T-Mobile Money implementing new changes on March 31


T-Mobile Money has made some changes to its system. 

Starting March 31st, eligible customers will no longer be required to deposit $200 per month to qualify for 4.00% APY. Instead, when you use your T-Mobile Money card to make 10 qualifying purchases per month, you can earn 4.00% APY. 

Since the change will not take place until March 31st, T-Mobile Money has not yet released a press statement regarding this. But they do promise to notify customers 30 days in advance of the change via email.

According to our source, this may have something to do with the changes with BankMobile and parent companies.

We will update this post once more information has been released. 

To learn more about T-Mobile Money, visit this page.


Thanks, Carlos!


  • dcmanryan

    Qualifying purchases will more than likely make this a worse deal than now I’m guessing. My gut tells me buying 10 cups a coffee a month won’t cut it.

    • Bodycount

      Don’t worry it will change again later on. Samsung Pay used to give points for every purchase no matter how small the charge was. Then they reduced the points. And finally they removed all points from purchases. It’s too easy to buy ten things a month.

    • EF

      Just got the email from T-Mobile as to what is a qualifying purchase. Seems like an Amazon gift card reload will qualify. I was able to do ten $1 manual reloads in less than 5 minutes which showed up as debit card purchases on my app a few minutes later. Nice thing about Amazon is that you get 2% back on debit card purchases or gift card reloads (vs 0% if you reload with credit card). For anyone using the T-Mobile Money system and buy stuff on Amazon (and who doesn’t these days…), this is probably the fastest and most effective way to comply with the 10 debit card purchases per month. Amazon also can be set up for automatic daily reloads (so 30-31 transactions per month) if you don’t want to forget to do this every month, but minimum is $5 per reload. Unless you typically spend more than $150 per month at Amazon, the manual 10 x $1 micro-debits per month method will be the most effective way to minimize debit card total purchase amount.

  • Gearoid Griffin

    Oh T-Mobile Money, you take something that is working well and you decide, its time to mess with it. From what I have read so far, they claim they are making this move so as to allow more people to qualify for their 4% rate. Hmmm, really? People were having trouble with depositing $200 each month into their account, money of course they could immediately pull out a day later? I find that a stretch. So now you want me to take transactions that I most likely are completing with a credit card and its significantly stronger consumer protections and move then to a debt card with significantly less consumer protections to qualify. Nothing to do with the fact that for all these new debt transactions, Tmobile/BankMobile get their transaction cut. Not really an “uncarrier” move T-Mobile. Add this to other facts such as you can’t even down load your 1099INT from their website (they only mail it too you), their AllPoint Network ATMs are way less secure ATMs compared to Bank ATMs and of course, can’t link your T-Mobile Money account to services such as Mint, and when you do link your account to other services, your account is called Customers Bank, or maybe Urban Trust Bank or BankMobile and suddenly this checking account looks less and less attractive.

    • Jason in Chicago

      While it’s a pain, if you message them asking for your 1099, they will message you back with the electronic copy. Why not make it a link? Who knows…

  • carlosestremera

    My pleasure. Thanks for sharing!

  • Terry Whitt

    For me, the change to 10 debit card transactions a month is unfortunate because I’m not going to change my spending habits to gain $7.50/month ((4%-1%) x $3,000/12month = $7.50). The 1% rate is still the best out there, so I will continue to use the account. I do find the account is slow to credit deposits, but, most of the time, I can live with that. The 1% rate is double the interest rate of most other similar available accounts.

    • The One

      This is my same issue. I am using this as a liquid savings account and don’t want to spend more money from this account than what it provides in interest. It sucks to lose $90/year in interest but changing your spending habits is worse.

  • EF

    Well, even 1% APR is still worth it, as most High Yield Savings accounts now only offer around half that, and you don’t get a debit card as with a checking account. However, I plan to try and keep the 4% by purchasing ten $1 Amazon gift card balance reloads (assuming these qualify) per month on the T-Mobile Money debit card. Or, if I get lazy, I can automate these as a daily ($30-31/month) purchase and forget about it. I spend well over $30 per month at Amazon, so this will not impact my spending habits other than losing 5% on those $30 ($1.50) from not using my Prime credit card, the effective rate drops to 3.4% APR on the first $3000, so still come out ahead by $6 per month.

    As others have said, depositing checks is slow (for anything over $225 it takes 4 business days) and cash is a pain (I usually accumulate and convert $1000 cash to a money order from Walmart for a $1 fee and deposit the next day, rather $1000 in two transactions at CVS for a fee of $5 each transaction). On the other hand, direct deposit (which is bulk of my deposits) happens on same day as my payday.