T-Mobile recently launched a checking account called T-Mobile MONEY that lets current customers earn 4% APY.
Anyone can open a T-Mobile Money account and earn 1% APY, but only active T-Mobile customers can earn 4% on up to $3,000.
Earn 4% APY on up to $3,000
4% requires $200 deposit every month
Must be an active T-Mobile customer
Earn 1% on anything over $3,000
Anyone can open an account an earn 1%; only current T-Mobile customers can earn 4%
No monthly fees, no transfer fees, no late payment fees
No minimum balance
FDIC insured up to $250,000
Only one account per person
Direct link to offer: https://www.t-mobilemoney.com/en/home.html
If you deposit cash into your account and stop your T-Mobile service, you will earn 1% on the money the following month.
Who can sign up for a T-Mobile MONEY account?
To sign up for an account you must:
Be at least 18 years old
Have a social security number
US government-issued ID or state-issued driver’s license/ID
How to sign up for T-Mobile MONEY
There are two ways to open a T-Mobile MONEY account:
Via the T-Mobile Money app and follow the instructions to open an account
Via the web app at: https://www.t-mobilemoney.com/en/home.html
How does T-Mobile MONEY make money?
T-Mobile MONEY earns money from merchant fees when you use their Mastercard debit card. T-Mobile partnered with BankMobile, a division of Customers Bank to handle the checking accounts.
Learn more about T-Mobile MONEY here: https://www.t-mobilemoney.com/en/faq.html
Overall, I think T-Mobile MONEY is a good option if you want a 4% checking account. It sucks that the maximum amount you can earn 4% interest on is $3,000.
If you keep ~$3,000 in the account, you’ll earn a maximum of ~$120 in interest per year.
With that being said, it doesn’t really make sense to have more than $3,000 in the account since there are other banks that offer 2% APY.
Keep in mind that there is a monthly deposit requirement of $200 to maintain the 4% APY. If you miss a month, it will default to 1% APY.
Editorial Note: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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