Posted by William Charles on November 28, 2018
Savings Accounts

Published on November 28th, 2018 | by William Charles

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

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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Lrdx
Lrdx

“All users receive an APY of 1% on balances up to 4% APY”

I think you wanted to say it’s 1% on ALL balances.

Also, I’d like to point out this is a **checking** account, with no requirements for 1%, beating any other nationally available checking account, even if you are not a T customer.

devyanks90
devyanks90

Memory Bank checking is 1.6% with no requirements or balance cap.

Lrdx
Lrdx

Ah yeah. It used to require some debit card swipes for that rate, I keep forgetting they removed it.

DanR
DanR

Not exactly correct. If you deposit $200 a month into the account, you will receive 4% interest up to a maximum account value of $3000. After $3000 you receive 1%.

Ry5
Ry5

I’ll be the guinea pig! Signing up now.

KilgoreTrout
KilgoreTrout

🙂 FIRST

Susan
Susan

According to the FAQs, there is no credit check

Stan
Stan

so basically it’s like a recurring $120 in interest every year if you keep your account right around $3000.
not bad. now how about a sign up bonus?
: )

KilgoreTrout
KilgoreTrout

no sign up bonus

Sarah D
Sarah D

Half that since you can get 2% for nothing. So $5/month if you deposit $200. Kind of a tossup for me.

Blake
Blake

Any indication on whether multiple people on the same TMO family plan each get their own $3k limit for the 4%? I went through Ts and Cs and didn’t see anything…

Ann
Ann

I think the phrasing of “you are enrolled in a qualifying T-Mobile wireless plan” and “Available to T-Mobile wireless customers with a line on an eligible postpaid plan” (in the FAQs I quoted in another comment) implies that multiple people with lines in the same qualifying plan can each get their own account. They don’t seem to spell that out specifically, though.

Evilex
Evilex

Let us know about the outcome, I’m also in a family plan but unsure if I can apply for it, my friend added me to his plan as “family” but I dont even have the tmobile Id, if it works for you i shall ask my friend for that Id and pass to apply myself.

Evilex
Evilex

Nvm, did not know I could create my own Id on my own, already applied for this and will let you know if my friend also apply since he seems interested on it too.

Wasabi Pain
Wasabi Pain

“An interest rate of 1.00%, with an APY of 1.00%, will be paid on balances above $3,000 in the Account. The APY for this tier will range from 4.00% to 2.79% depending on the balance in the Account (calculation based on a $5,000 average daily balance).”

I don’t understand the 2nd sentence. Does it means the balance over $3000 can be eligible for APY between 2.79% and 4.00% depend on the average daily balance? It seems conflict with the 1st sentence. Or does it mean the first $3000 is eligible for interest between 2.79% and 4.00% depend on the average balance? If so does that mean even though you only earn up to 4% on the first $3000, you need an average daily of $5000 to get the whole 4%?

KilgoreTrout
KilgoreTrout

No credit check (confirmed.) I just applied – I am NOT a t-mobile customer. I will post new data points as I have them.

My Mastercard debit card will arrive in 6-8 days. Free ATMs are ALLPOINT .

Joe
Joe

Why would you get this if you’re not a T-Mobile customer? Much better rates + banking available.

Duke I.

I’ll wait for the sign up bonus or some other big perk.

Ann
Ann

Here’s more details on the FAQ page: https://www.t-mobilemoney.com/en/faq.html

” We will pay you 4.00% APY* on balances up to and including $3,000 if you:

1) are enrolled in a qualifying T-Mobile wireless plan (e.g. T-Mobile ONE, T-Mobile ONE+ and Simple Choice plan(s) and other postpaid plans, excluding the No Credit Check plan);

2) have registered for perks with your T-Mobile ID; and

3) have deposited at least $200 to your Checking account within the current calendar month. Note that promotional deposits and refunds are not eligible toward the $200 in deposits.

