T-Mobile Money Review – Earn 4% APY On Balances Up To $3,000 [New Requirements]

Update 3/31/21: New requirements are now in affect, there is a tracker for the 10 purchases per month now as well.

Update 2/19/21: They sent out an email with changes which will take effect on March 31, 2021: 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’ll earn 4.00% APY.

Update 8/27/20: Sprint customers now have access to this account

Update 4/18/19: This account has been available since November 28th, 2018 but it wasn’t being actively advertised by T-Mobile and T-Mobile was considering it an unofficial pilot program. That has changed today (T-Mobile is now pushing this account and sending out press releases). I assume that means the account is also here to stay.

Offer at a glance

The Offer

Direct link to offer

  • T-Mobile has launched T-Mobile money, this is a digital checking powered by BankMobile (division of Customers Bank). All users receive an APY of 1% on all balances. T-Mobile Wireless customers receive an APY of 4% on balances up to $3,000 when they deposit at least $200 per month (must also be registered for perks with your T-Mobile ID). Apparently this is only a pilot program (although anybody can join)

Avoiding Fees

This account has no monthly fees to worry about.

Our Verdict

We still need to learn a bit more about this product, such as whether it’s a hard or soft pull to open the account but it does look very promising for T-Mobile customers. 4% APY is one of the top high yield savings rates and the requirements are easy to meet as it seems like any $200 deposit qualifies you for this rate. The maximum balance of $3,000 is on the lower side, but should still be worth doing for most T-Mobile customers I think. If anybody signs up for this account then please share your experiences in the comments below. This is also a checking account so it’s more attractive than a traditional savings account as well.

 

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dogmonkey
dogmonkey

Can I get an account if I’m on a family plan? My mom is the main account holder and I don’t have a Tmobile login.

Kimberly
Kimberly

You should be able to get it. I am the main account holder on my family plan but my partner was also able to set up a T-Mobile Money account, without a previous login.

cfxa707
cfxa707

Does anyone know how to change TMobile ID linked with the money account? By mistake, TMobile ID got created with the wrong email id, and I want to change my ID!!
Can i create a new TMobile ID and link my money account with new ID (will it automatically delink from earlier TMobile ID)??

PS – I am not referring to TMobile Money Email id, but the TMobile ID. I called TMobile Money customer care, they have not idea about TMobile ID. I called TMobile Network customer care, they also have no idea….

Jim Q
Jim Q

It’s best that the info on T-Mobile (cell phone carrier) matches that of T-Mobile Money. You should first make the changes at https://my.t-mobile.com under “Account” -> ‘Profile Settings” -> “T-Mobile ID” with the correct email address. Note, this will change your t-moble.com login to be the new email address.
Then login to https://www.t-mobilemoney.com/en/home.html with your new email address, go to “My Settings” -> “My T-Mobile ID info” as well as “T-Mobile MONEY contact info” and make sure the email address is the new one.

cfxa707
cfxa707

Does TMobile mobile allow using TMobile debit card to pay as 0.1 * 10 transactions? Can all transactions be same amount and on same day, or needs different amounts/ different days?

zzcodi
zzcodi

where can you do less than 0.50?

cfxa707
cfxa707

Is the minimum amount 0.5 or 1usd?

Dan
Dan

I’ve done ten 50 cent Amazon reloads and that has worked fine for the last few months. I spaced them out to one or two each day just to be safe. Not sure about any amount less than that.

Declan Connely
Declan Connely

I’ve had the account for about 4 months and love it. Zero complaints. The interest is great, and the app is great. The only downside I’ve seen is a daily limit of $3000 for withdrawals. Not really a big deal. I keep around 50k in HM Bradley, and around 5-10k in tmobile that I use for bank bonuses and other large purchases, so I can keep earning 3% on HMBradley.

ixo
ixo

I opened an account several weeks ago and never received the debit card. I called and they said they never shipped it due to a chip shortage. Ugh. I cannot even transfer in or out of the account from their interface without first activating the debit card.

Luckily, I can initiate the transfer from other accounts, but still a bit of a hassle!

Sergio
Sergio

Do I have to be a T-mobile customer to open an account? I am planning on depositing some money for the 1% APY, which is currently the highest yield I’ve seen for checking / savings accounts. And apparently it has no maximum deposit limit. Any feedback would be appreciated. Thanks

ixo
ixo

No you don’t need to be a TMobile customer. 🙂

Al
Al

Update: After a couple months of use, no issues so far. ACH pulls with no limit and external transfers initiated outside of Tmobile occur usually in a day and it is limited to your institution so I can transfer up to 25K with my credit union without issues. Steady 1% far better than any other bank.

Online support is really fast to respond, even on weekends. Generally good support and response.

Calwatch
Calwatch

Update… stockpile posted as expected, even a purchase made on Friday which closed just in the for this period. Moving forward I think this is what I will do for the ten purchases.

Eric
Eric

Who is still using this account since they changed it to 10 debit transactions?

calwatch

I am. McDonald’s coffee through Apple Pay (I could get ten points on Citi Rewards+ I suppose) and Stockpile purchases.

maruf
maruf

No HP on credit reports.