T-Mobile Money made its big debut last year, aiming to offer a mobile-focused checking account. Now the service is expanding.
T-Mo today announced that T-Mobile Money is launching in Puerto Rico. Just like with the launch last year, T-Mo postpaid customers can get 4.00% APY on balances up to $3,000 and 1.00% APY on every dollar over $3,000 when they sign up with their T-Mobile ID and deposit at least $200 each month. Everyone else gets 1.00% APY on all balances.
T-Mobile Money also offers Overdraft Protection, letting T-Mo customers go up to $50 in the red without penalty so long as they bring their account back to a positive balance within 30 days.
Folks who sign up for T-Mobile Money get a Mastercard debit card that can be used at more than 55,000 Allpoint ATMs in the U.S. and abroad. You can use the T-Mobile Money app to locate an ATM near you as well as make mobile check deposits, set up direct deposit, pay bills, transfer money, and make person-to-person payments.
There are no account or overdraft fees with a T-Mobile Money account and no minimum balance requirement. There are no fees when you use an in-network Allpoint ATM in the U.S. or abroad, and T-Mo says there are no fees from T-Mobile Money if you use an out-of-network ATM, either.
We haven’t heard much about T-Mobile Money since its full launch nearly one year ago, but today’s expansion shows that T-Mo is still interested in becoming your bank. Some folks may be happy with their current bank, but having more options is a good thing, and so it’s nice that T-Mobile customers in Puerto Rico now have the option of signing up for T-Mobile Money, too.
Have you tried T-Mobile Money yet? If so, what do you think of it?