The mobile-first checking account is called T-Mobile Money, and it comes with advantages for the carriers subscribers. It has no fees and offers a 4% Annual Percentage Yield (APY) for users money up to USD 3,000 as long as they sign up with their T-Mobile ID and deposit at least USD200 each month.
If users can stick to the required minimum deposit, they can also opt in for the Got Your Back overdraft. That gives them a USD 50 overdraft protection, so they can withdraw a few more dollars without incurring penalties for when times are especially tough. The app also gives them a way to transfer money, make mobile check deposits, pay bills, send checks and even pay with mobile wallets, including Apple Pay, Google Pay and Samsung Pay.
T-Mobile created the service in partnership with BankMobile, a division of Customers Bank. Residents from any of the 50 US states 18 and older with a social security number can sign up for an account. Later in 2019, the service will become available to more potential users when it makes its way to Puerto Rico.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now