Update 7/12/22: Saving account has increased from 1% to 1.5%
Update 1/27/22: They have introduced a savings account that offers 1% APY. Bit weird considering the checking account offers 4% and then 1% APY.
Update 3/31/21: New requirements are now in affect, there is a tracker for the 10 purchases per month now as well.
Update 2/19/21: They sent out an email with changes which will take effect on March 31, 2021: Eligible customers will no longer be required to deposit $200 per month to qualify for 4.00% APY. Instead, when you use your T‑Mobile MONEY card to make 10 qualifying purchases per month, you’ll earn 4.00% APY.
Update 8/27/20: Sprint customers now have access to this account
Update 4/18/19: This account has been available since November 28th, 2018 but it wasn’t being actively advertised by T-Mobile and T-Mobile was considering it an unofficial pilot program. That has changed today (T-Mobile is now pushing this account and sending out press releases). I assume that means the account is also here to stay.
Offer at a glance
- Interest Rate:Â 1-4% APY
- Minimum Balance:Â None listed
- Maximum Balance:Â $3,000
- Availability:Â Nationwide
- Direct deposit required:Â No
- Additional requirements:
- Hard/soft pull: Soft pull (states no hard pull here in the F.A.Q (under about t-mobile money))
- ChexSystems: Unknown
- Credit card funding:Â Unknown but unlikely
- Monthly fees:Â None
- Insured:Â FDIC
The 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.
I recently switched to T-Mobile and received some rebate cards that I can apparently deposit to T-Mobile Money, so I decided to open an account. Got the following error:
You are currently unable to open a T-Mobile MONEY Checking Account. This was determined based on proprietary information provided from public and private databases. Multiple attempts may not change the outcome. Thank you for your interest in T-Mobile MONEY.
I see that someone else below had the same problem. May try to open one for P2 instead.
Edit: P2 got rejected with the same reason!!! Is it because we have Sofi accounts??? Comments from a few years ago mentioned address issues, but we haven’t moved for decades.
Update -(unable to edit the original post). I was able to do an ACH of the rebate card funds to a different bank, so I don’t care about opening the TMO Money account anymore.
One concern to be aware of. The https://cdnfilestore.blob.core.windows.net/public/disclosures/tmm_terms_conditions.pdf document in its 03/30/2023 revision has the following clause:
“Limitations on External Transfers Into and Out of the Account
BM Technologies, Inc. places limits on the dollar amounts of both outgoing and incoming external transfers that you
originate through the Service. While not generally the case, internal and external transfers may be limited to as little as
$300 in aggregate under certain circumstances. Certain limits also may be imposed on the frequency of outgoing and
incoming external transfers or they may be altogether prohibited. These limits may change at our discretion, may be
implemented without prior notice, and are not disclosed in detail for security reasons. Limits are based on the aggregate
amount of both checking and savings. “
I got some unauthorized transactions on 4/5/2023, and 4/6/2023. Not sure how the hacker got a hold of my debit card number .
Last year, I opened a credit card and checking account at another institution to get a bonus but NEVER received the credit card, which I had no intention of using anyway. Just this week, I received a notification that my credit card had been used in store on the west coast. I live in PA!
I always think that some of these are inside jobs, but who really knows?
So customers bank going to 5% or will implode due to SVB. Interesting times.
I’ve given up waiting for them to improve this offering (been in a wait & see mode for about 6 months now with $1 in the account). The 4% was nice for awhile (I opened it multiple years ago), as was the no-fee ATM access via AllPoint (although the $500/day limit was annoying), but now, I just don’t see the point. Another one bites the dust. RIP.
4% was great, coupled with HMBradley’s 3% during the pandemic it was awesome at the time. I had the 4% cause I was grandfathered in even though I now have verizon, looks like this is all a wash now that wealthfront is at 4.05
Same. That said I still have $10 there. I never leave $1 in my dormant accounts for some reason.
For several weeks , regardless of which browser, after inputting my login in I get a black page with T-mobile in red. No matter how long I wait, it never proceeds to my account. same for P2. Used to work fine for both of us. Anyone else?
***PSA if you are NOT a T-Mobile cellular service customer AND you use (or want to use) T-Mobile Money:
You cannot change your login user ID (email) at any point without closing and re-opening your entire bank account (after a 24-hour waiting period). That is, UNLESS you switch to T-Mobile cellular service — at which point, they’ll gladly make it all happen for you!
Apparently T-Mobile Money (operated by BankMobile/Customers Bank) uses a “T-Mobile ID” associated with the bank account for login purposes. Although you can create a T-Mobile ID (and get the bank account) without being a T-Mobile cellular customer, if at any point you need to update your email on this T-Mobile ID, you cannot do so. Apparently the portal freaks out and gets stuck in a loop, asking to link your mobile number over and over (according to what “bank support” ultimately came back with… it gets stuck in a loop unless it sees your # as a T-Mobile cellular customer already). It won’t tell you why…it just gets stuck in a loop, asking you over and over.
Even though they say ANYONE can get a T-Mobile Money account without being a T-Mobile cellular customer, there’s more to it than just not having access to the higher interest rate. But again, they’ll gladly make it happen if you switch to T-Mobile for phone service! Honestly, I think it’s ridiculous that in 2023 we’re dealing with this most dysfunctional (and wasteful) combination of corporate bureaucracy and sloppy/incomplete/buggy web portal code that no one ever seems interested in fixing. To think that, in 2023, every time you need to update your account information, you have to CLOSE OUT YOUR ENTIRE BANK ACCOUNT, re-apply all over again from scratch (after a 24-hour wait due to some policy bs), destroy and re-ship debit cards, and set up all your bill pay systems with new routing and account numbers all over again………………just to update your freaking email address. Sigh………….
Hope this helps someone else before they get stuck in headache hell with Support pointing fingers all over the place…save ya some Tylenol!!! 😉
UPDATE- even though TMoMoney CSR Supervisor swore that there was no way to update login (email) without building a whole new account from scratch, a demand to escalate without caving to the “rebuild from scratch” approach revealed a “BM Leadership Escalation / Executive Response Team.” Low and behold, the impossible suddenly became…possible…24 hours later. It’s amazing the resources and money that these corporations will waste just to watch cattle wander through their maze of bureaucracy and policy nonsense. Eh, hope this helps someone else who may hit the same roadblock.
The 4% bonus rate is pretty much worthless when other banks are above 4% as a standard. Wonder if they’ll try to stay competitive.
Base rate going up to 2.5% on December 1.
Anyone found way to txfer out more than 3k per “business” day??
Didnt readily see if I can connect TMM to ‘pull from External bank vs being stuck with 3k daily limit. TIA