T-Mobile launches mobile checking account
T-Mobile’s marketing campaign in the US, Un-carrier, has announced the T-Mobile Money mobile checking account with no minimum balance and the ability to manage the account straight from a smartphone.
Eligible T-Mobile customers pay no fees and can earn up to 4% annual percentage yield (APY) on balances up to $3,000 – 50 times higher than the average US checking account – and 1% APY on every dollar after that.
For Un-carrier customers, the firm offers the “Got Your Back” overdraft protection, giving them up to $50 into-the-red without penalty if they bring their account back to positive within 30 days.
Everyone can score 1% APY on all balances.
And there are no fees – no monthly, overdraft or transfer fees, no fees at over 55,000 in-network Allpoint ATMs and no fees from T-Mobile for using out-of-network ATMs.
T-Mobile Money allows paying bills, making mobile cheque deposits, setting up direct deposits, sending and transferring money, or paying with a mobile wallet like Apple Pay, Google Pay or Samsung Pay.
“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,” says John Legere, CEO of T-Mobile. “You work hard for your money, you should keep it, and with T-Mobile Money, you can!”
T-Mobile Money was created in partnership with BankMobile, the digital banking subsidiary of Customers Bank.
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