T-Mobile enters into the mobile banking game with the launch of T-Mobile MONEY, a no-fee, interest-earning, mobile-first checking account.
T-Mobile MONEY allows customers to make mobile check deposits, set up direct deposit, pay bills, send a check, pay with a mobile wallet such as Apple Pay, Google Pay and Samsung Pay, transfer money, even make payments person to person. The app offers biometric security with fingerprint and Face ID login, account alerts and debit card disabling.
With T-Mobile MONEY, eligible T-Mobile customers can earn an 4.00% APY interest on balances up to $3,000, and 1% APY interest on every dollar over that amount. T-Mobile claims that this is 50 times higher than the average U.S. checking account.
Plus, T-Mobile MONEY comes with a Mastercard debit card that customers can use at more than 55,000 Allpoint ATMs worldwide.
T-Mobile MONEY is created in partnership with BankMobile, a division of Customers Bank (Member FDIC), and has been available in a limited pilot since November 2018.
John Legere, CEO, T-Mobile
Traditional banks aren’t mobile-first, and they’re definitely not customer-first. As more and more people use their smartphones to manage money, we saw an opportunity to address another customer pain point. You work hard for your money … you should keep it … and with T-Mobile MONEY, you can!
