIC-insured up to $250,000.

It might seem kind of strange for T-Mobile to get into banking, but it’s not actually T-Mo’s first foray into banking services. T-Mobile launched Mobile Money back in 2014 as a way to help consumers avoid ATM, overdraft, and monthly maintenance fees using a Visa prepaid card and a Mobile Money app. That service shut down in mid-2016, and now T-Mobile feels that it offer a better banking solution, so it’s rolling T-Mobile Money out nationwide.

What do you think of T-Mobile Money? Now that it’s out of the pilot phase and rolling out nationwide, are you going to try it?

Source: T-Mobile (1), (2)

Tags: , ,

  • justin l

    what about cash deposits? think ill stick to Capital One

    • Dustin Zumwalt

      Buy a money order and deposit it on the app.

    • marque2

      You can probably do cash at an ATM. I deposit cash at other credit union ATMs. Though I don’t know I don’t get cash much any more. Just withdraw it every so often. And that is mostly for kids allowances.

  • RonV42

    I still need the backing of a full service bank.

    • marque2

      Not sure why. Unless they are processing your payroll for you.

  • resource

    International fees? 3% APY is not bad, even on 3k.

    • KMB877

      I believe I’ve read 4% APY up to $3’000 and 1% after.

    • steveb944

      I have Capital One which uses Allpoint, we have no fees at partner ATMs overseas. Maybe they’ll have the same but this seems like a national focus.

    • Andrew

      No international fees from T-Mobile Money but MasterCard has a 1% exchange rate. I’m using TMobile Money in Italy right now because it has has no foreign ATM fees and no additional international fees.

  • KMB877

    However, for prepaid and non T-mobile customers, just 1% isn’t pealing at all. At this time, Marcus offers 2.25% APY and Sallie Mae 2.30% APY and CIT 2.40% APY.

    • Clifton K. Morris

      If you say “I have an open deposit account at T-Mobile”, anyone with a financial background may believe you either mis-spoke, have a traditional account charged-off in ChexSystems or just finished smoking crack.

  • Clifton K. Morris

    T-Mobile has become less of a maverick company and more of a “me too” company.

    If Apple started delivering groceries, I’d expect T-Mobile to find a company to outsource grocery delivery within a week.

    The company is acting like a desperate girl in high school who wants to be popular and trying hard to everybody’s friend instead of gaining respect.

    • Peter Hapeman

      Tmobile had this BANKING service running in pilot mode before Apple even announced its CREDIT CARD. It works well, a little slow to post deposits, but a respectable internet banking option .

    • marque2

      Yeah this seems interesting bit o am not sure how it will help the core buisiness. Also it will be difficult to pay those rates for any extended period of time.

  • steveb944

    Still tempting on that 4%, but a few hundred isn’t worth it.

  • yudaman

    TERRIBLE experience thus far. Unable to confirm any of the micro-deposits into 3 external accounts.

  • Ron Kinsey

    Did a test transfer from my existing bank to this t mobile bank. Says will be deposted on the 25th. Thats five days… to much as I can do this with another bank and it goes in the next business day.
    don’t think I will be keeping this.

    • marque2

      Might be the first time. I notice first time I add a card at my bank first time is 3-5 days and after that 1 – 2 days.

  • I had that last magenta card thing and I have this one too. Guess I’m collecting T-Mobile plastic cards. We shall see…