T-Mobile is best known for its wireless network, but like other telecommunications companies, it’s expanded into other areas. Those include home internet and business internet. But you may not realize that T-Mobile now offers online banking, and it’s a deal worth looking into.
T-Mobile MONEY Overview
This T-Mobile MONEY review looks at the bank’s online checking account and savings account, which is the extent of T-Mobile’s banking options. Your checking account comes with a MasterCard debit card that you can use for purchases and at 55,000 Allpoint ATM locations.
If you’re already a T-Mobile wireless customer, a MONEY account can be a great deal. You’ll get access to 4.00% APY on the first $3,000 of your checking balance and coverage for up to $50 in overdrafts.
But even if you’re not an existing T-Mobile customer, there are some reasons to consider the company’s online banking services. You’ll earn 2.50% on your checking and savings balances. That’s far better than many local banks, but there are better options through other online banks.
As for the negatives, T-Mobile MONEY is limited in options. You can’t send wire transfers or order paper checks from T-Mobile. But the biggest downside is with cash. Unless you’re okay with paying third-party fees, you can only withdraw cash through the Allpoint ATM network, which is primarily in convenience stores and drugstores. That means drive-thru ATMs likely won’t be an option.
What is T-Mobile MONEY?
Launched in late 2018, T-Mobile MONEY is a partnership between T-Mobile, digital banking service BMTX, Inc., and Customers Bank. It’s an online bank that offers a MasterCard debit card to account holders, as well as ATM access through 55,000 Allpoint ATMs. They only offer checking and savings accounts, so CDs, money market accounts, and loans aren’t available.
T-Mobile MONEY Sign-Up Process
Signup is easiest if you have your phone through T-Mobile wireless. Your T-Mobile account comes with an ID, and this ID is what you’ll use to sign up. But if you’re new to T-Mobile, you can get an ID in just a few seconds.
To get started with signup, go to the signup page and either use your existing T-Mobile ID or create a new one. Then follow the prompts to sign up. As with other bank account applications, you’ll need to input your Social Security number, which means you’ll likely undergo a credit check before your account can be approved.
T-Mobile MONEY Checking Account
There may be no physical branches, but T-Mobile MONEY is a full-fledged bank account. Checking accounts come with a debit card, direct deposit, and ATM access. You’ll also pay very few fees and earn some interest on your balance. Here are some notable features of T-Mobile’s online checking account.
Checking Account Interest
One of T-Mobile MONEY’s most compelling features is its interest rate. If you’re with T-Mobile wireless and you have perks, you can earn 4.00% APY on balances up to $3,000, plus 2.50% APY on funds above that amount. To qualify, you’ll also need to make at least 10 qualifying purchases monthly on your MONEY card or through instant payments to friends.
But even if you don’t have a wireless account with T-Mobile, you can still earn 2.50% interest on your checking account balance. You’ll simply need to sign up, register for T-Mobile’s Perks program, and make at least 10 monthly purchases that meet qualifications.
MasterCard Debit Card
Your MONEY account comes with a MasterCard debit card that you can spend anywhere Mastercard is accepted. You should receive your card within a week of having your account approved. Simply activate your debit card immediately in the MONEY app and start using it.
Early Direct Deposit Access
If you have employer-based payroll direct deposit, you may have access to your funds two days early. This feature can vary based on when your check hits your account. Basically, the day T-Mobile receives the deposit, the funds are available to you, which is earlier than with other banks.
Fees and Balance Requirements
T-Mobile MONEY customers enjoy zero account fees on checking. That includes no account fees, monthly maintenance fees, or overdraft fees.
Your checking account comes with no minimum balance. It’s free, no matter how much money you have in your account. There’s also no minimum opening deposit to sign up for an account.
Not only will you avoid overdraft fees with T-Mobile MONEY, but if you’re a T-Mobile wireless customer, your checking account comes with something called Got Your Back. This is overdraft protection that covers up to $50 in overages. You’ll need to be enrolled in perks to qualify for Got Your Back overdraft protection.
Online banking has put all the features you need at your fingertips. But online banks fall short when it comes to cash. Yes, you can deposit money through an ATM, but if you’re relying on out-of-network ATMs for your cash transactions, you might be hit with fees, if you’re allowed to deposit it at all.
Fortunately, T-Mobile has you covered. T-Mobile MONEY accounts come with easy cash deposits at more than 65,000 locations. You simply locate a spot near you and take at least $20 with you.
Participating merchants include Walmart, CVS, 7-Eleven, and Walgreens, and your funds will be loaded to your MONEY debit card. Although T-Mobile doesn’t charge for this service, the retailers will, but in most cases, it will be less than $5.
Since T-Mobile is a wireless provider, it’s no surprise your MONEY account comes with an app. There’s an app for both Android and iOS, and your account means you can pay using Apple Pay or Google Pay.
The T-Mobile MONEY app includes the following features:
- Account balances
- Mobile check deposit
- Available perks
- Bill pay
- Funds transfer between accounts
- Debit card fraud management
- In-network ATMs locator tool
ATM Fees and Locations
Your T-Mobile MONEY account gives you access to 55,000 fee-free ATMs through the Allpoint network. You’ll find Allpoint ATMs in Target, CVS, and Walgreens stores, as well as gas stations like Speedway and Circle K.
T-Mobile won’t charge fees for using non-Allpoint ATMs, but third-party providers likely will. You won’t be reimbursed for those third-party ATM fees. If you travel outside the U.S., also make sure you’ll be able to find an Allpoint ATM. Otherwise, you’ll have to pay third-party fees there, as well.