At this time, if you meet this deposit requirement in a given month we will pay you this benefit in the subsequent month as an added value provided all other requirements are met. We reserve the right to change this added value with prior notice to you. You will earn 1.00% APY for balances in your checking account above $3,000. We use the average daily balance method to calculate interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. ”

ctd in reply

Ann
Ann

” *How APY works and what it means for you: As a T-Mobile MONEY customer you earn 4.00% annual percentage yield (APY) on balances up to and including $3,000 in your Checking account each calendar month when: 1) you are enrolled in a qualifying T-Mobile wireless plan; 2) you have registered for perks with your T-Mobile ID; and 3) you have deposited at least $200 in qualifying deposits to your Checking account within the current calendar month. Promotional deposits and refunds are not eligible toward the $200 in deposits. If you meet this deposit requirement in a given month we will pay you this benefit in the subsequent month as an added value provided all other requirements are met. This added value is subject to change. Balances above $3,000 in the Checking account earn 1.00% APY. The APY for this tier will range from 4.00% to 2.79% depending on the balance in the account (calculation based on a $5,000 average daily balance). Customers who do not qualify for the 4.00% APY will earn 1.00% APY on all Checking account balances for any month(s) in which they do not meet the requirements listed above. APYs are accurate as of 11/1/18, but may change at any time at our discretion. ”

And for the overdraft protection:

” Got Your Back* (GYB) is our way of having your back when you go over your account balance. Here’s how it works: qualifying T-Mobile wireless customers who register for perks and make a one-time deposit of $200 during the calendar month to their checking account receive up to $50 of spending in overdrafts with no fees.

Got Your Back (GYB) is not available for cash advances and ATM cash withdrawals.

To see if you’re eligible for Got Your Back overdraft protection, log in to the T-Mobile MONEY app and select ‘My perks’.

* Available to T-Mobile wireless customers with a line on an eligible postpaid plan only. The T-Mobile postpaid customer must make $200 in customer-initiated deposits in a single month into their T-Mobile MONEY Checking account. The $200 can be either done as one deposit or in multiple deposits during a calendar month. Credits that are from promotional signup bonuses, refunds/returns, or T-Mobile store credits will not count as qualifying deposits. See Got Your Back Overdraft Protection Agreement. “

DWhite
DWhite

William Charles It might be good to highlight the Postpaid Plan term in the header. As others have mentioned, “eligible plans” = postpaid plans, including T-Mobile ONE, T-Mobile One+ and Simple Choice. The No Credit Check plan is excluded.

Tarheel Traveler
Tarheel Traveler

FYI – the over 55 plan (T-Mobile One Unlimited 55) is not eligible. Just found out the hard way.

MKI
MKI

I have T Mobile One Unlimited 55. So, this was my question. How did you figure this out? The terms say that you need a post-paid plan, e.g., T-Mobile One… The implication seems to be that any post-paid plan would work, and the plans they listed were examples. However, you appear to have found something more specific in another section of the FAQs or from interactions with customer service. Thanks.

The Recorded Line
The Recorded Line

The website says you can’t deposit cash directly, but you can mobile deposit a money order.

dk
dk

I have 5 lines with them. I wonder if that makes it possible to get 4% on 15k? If I can ACH in $200 thats pretty simple.

Evan Hill
Evan Hill

I doubt it,, but if you pay your T-Mobile bill every month through the account you get $5 credit PER LINE!! 4 lines = $20 month, $240 yr, not bad plus $120 interest. $360 total, I’m in.

Jeremy
Jeremy

I think what everyone wants to know if these can be funded with ReloadIt or MoneyPaks and if there is a Bill Pay feature

Jeremy
Jeremy

I’ll answer myself on the Bill Pay: YES!

Ben
Ben

Does anyone have a link to an announcement **from T-Mobile** (as opposed to a separate website which just happens to be using T-Mobile logos)? Thinking it might be a good idea to see this announced on t-mobile.com itself before going and entering my t-mobile.com password on an external website….

Ben
Ben

Some evidence of legitimacy in that the Android mobile app is associated with the official T-Mobile developer account.

https://play.google.com/store/apps/developer?id=T-Mobile+USA

Harrison Lee
Harrison Lee

Enrolled as well. Easy set up. Did discover that I get $5.00 discount / line up to 8 lines.

My phone bill for 11 lines is currently $150 for unlimited everything (don’t ask it’s just slick) that will bring it down $110 lol…

Max
Max

The checking account gives you a $5 discount?

Jeremy
Jeremy

Wait, what? Explain this. We’d like you to explain $150 for 11 lines and saving money on your bill with the account.

Michelle
Michelle

I can’t find it in writing but I assume this account has to be set up as the autopay. Does anybody have any information if discount still applies if autopay is to credit card?

jz
jz

I want to know as well. I think we’ll need to set up autopay with this evening account, but we can still pay it with credit card before the auto payment is processed. That’s someone said on SD.

Snorlax
Snorlax

The T-Mobile ID is the T-Mobile phone number, right?

jz
jz

Yes.

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