T-Mobile MONEY Account Review: Better Online Banking
- Zero monthly account fees and no overdraft fees
- Up to two days early direct deposit of payroll
- Notably high APY on eligible accounts, up to $3,000
- Users can access over 55,000 no-fee ATMS
- Only eligible T-Mobile wireless customers get the APY of 4.00%; everyone else gets 1.50% APY
What is T-Mobile MONEY?
T-Mobile MONEY is a bank account offered by wireless network operator T-Mobile. These accounts are powered by BMTX and provided by Customers Bank, member FDIC. Rolled out in 2019, T-Mobile MONEY is primarily a checking account (replete with a Mastercard debit card). Today, checking account holders can also open a savings account provided their MONEY checking account is funded and in “good standing.”
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 an impressive APY offering of 4.00% versus the 1.50% that non-T-Mobile customers get. T-Mobile MONEY also provides up to two-day early direct deposits for users on a payroll.
How about fees and account balance minimums?
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.
Do you really get paid early? How?
When it comes to T-Mobile MONEY’s offering of early payroll direct deposit, some fine print applies. Ultimately, this perk is subject to the description and timing of the employer’s payroll-based direct deposit.
Is the APY good?
An APY of 4.00% on a checking account is outstanding, but bear in mind that only qualified T-Mobile postpaid wireless customers are privy to it, and only up to $3,000 (after that, it’s 1.50% APY). If you’re not a qualified T-Mobile postpaid wireless customer, you’ll get an APY of 1.50%. Any savings account holders also get the solid APY of 1.50%.
How T-Mobile MONEY earned its scores
Here’s a breakdown of the different factors that comprised GOBankingRates’ scoring.
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. The most striking feature here is the no overdraft fee, which in itself is a huge winner. Plus, there are no account balance minimums.
T-Mobile MONEY account holders can potentially 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. Because this isn’t a guaranteed perk, we couldn’t grant it 5 stars.
4.00% 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.
While T-Mobile MONEY accounts are accessible to all, the 4.00% 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 1.50% APY.
T-Mobile MONEY vs. competitors
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.
T-Mobile MONEY vs. Bank of America
Bank of America’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, mandates an account balance minimum of $1,500 (or $500 in direct deposit monthly contributions), and a $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.
What makes T-Mobile MONEY special?
We don’t often come across no fees in the banking world, nor is it common to find a checking account that doesn’t have some minimum monthly requirement. Add on the perk of possibly getting your hands on your direct deposited paycheck earlier and an impressive 4.00% APY on balances up to $3,000 and you’ve got yourself a gem in T-Mobile MONEY.
Who is T-Mobile MONEY best for?
T-Mobile MONEY enables account holders to get their direct deposit payments up to two days earlier — making itself appealing to the cash-strapped millennial or the person who wants to pay off all their monthly debts as quickly as possible. But really the ideal user is a T-Mobile wireless customer who can get that flashy 4.00% APY.
Of course, you could switch over to T-Mobile in order to nab the high interest rate, as 4.00% 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, the 1.50% APY and no fees are enough to make this account worth seriously considering.
Good to know
T-Mobile MONEY is FDIC-insured up to $250,000 — like most banks. Also, bilingual customer support is available – from 8am-12am ET, 365 days a year.
How do you apply?
You can apply online here. You can also sign up via the T-Mobile MONEY app, available from the Apple App Store or Google Play Store.
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 4.00% APY, then this account quickly becomes a home run.
FAQHere are answers to some of the most frequently asked questions about T-Mobile MONEY:
- I’m not a T-Mobile customer. Can I still open a T-Mobile MONEY account?
- Yes, but you’ll only get 1.50% APY.
- Are there T-Mobile ATMs?
- Technically no, but T-Mobile MONEY customers have access to 55,000+ no-fee, in-network Allpoint® ATMs.
- How much money do I need to keep in my account at any given time?
- There is no balance minimum.
- I only get paid on the 1st and 15th of the month. How could I possibly get paid earlier?
- You won’t get paid from your employer earlier, but you can likely get access to your payment earlier when using a T-Mobile MONEY account. This is because T-Mobile MONEY typically wipes out the time it takes to process the deposit, giving you more immediate access.
1Subject to description and timing of the employer payroll-based direct deposit, we typically make funds available the business day received, which may be up to two days earlier than scheduled.
2All customers earn 1.50% annual percentage yield (APY) on all Checking and Savings account balances per month. Qualifying customers can earn 4.00% APY on balances up to $3,000 and 1.50% after that on Checking accounts with qualifying T-Mobile service, perks registration, & at least 10 qualifying purchases per month using your T- Mobile MONEY card. APYs are accurate as of 7/15/22 but may change at any time at our discretion. Fees may reduce earnings. See APY details at https://www.t-mobilemoney.com/en/home.html
3See additional ATM details. The location, availability, and hours of operation of in-network Allpoint® ATMs may vary by merchant and is subject to change.