T-Mobile Savings Account
Once you have a checking account with T-Mobile MONEY, you’re eligible for a savings account. T-Mobile’s savings accounts offer 2.50% APY on savings account balances. There are no minimum balances or deposits.
There is one handy feature that comes with a T-Mobile savings account. You can split your direct deposit between checking and savings and still access your money up to two days early.
As with most banks, you can move money back and forth from your savings account to your checking account using the app or website. There are no transfer fees for moving money between accounts.
T-Mobile Customer Service
Online accounts don’t have the benefit of in-person service at local branches. For that reason, it’s important to check customer support options before you sign up.
T-Mobile customers have phone support access during business hours. You can reach T-Mobile MONEY specialists every day from 4 a.m. to Midnight PST. If you need bilingual support, you can call 866-686-9358 between 8AM-12AM ET. If you’re a T-Mobile wireless customer, you can reach support by dialing **MONEY from your device.
No T-Mobile MONEY review would be complete without addressing a few other benefits that set the online bank apart from competitors. Here are some extra features you’ll get with your account.
Early Tax Refund Access
During tax season, you’ll get access to your refund up to three days early, regardless of where you file. You simply choose direct deposit for your refund and input T-Mobile MONEY as your financial institution. You’ll be able to use the funds on the business day they’re deposited, which can be up to three days early.
Free Peer-to-Peer Payments
Your T-Mobile MONEY checking account comes with free instant transfers to other individuals, regardless of their bank account. You’ll first need to add the person as a friend in the T-Mobile MONEY app. The friend will receive a text inviting them to claim the funds. They’ll have to download the MONEY app to access the funds, but they won’t need to be a MONEY account holder.
There is a limit on how much you can send to each friend. T-Mobile MONEY friends payments are limited to $500 every 24 hours and $5,000 every 30 days per recipient.
T-Mobile MONEY Security
Your MONEY account will come with encryption to ensure your account information is safe. You can also keep your account safe by using biometric login if it’s supported on your device. This will either use a thumbprint, retinal, or facial scan to log you into your account.
T-Mobile MONEY’s debit card is a MasterCard, which means it comes with MasterCard’s Zero Liability Protection. To eliminate your own liability if your card is stolen or compromised, report the debit card immediately. Any unauthorized transactions will be covered.
The funds in your T-Mobile MONEY account are also insured against bank failure. Your T-Mobile MONEY account is provided in partnership with Customers Bank, which comes with Federal Deposit Insurance Corporation protection. Your account includes up to $250,000 FDIC insurance per account holder.
T-Mobile Money Limitations
Although it comes with many benefits, T-Mobile MONEY does come with a few limitations. The first is the lack of physical branches. If you regularly need to deposit cash or prefer face-to-face customer service, this could be an issue. Customers who don’t live near an Allpoint ATM may also find those out-of-network fees add up.
If you regularly write checks, it’s important to note that you can’t order checks through T-Mobile. Your new T-Mobile MONEY checking account will include three starter checks, but additional checks will need to be ordered through a third-party check printer. They recommend Carousel Checks, but you can find plenty of options.
Wire transfers are another option you won’t get with T-Mobile MONEY. This may not be a service you need every day, but sometimes they’re needed for international transactions or real estate transactions. If you ever buy a house, for instance, your closing agent might need you to wire funds for closing costs, and your T-Mobile MONEY account won’t let you do that.
Frequently Asked Questions About T-Mobile MONEY
It’s essential to ask questions before you apply for an account with any financial institution. Since T-Mobile runs a credit check before issuing you an account, you’ll want to make sure it’s the right bank for you. Here are a few frequently asked questions about T-Mobile MONEY.
How about fees and account balance minimums?
There are no fees or minimum account balances with T-Mobile MONEY. You don’t even have to pay an initial opening deposit. It is important to note, though, that T-Mobile wireless customers can only earn 4.0% APR on checking account balances up to $3,000. You’ll earn 2.50% APR on your balance above that amount.
What features and perks does T-Mobile MONEY account offer?
Although T-Mobile isn’t the only online checking account offering it, the ability to access your paycheck and tax refund early is a bonus. Some online lenders have begun offering this service as an incentive to switch. Instead of keeping these deposits in pending status for a couple of days, T-Mobile and other lenders mark the funds as available the day they drop into your account.
T-Mobile’s interest rate is also higher than you’ll typically get, especially for checking. This high annual percentage yield can add up, particularly if you’re prone to high checking balances.
Does T-Mobile MONEY account charge overdraft fees?
There are no overdraft fees with T-Mobile MONEY, which is a perk in itself. But if your wireless service is with T-Mobile, you’ll be eligible for Got Your Back, a service that spots you for up to $50 in overdrafts.
What are the account minimums for T-Mobile MONEY account?
There are no required account balances for T-Mobile MONEY accounts, either in savings or checking.
How Do I Contact T-Mobile MS?
T-Mobile Money customers have access to T-Mobile MONEY specialists by phone. You can dial them from the app, dial **MONEY from your T-Mobile phone, or call 1-866-686-9358.
Are checking accounts from Customers Bank federally insured?
Yes. Your T-Mobile MONEY account will be FDIC insured through Customers Bank, which includes up to $250,000 in protection per account holder.
If you’re looking for an online lender, a T-Mobile MONEY account could have the features you need. If you’re a T-Mobile wireless customer, the 4.00% APY on checking balances up to $3,000 puts it ahead of the competition. But even for non-T-Mobile customers, having no fees while earning 2.50% APY on checking and savings account balances makes T-Mobile MONEY appealing.