Hello, T-Mobile MONEY : Introducing Your No-Fee, Interest-Earning, Mobile-First Checking Account

Another mobile pain point: tackled. Today, T-Mobile launched T-Mobile MONEY nationwide. It’s a no-fee, interest-earning, mobile-first checking account that anyone can open and manage right from their smartphone. With T-Mobile MONEY, eligible Un-carrier customers can earn an industry-leading 4.00% Annual Percentage Yield (APY)* on balances up to $3,000 – 50 times higher than the average U.S. checking account1 – and 1.00 APY% on every dollar over that! Plus avoid all those big bank fees and overdrafts.

“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,” said John Legere, CEO of T-Mobile. “You work hard for your money … you should keep it … and with T-Mobile MONEY, you can!”

Keep More, Earn More

Big banks are built on fees. In 2017, Americans paid $34 billion … in overdraft fees alone!!2 And that’s just one kind of fee. Bank of America Advantage Checking has 19 different types of fees, and Wells Fargo Everyday Checking has 14!3 With T-Mobile MONEY, there are no fees – no monthly, overdraft or transfer fees, no fees at over 55,000 in-network Allpoint® ATMs worldwide** and no fees from T-Mobile for using out-of-network ATMs. Also, no minimum balance requirement!

And, you’ll earn more interest on your money, too. A lot more. T-Mobile postpaid customers can get 4.00% APY* on balances up to $3,000 and 1.00% APY on every dollar over $3,000 when they sign up with their T-Mobile ID and deposit at least $200 each month. Everyone else scores 1.00% APY on all balances.

Un-carrier postpaid customers can opt-in for Got Your Back overdraft protection when they sign up for T-Mobile MONEY, so when the unplanned happens, they can go in-the-red, up to $50, without penalty – just bring the account back to a positive balance within 30 days.

Banking Built for Mobile

Consumers are outgrowing traditional banks – 7 out of 10 consumers bank digitally4, and smartphones are the fastest growing digital platform.5 Yet less than half of traditional banks say they have a digital strategy6, and only 13% believe their core systems can keep up with digital innovation.7

T-Mobile MONEY is built to be mobile-first, and you can do all the things you need to do every day with your checking account right from the app – 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.

Plus, T-Mobile MONEY comes with a Mastercard® debit card you can use at more than 55,000 Allpoint ATMs worldwide – more ATMs than Bank of America, Chase or Wells Fargo.8 And you can use the T-Mobile MONEY app or web site to locate the ATM nearest you. Plus, your T-Mobile MONEY Mastercard offers Mastercard Zero Liability Protection.

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. T-Mobile MONEY deposits are FDIC-insured up to $250,000. Customers can get 24/7 bi-lingual customer service and support with T-Mobile MONEY Specialists.

 

Get T-Mobile MONEY

To sign up, just download the T-Mobile MONEY app from the Google Play Store for Android 5.1 or later or Apple App Store for iOS 10.3 or later (or use T-Mobile MONEY online at www.t-mobilemoney.com). Sign up directly from your smartphone, and anyone – T-Mobile customer or not – can get an account. For personal support, you can sign up in any T-Mobile retail store or by calling 1-866-686-9358. T-Mobile customers can dial **MONEY. Residents of the 50 U.S. states 18 and older with a social security number can open an individual account. T-Mobile MONEY will come to Puerto Rico later this year.

For more information, visit: www.t-mobilemoney.com.


[1] Bankrate, 2019
[2] Moeb Services, Apr 2018
[3] Wells FargoBank of America
[4] ABA/Morning Consult, Sept 2018
[5] PwC’s Digital Banking Consumer Survey, 2018[6] Boston Consulting Group Global Corporate Banking, 2018
[7] The Financial Brand, 2018
[8] According to bank websites

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