T-Mobile MONEY Account Review: Better Online Banking

4.3

GBR RATING

GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Great for quick debt payoff

It may be best for the cash-strapped millennial or the person who wants to pay off all their monthly debts as quickly as possible. However, the ideal user is a T-Mobile wireless customer who can get that flashy APY. GOBankingRates ranked it among the Best Checking Accounts for 2025.

When you discover T-Mobile MONEY, you find a checking account that helps you get your hands on your direct deposits earlier and an impressive APY on balances. You can easily open your online checking account, get access to over 55,000 no-fee ATMs and are subject to no account fees. 

T-Mobile MONEY Checking Account

With its MONEY offering, T-Mobile is looking to disrupt the world of big banks with big fees and, certainly, to nab more wireless customers to whom it offers a high yield versus what non-T-Mobile customers get. T-Mobile MONEY also provides up to two-day early direct deposits for users on a payroll. Here are some key features of the account:

• T-Mobile MONEY doesn’t attach any fees to its accounts — no maintenance fees, no overdraft fees, no out-of-network fees and no ATM fees for its 55,000+ in-network Allpoint® ATMs. 
• There are no account balance minimums or overdraft fees. In fact, overdraft fees are covered up to $50 through the Got Your Back program.
• T-Mobile MONEY account holders can get paid up to two days early with direct deposit. This is because T-Mobile MONEY typically makes funds available to users on the business day received, as opposed to up to two days later as is par for the average bank.
• APY is a unicorn in the checking account space. Usually, you’ll only get this kind of rate with a credit union, and that’s a whole other ball of wax.

4.8

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

T-Mobile MONEY Checking Account

Start Banking

Best For

Checking Accounts

Mobile App

Online Banking

No Fees

Great APYs

Paycheck Up to 2 Days Early

T-Mobile Money Checking Account doesn’t charge you any fees whatsoever. The APY is generous if you’re a T-Mobile customer. Unfortunately, there are no savings, CD or money market accounts.

Fees

$0

APY

Up to

Min Opening

$0

Pros

• Zero monthly account fees and no overdraft fees
• Up to two days early direct deposit of payroll posted to your checking
• Notably high APY on eligible accounts, up to $3,000
• You can use your MONEY Checking account or debit card to set up AutoPay for your T-Mobile wireless account and save $5 per eligible line per month.

Cons

• Only eligible T-Mobile wireless customers earn annual percentage yield; everyone else gets APY
• Only bank account options as there are no savings, CD or money market accounts.

Why We Like T-Mobile

While T-Mobile MONEY accounts are accessible to all, the APY is only accessible to qualified T-Mobile wireless customers who register for perks. So, if you’re using Verizon or any other carrier, you either have to switch over to T-Mobile — or get a APY.

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Banking Experience

Of course, you could switch over to T-Mobile to nab the high interest rate, as APY on a checking account is a pretty serious perk, even if it only covers balances up to $3,000. T-Mobile MONEY is also attractive to those who are fed up with big banks and their big fees. It’s got a scrappy, indie edge-and that cushy APY-that is most commonly associated with credit unions.

Even for non-T-Mobile wireless customers, earning the APY and having no fees are enough to make this account worth considering. Keep in mind that you’ll only have a checking option through T-Mobile and no savings products such as a high-yield savings account or CD.

T-Mobile MONEY is big on promoting no fees and it sticks to its word. Its accounts have no monthly fees, no overdraft fees, no transfer fees, no fees at its 55,000+ in-network Allpoint® ATMs³, and no T-Mobile MONEY out-of-network fees. Accounts also have no minimum balance requirements.

T-Mobile MONEY is FDIC-insured up to $250,000 — like most banks. Also, bilingual customer support is available from 8 a.m. to 12 a.m. ET, 365 days a year. 

How Does T-Mobile MONEY Compare?

T-Mobile MONEY aims to give big banks a run for their money — and it’s succeeding — particularly when it comes to its absence of fees.

Checking

SELECTED BANK

4.8

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

T-Mobile MONEY Checking Account

Start Banking

MOST COMPARABLE

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Wells Fargo Everyday Checking Account

Read Review

MOST COMPARABLE

Varo Bank Checking Account

Read Review

Fees

Fees

Fees

$0

$5 to $35 waivable monthly fee

None

APY

APY

APY

Up to

Up to

N/A

Min Opening

Min Opening

Min Opening

$0

$25

$0

T-Mobile MONEY vs. Bank of America

Bank of America, Member FDIC’s Advantage Plus® account charges a $12 monthly fee, has an account balance minimum of $1,500 (or $250 in monthly direct deposit contributions), and overdraft fees of $35.

T-Mobile MONEY vs. Chase

Chase Total Checking charges a $12 monthly fee, requres an account balance minimum of $1,500 (or $500 in direct deposit monthly contributions) and has an $34 overdraft fee.

T-Mobile MONEY vs. Wells Fargo

The Wells Fargo Everyday Checking account touts a $10 monthly fee, requires an account balance minimum of $1,500, or $500 in qualified direct deposits, or 10+ monthly debit card transactions, and a $35 overdraft fee.

T-Mobile MONEY vs. Varo

Varo has no account balance minimum and no overdraft fees. However, there is no interest offered on checking account balances, no overdraft protection and there are limited customer service hours.

Final Take

The bottom line is that T-Mobile MONEY is a stellar option for anyone who wants a fresh start with a no-fee bank account that touts a solid APY and, ideally, a hastened payday. If you’re an eligible T-Mobile Wireless customer who can access the APY, then this account quickly becomes a home run. These are some of the many reasons why GOBankingRates has ranked it the 10th Best Checking Account 2025.

Nicole Spector contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 20, 2024. 

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Chase Total Checking has a monthly fee of $12 or $0 with one of the following, each monthly statement period: Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment or FedNowSM network, (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network, OR a balance at the beginning of each day of $1,500 or more in this account, OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.

To determine rankings for the Best Checking Accounts of 2025, GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (5) APY on the checking account; (6) overdraft fee amount; (7) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factor (1), (2 and (5) weighed 0.5 times, and Factor (4) weighed 1.5 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 20, 2024.

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