T-Mobile is launching a mobile banking service called Money
Just in case you’re worried about giving even more money to your cell carrier, the checking accounts are technically looked after by a digital bank called BankMobile, which is a part of Customers Bank. Just like mobile virtual network operators (MNVO) piggyback on T-Mobile’s service infrastructure, T-Mobile is using BankMobile to offer the service.
More about the T-Mobile bank account
It’s still a legit checking account, with FDIC insurance for balances up to $250,000, the nifty ability to send paper checks from a smartphone app, and a Mastercard-powered debit card. You can also link a T-Mobile Money card to Apple Pay, Samsung Pay, or Google Pay if you prefer the convenience of contactless payment.
Now, you can enjoy a minimum 1.00% Annual Percentage Yield (APY) on all balances. If you’re a T-Mobile wireless customer and deposit at least $200 a month, you can earn 4.00% APY on checking account balances up to $3,000.
Other perks with the service
Other perks include no account fees, no maintenance fees, no minimum balance, and no fees at 55,000 ATMs in the Allpoint network. You also get a $50 “Got Your Back” overdraft protection feature that won’t incur other charges if you pay it back within 30 days.
Editor’s Note: This article has been updated to reflect that this is only a pilot program and rolling out on a limited basis at this time.
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